Key Words: Owe no man any thing
Credit cards – what a problem! Now, before you become upset with me, you must understand, I have one credit card and I use it for emergencies only. The last time I used it was over five years ago. But you have to admit, as a whole, credit cards are reaping havoc on most American families. They are what I call a “self-induced trial.”
Let me give you something to consider. Before you whip out that plastic, remember, most people don’t handle these little debt detonators very well. The fact is, nearly 75% of Americans who use credit cards make only the minimum payment each month. At that rate (minimum payments) you could spend the next thirty years paying back a $3,000 credit card debt and give the financial institution $8,000 worth of interest. It’s the principle of compound interest in reverse.
I read the following and concluded that most people handle credit cards as this lady did. “She may have missed the point of New Year’s Resolutions. With an eagerness to make some changes in the area of financial habits, the lady called her credit card company and said, ‘I’d like to pay off my Master Card. Do you take Visa?’”
Remember, owe no man anything. If you can’t pay it back, don’t borrow it.
What to do:
✞ It’s better to do without than to buy what you can’t afford to pay off down the road. You are producing in your own life a self-induced trial.
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