I have an 820 credit rating. I’m rather proud of that. I think that’s because I absolutely HATE paying interest for anything. You might say I have no interest in interest. To me it sort of feels like taking that money and setting it alight. Poof. Gone. And nothing to show for it.
So whenever I want to buy something, I put off getting it until I have the cash. I try not to charge anything unless I can pay it off that same month. Of course there are exceptions to that rule. Emergencies, for example, or things that are time sensitive. But my absolute goal in life is to not be in debt. Even a small amount causes me undue stress.
You will never see me rent to own anything. If I need a flat screen TV that badly, I’ll wait until I’ve set aside enough money rather than winding up paying two or three times its actual value just so I don’t miss the season opener of House of Cards in high def.
I seem to be the exception to the rule in this credit-loving society. I give my mother credit for that (pardon the pun). She got me into this habit at a very young age, long before I was old enough to qualify for a credit card or buy a car. It would probably be much harder to adopt this practice once you’ve taught yourself that you don’t have to wait for anything.
Delayed gratification is very gratifying in the end. If you can’t embrace this philosophy yourself, at least try to teach it to your children. They’ll thank you for it someday.