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Credit Cards can legitimately ruin your life. They are an enabler in this world of over-consumption. It is so easy to swipe a card and deal with it later. When using plastic instead of cash it almost feels like your purchase doesn’t actually cost anything at all. The interest rates these companies charge are obscene. The fees on top of the interest are ridiculous. Balance transfers, 0% financing, extended payment plans. All these gimmicks to keep you on the hook.
Being buried under a mountain of credit card debt is literally one of the worst feelings in the world. You will wonder how did you get here and eventually realize that a lot has to change if you want to ever get out from underneath it. The journey out of credit card debt is slow and miserable. Hopefully, that paints a picture for you.
Here is the bottom line when it comes to credit cards : If you do not consider yourself financially responsible, if you do not have a hefty amount of cash in the bank, if you currently have credit card debt or unsecured personal loans, if you spend all the money you earn, if you have a tendency to impulse shop then you should never use a credit card!
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To becoming great with money….
Thanks,
Rich McCormack, CFP®
