Monday, March 31, 2014

Ball And Chain

Its so easy to sign up.
Maybe even needed to get a credit score and credit history established.
It's so easy to swipe the plastic, hit the 'Buy Now' button, and to convince yourself you need something when you don't.

Money can work for you, or if handled thoughtlessly, can work against you!
Careless use has brought many of us to our knees, or up to our necks, in debt--rapidly increasing debt! 

A few suggestions:

--leave the plastic at home
--for large purchases, wait a week or two, unless this is a true emergency
--use those 1-2 weeks to see if you can make other arrangements, borrow from a friend, or forego the object of your desire altogether.
--think about it
--know what's in your bank account 

Can you afford 15-21% interest on the money you just borrowed for your daily energy drink, latte, burger fix? 

--if you can't pay the $3.25 + tax right there, how on earth are you gonna pay 30 days worth of purchases? And if you can't pay that whole amount off  in the grace period...12.99%...17.99%...or 21% interest enters your life

--minimum payment on that $90+ will likely be $0
--they don't care if it sits there @ APR 15-21%, because over the course of the year your $90+ now costs you $104+ with 16% APR
--you say, "so what??" Well, if you don't use the credit card for the next 11 months that might be a valid argument, but you need next months $90+ lattes (and some other items get tacked on) PLUS the new interest amount on $180 worth of lattes you haven't paid off.
--oh man, are they lovin' you
--cha-cha-cha-ching with a capitol 'C'
--the spiral continues

--think about it. 
--be thoughtful
--be debt-free 
--life is definitely better that way


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