Beware of Credit Cards

As someone who has over the years found myself like so many other people using my credit cards to buy things that I probably couldn’t have afforded to pay cash for, you would think that by now I should no better, when I know how the system works.

If you have a good credit rating they are so happy to offer you a substantial limit and if you have fair to moderate credit, well it might not be as much, but they will give you a starting limit usually around $500 to $1000 with a very low interest rate. The bate card I call it, just enough to entice you to accept their cards.

You try to pay them on time every month, never late and you are the perfect customer, so now you are worthy of being given even more credit. So you use it, because that’s why they gave it to you right? Wrong? If you dare to be taken in by these blood suckers not only will they drain your pockets, but once your low fee period is over that’s when they sock it to you raising the interest rates that devour your monthly payment. Not to mention killing your credit scores with the Credit Bureau.

Now you’re hooked making it impossible to pay them down let alone ever being able to pay them off. And if you’ve maxed out your cards, now you have no more credit to work with. Solution, for some eventually bankruptcy, which I’ve been through twice in my life. Or you get suckered in by one of those “Debt Relief” or “Debt Solutions” companies who may convince you that you can now save a bundle in interest rates putting more money into your pocket, while they are draining your pockets and really screwing up your credit, so you fall behind on your debts not to mention, much like a bankruptcy you can’t use the credit accounts that they claim they are paying off for you.

I don’t care how diligent you are about trying to stay out of debt, the reality is that most people today find that they need more than necessary and unless they make a bundle of money to buy what they want, not just what they need, that vicious cycle of debt for probably 80% of the population will just continuing to keep you poor and your creditors rich.

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