Irresponsibility and Easy Credit are a Dangerous Team.

Two hands holding a piggy bank, orange color.For a long time there has been a problem. This particular problem is worse than  a gambling addiction, worse than a shopping cart hitting your brand new car in a shopping mall and much worse than my fantasy football picks could ever be. I am talking about irresponsibility. This is a problem that affects everyone. Irresponsibility takes many forms and faces but in this case, I am talking about financial responsibly.

There are hundreds of different ways to get loans and credit and this means that there are hundreds of ways to get yourself into a lot of trouble with all of this easily attained credit.

Where I live, a law was recently passed that forced credit card companies to show how long it would take to pay off a credit card if you were only making the minimum payments. I actually have one beside me right now, lets take a look shall we?

$723.56 + $14.00 min payment = 18 years and three months to pay for the principal. At 19.5% interest per year, that would mean that I would be paying the bank $855.98 in interest charges. All of this information leads me to conclude that, if I was not able to make a $500.00 payment right away, I would be being robbed. This is the worst kind of robbery as well, the legal kind.

I keep on talking about my own situation, but what about yours? How can you avoid getting swindled by banks slinging easy credit like it was free candy at christmas?

It all comes down to you. You have to make the decisions to not buy things that you can not afford. Do you really need that faster processor? That is what I put on my credit card. I knew I could pay it off over two months, so paying a bit of interest on it wan’t a big deal to me, but what about your own situation? You are going to have to get creative with your accounting and frugal with your cash if you want to pay off the credit cards and gain financial freedom.

Remember that even though credit cards are easy to get, it is up to you to be responsible with them and not pay the banks money that they don’t deserve.


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