Mokokoma Mokhonoana: Foolish Credit
on Monday, June 4, 2018Mokokoma Mokhonoana Money Quote saying Credit is often foolishly used to buy things before we can afford them, but buying something that is not needed urgently on credit is just plain dumb. Mokokoma Mokhonoana said:
“It is even more foolish to buy an unnecessary thing on credit” — Mokokoma Mokhonoana
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This quote suggests that purchasing unnecessary items using credit or loans is an imprudent financial decision. Mokokoma Mokhonoana seems to be pointing out that taking on debt to buy things one does not truly need is wasteful, as it results in paying interest costs for goods that provide no real value.
The quote implies that credit is best used sparingly for important purchases like education or a home, not frivolous acquisitions. According to this perspective, incurring debt obligations for superfluous things one could afford in cash is an even greater form of fiscal foolishness than buying them outright without loans.