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SolveYourProblem.com
Article Series: Debt Relief & Debt Consolidation
I Want To Get
Rid Of My Debt...NOW!
Are Credit
Cards a Bad Idea?
Credit
cards are just so convenient, aren’t they? There is
no need to carry any money with you ever again: you can just
take one with you to the shop and pay the exact amount just
by handing it over. If you haven’t been paid yet, then you
don’t need to worry, because the money will still be there.
When you shop online or over the telephone, it’s really the
only good way to do it – what else are you going to do, post
a check? Like anything convenient though, credit cards do also
have a flip side – in fact, and it may be surprising to you.
Can You Keep Track?
When you walk into a mall, shop or supermarket and hand over
the card, money is taken from your credit card, and the card
goes back into your wallet. You still have all the things you
started with – there’s no less money in your purse or wallet
to remind you of what you’ve just 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. An analogy would be the way your phone bill
works and applying it to everything you buy – and that cannot
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, you’re paying them interest.
Not only that, but you also paying your credit card bill as
soon as you get your wages, so you don’t have the chance to
earn any interest on these hard earned wages from your bank.
When you think about it, you’re losing out twice over – and
for what exactly?
Designed to Keep You in Debt.
Your credit cards are trying to keep you using them and paying
ongoing interest. You will find it very difficult to pay off
all your credit cards once you have them. The companies will
do everything they can to stop you paying before you’ve paid
them lots of interest. The more debt you show you can pay back,
the more they will try to offer you, until they get you to
the point where you cannot afford to pay.
The Lie is 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 Can’t Avoid Them.
When you need money in an emergency and you just don’t have
any, there’s 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, you’re
playing with fire. Do everything you can to keep your use of
them to a minimum, and you’ll have a much better and more stress
free financial life.
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by SolveYourProblem.com
: 2006
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