Tuesday, April 5, 2005

Why Did You Buy Your Car?

From Howard Dayton
Crown Financial Ministries

Two weeks ago one of the callers was having trouble balancing the family budget.

The reason: he had purchased an expensive car using debt. He still owed $54,000 on the car and was saddled with a $990 a month car payment. He admitted that he purchased the car for "vanity." The car debt was "upside down" with the auto worth less than $40,000.

One of the most common debts that inhibit us from reaching our financial goals (enjoying a monthly surplus, paying off all consumer debt, saving, building a retirement) is automobile debt. I would plead with you: don't buy a car that's too expensive for you because of pride or vanity. Get a more modest vehicle. Reach the goals that the Lord has for you.

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