Why Credit Cards are a Bad Idea.
When you shop on the Internet or over the phone, its the
only good way to do it what else are you going to do,
post a cheque? Like anything convenient, though, credit
cards have a flip side in fact, they have lots.
Can You Keep Track?
When you walk into that shop and hand over the card, the
money is taken from the card, and the card goes back into
your wallet. You still have all the things you started
with theres no less money in your purse or wallet to
remind you of what youve spent.
Everyone has a tendency to underestimate what they spend,
and smaller amounts can add up quickly on a credit card
without you even noticing. Its like taking the way phone
bills work and applying it to everything you buy and that
cant be a good idea.
Money For Nothing.
Using credit cards is a great way of losing a percentage of
your income to a credit card company in exchange for nothing.
The moment you run a balance, youre paying them interest. Not
only that, but youre paying your credit card bill as soon as
you get your wages, so you dont have the chance to earn any
interest on them from your bank. When you think about it,
youre losing out twice over and for what?
Designed to Keep You in Debt.
Your credit cards are trying to keep you using them and paying
interest. You will find it very difficult to pay off all your
credit cards once you have them. The company will do everything
they can to stop you paying before youve paid them lots of
interest. The more debt you show you can pay back, the more
theyll try to offer you, until they get you to the point
where you cant pay.
The Lie in the Name.
Credit cards are called credit cards to avoid saying what they
really are: debt! You will do much better in all things
connected to credit cards if you always remember this simple
mantra: credit cards are debt cards. Use the word debt as often
as you can whenever you talk about credit cards.
But Sometimes You Cant Avoid Them.
When you need money in an emergency and you just dont have
any, theres no doubting that credit cards can be useful. They
are also a very useful way of proving to credit rating agencies
that you can handle debt, and this will be taken into
consideration when you apply for car loans or a mortgage.
Just remember that whenever you handle credit cards, youre
playing with fire. Do everything you can to keep your use
of them to a minimum, and youll have a much better financial
life.
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