Credit Out of Control, Part Two – Wants and Needs

18 Jul Credit Out of Control, Part Two – Wants and Needs

So, you’ve watched those TV commercials or heard the radio ads. (see Part One) You need to refinance your house to consolidate your bills and buy that latest and greatest cell phone. After all, how are you going to pay the monthly cell bill if you don’t move all of your other payments into one monthly bill? Where are you going to get that $600 you need to buy the cell phone in the first place? The answer? New credit. (And more bills.)

Wait! Before you pick up that phone or run out to that store, think about what you are about to do. Do you really NEED that phone? Do you really need that new car? Does your old phone still make calls? Does your current car get you to and from work? And if they don’t, do you really need to have the latest and greatest?

When considering your finances, one of the secrets of success is to learn the differences between wants and needs. You need a car to get to work and maybe you need a cell phone for basic calls. You may want that cell phone that plays tunes or that car that talks to you, but you don’t NEED them.

Learning the difference between wants and needs is the key to early financial success.

“ConnecticutGene Melchionne is a bankruptcy lawyer covering the entire State of Connecticut. He can often be found on Google+ and Twitter, where he shares information about consumer protection issues and personal finance.

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