Wednesday, 16 January 2008

Relinquish Yourself From Debt NOW!

Muslim Matters blogged on something important a few days ago. DEBT! We all are acquainted with the pains and bruises that debt can cause us. Especially for Muslims, and I think, other faiths of the book, interest is gravely prohibited, whether we are a borrower, lender or privy in any way to an interest-based contract - it is a grave disobedience to one of our religion's directives to "not take interest" (Prophet Muhammad's (peace and blessings upon him) final sermon).

There are plenty of financial consultants, websites, help-articles, magazines, books and even tv programmes available to educate and help debt-ridden members of society to get back on the right track - back into the green. Advice usually revolves around the importance of using only cash when spending. Avoiding interest at all costs definitely helps save money and reduce stress and tension in the household.

However, there are times when one, Muslim or not, may need to apply for credit cards and / or personal financing. As a responsible Muslim, it is important to exhaust all options in searching for Shari'ah compliant instruments that avoid the concept of interest. The best way to do this is to become educated on the different forms of financing there are in the market. Learning and shopping around will deter rash decision-making that can lead to unwarranted stress and rising credit problems.

So whether you are a fresh graduate looking to build a future or someone with bad credit loans, Bad Credit Offers is a consultation web-site that is geared in easing the stress of debt. Firstly, they have shopped around for credit cards and financing options that will mitigate the risk in falling the red. Education is the other element of this credit service. By helping their customers understand their spending habits and eventually their credit standings (through their consultative services), you will be able to pro-actively curb the risk of over-spending in the future.

Over all, they are really looking into helping those who are struggling with credit problems with alternatives to consolidate their debt into one single source and provide steps in repaying the loans / interest at the soonest. Muslim Matters stated that 43% of Americans are spending more than they can earn - that is a serious responsibility issue.

However, this does not stop those who are already in the green from learning about how money works. We can never be to careful when spending our salaries, especially if a credit card is at hand. One too many swipes of that piece of plastic can push you over the edge when the bills arrive.

Managing money is really mind over matter - it is pure discipline and to arrive at that mind-set, it is best to educate yourself on the options there are in the market for financial help; your own salary and how to apportion it on necessities; and finally how to avoid over-spending, since this is the main cause of debt in the first place. But no matter how many web-sites you visit or how many books you buy, at the end of the day, it is up to you to take control over your cash outflow and to be responsible and honest with yourself and your family before matters get out of hand.

Sometimes it is easier said than done. But insha'Allah, if there is will, there is a way to get back into that green zone of comfort.

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