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Financial Bondage From “Buy Now, Pay Later”
Financial Fallout—The same industries and retailers benefiting from earlier relaxed credit
policies are now paying the price in loan charge-offs, takeovers, downsizing, and corporate bankruptcies. Sadly, all the financial fallout from these failed
credit policies pass on to consumers in higher prices. Compulsive purchasing leads to compulsive debt and endangers national, corporate, personal and family well-being, peace of mind, and security.
Have You Got a Problem?
Take this quiz by Debtors Anonymous to help you determine if you’ve got a compulsive debt problem:
Debt Quiz
Answer Yes or No to each of the following questions:
Yes No
1. Are your debts making your home life unhappy?
2. Does the pressure of your debts distract you from your daily work?
3. Are your debts affecting your reputation?
4. Do your debts cause you to think less of yourself?
5. Have you ever given false information in order to obtain credit?
6. Have you ever made unrealistic promises to your creditors?
7. Does the pressure of your debts make you careless of the welfare of your family?
8. Do you ever fear your employer, family, or friends will learn the extent of your total indebtedness?
9. When faced with a difficult financial situation, does the prospect of borrowing give you a feeling of relief?
10. Does the pressure of your debts cause you to have difficulty in sleeping?
11. Has the pressure of your debts ever caused you to consider getting drunk?
12. Have you ever borrowed money without giving adequate consideration to the rate of interest you’re required to pay?
13. Do you usually expect a negative response when you are subject to a credit investigation?
14. Have you ever developed a strict regimen for paying off your debtors, only to break it under pressure?
15. Do you justify your debts by telling yourself you are superior to “other” people, and when you get your “break”, you’ll be out of debt overnight.
#1
If you answered, “Yes” to eight or more of these fifteen questions, chances are you have a compulsive debt problem, or you’re well on your way to having one. If you answered, “Yes” to five or more—you may still need some help. But not to worry. You’re now on the right path to financial fitness.
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