by Emmanuel Ozoamalu
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Everyone always has their needs, we all want to walk into a store and get the latest electronic gadget even when they are not needed. Perhaps we have that friend down the street we can pick up stuff from with the promise to pay later or that boutique down the store. Even though we still have a roll-over debt from the past three months but still make a credit purchase regardless.

The attraction of buying on credit seems beautiful initially but over time changing interest rates, incurred debts and lack of cash inflow can put one in loads of unforeseen issues. Here are some reasons to avoid credit buying;


It is almost inevitable that the exploits of a credit buyer ultimately end in bad debt. People, who buy on credit often tend to purchase things without considering their budget because if you have a budget how would you possibly be buying things on credit?

Most credit buyers often roll over debts incurring more owed monies until they reach the point of bankruptcy. It is therefore more advisable to stay within the limits of your budget buying only when necessity demands an immediate need.


The biggest fear for credit buyers is life happening,  and when life happens shit goes down. The loss of a major source of livelihood could see one reduced to shambles so even if you have a good debt settlement plan, it’s always good to have a plan B so in case the money stops rolling in you wouldn’t start having excess incurred debts.


The rollover consequence of bad debt. Human beings value reputation almost as much as they value their life. Little wonder the saying a good name is better than silver or gold resonates loudly in every Nigerian home.

Imagine being known in your neighbourhood as the colossal debtor who goes from store to store buying things they cannot pay for. Rumour spreads like wildfire and it shouldn’t come as a surprise when a shop attendant refuses to sell to you on credit because you have an outstanding debt elsewhere.


“When you fail to plan, you plan to fail.” Most people who struggle with thrift buying on credit are anti-budget.

 Having a budget is the easiest way to disburse your income and prevents overspending. When one discards his or her budget and begins to buy based on how they feel, one ends up suffering from the ultimate effect of credit buying, bad debt and bankruptcy.


Imagine having to spend 80% of your income servicing old debts(sounds like a Nigerian situation doesn’t it?). Research shows that most thrift credit buyers spend most of their money servicing old debts and barely have any left to fend for their daily needs and thus have to even borrow to service outstanding debts. So why credit buy just to become as broke as Nigeria?

In conclusion, the end result of credit buying is terrible debt and bankruptcy.

 So here is our advice, sit down, write a budget and stop spending on unnecessary things. The end result of credit buying is terrible debt and bankruptcy, be wise. 

Cheers and have a good day.


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