Dentaltown May 2022 - 53

Buying on credit is a " win-win-lose "
The purpose of credit is to allow you to buy what you don't
have the money to pay for. When you buy on credit, the sellers
get their money, the creditors get their money, and while you get
the immediate gratifi cation of having something you couldn't
otherwise afford, you end up paying more than it's worth. They
win and you lose.
Avoiding temptation is tough, considering what a habit buying
on credit has become in our society and how easy it is. There's almost
nothing you can't buy online and with credit scores instantly available,
there's no waiting period; you can be persuaded and allowed to
overspend your income in a matter of seconds with just a few clicks.
Climbing out of that rabbit hole is a lot harder than falling
into it. Creditors structure payment terms to their advantage and
encourage you to pay the debt as slowly as possible to maximize the
interest you pay over time. Of course, some level of debt is almost
inevitable and even advantageous-think of school loans, a fi rst
home mortgage or a business loan to buy or start up your practice.
When done right and for the right reasons, debt can be a
profi table business strategy. The key is to have the discipline to
pay down the debt you already have as quickly as possible so you're
not overpaying creditors, and to stop overspending your income by
buying things that aren't good for your business and that you can't
afford, especially on the personal side.
The 4 types of debt
If you've been gaining weight lately, you probably haven't stepped
onto the scale for a while because you don't want to know the bad
news. Such is the case when it comes to debt. Most people don't
know exactly how deep in debt they are, much less how to tackle
it. Breaking it down can make the total less daunting to deal with.
On the next pages, we'll discuss the four types of debt, starting
with the one that gets most people into trouble.
1. CONSUMER/PERSONAL DEBT
Way over and above the basic necessities, credit cards enable
people to overspend on an endless glut of consumables-cars,
boats, vacation homes, furniture, electronics, clothes, jewelry,
vacations, you name it. Referred to as consumer or personal debt,
this type of spending is where the money-management equivalent
to Parkinson's law most often kicks in: Expenses will rise to meet
income (plus available credit).

Dentaltown May 2022

Table of Contents for the Digital Edition of Dentaltown May 2022

Dentaltown May 2022 - Intro
Dentaltown May 2022 - Cover1
Dentaltown May 2022 - Cover2
Dentaltown May 2022 - 1
Dentaltown May 2022 - 2
Dentaltown May 2022 - 3
Dentaltown May 2022 - 4
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Dentaltown May 2022 - Cover3
Dentaltown May 2022 - Cover4
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