Owing is not owning

If you purchase things, and don’t pay them outright in cash, you don’t own them.

Got that furniture on credit? Paying $50 a month?

The furniture store that lent you that credit in the first place, owns that furniture.

Bought a house? Paying $2500 a month on your mortgage?

If you haven’t purchased it in full, technically, the bank owns that house and can foreclose on you if you don’t make payments.

The same goes for cars, and basically anything you’ve purchased on a credit card or line of credit.

Owing is not owning.

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About the Author

Just a girl trying to find a balance between being a Shopaholic and a Saver. I cleared $60,000 in 18 months earning $65,000 gross/year. Now I am self-employed, and you can read more about my story here, or visit my other blog: The Everyday Minimalist.