Nothing seems expensive on credit. If you have cash on hand and you have been saving for a long time-you will be slow to part from it, believe me! Do you have credit card craziness?
Few people realize that by using credit cards only they will be spending much more than if they were using cash. When you are using a credit card it often seems that you are not spending money. When the credit card bill comes in then reality sets in.
People from Beverly Hills to Boca Raton are deep in debt due to the misuse of credit cards.
Let’s look at some facts:
1. Over half the families that earn less than $10,000/yr have over $1,000 in credit card debt.
2. About 40 % of people twelve to nineteen have access to a credit card; 36% of high school seniors have an ATM or debit card of their own.
3. Over the past ten years there has been a 50% increase in the number of people under 25 filing for bankruptcy. Most due to out of control credit card debt.
Do you see why they want to give credit cards to high school students? They get them hooked and most are hooked for life. It’s a national tragedy and no one seems to care. They seem to think they are victims and some may very well be.
Money is a poor man’s credit card. Stay with cash and stay away from credit cards.
Jacques
CreatingWealthThatLasts
1 comment:
Jacques, it is the best way-use cash it works better and you can not over spend if you have no more cash to spend. Thank you for the great post. Some parents are teaching their children how to handle money. Most are in debt and are not doing very well themselves with money. How is teaching the children the right way to handle money.
Dan and Deanna "Marketing Unscrambled"
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