Credit cards have a pretty bad reputation, and for good reason. The average American household owes $15,956 in credit card debt. The average rate on these credit cards is 12.78 percent (Source: Federal Reserve's G.19 report on consumer credit, released January 2012) What does that mean? That means that if you make the minimum payment on these cards it will take you- wait for it... 377 months to pay that off! That's right it will take you over 31 YEARS to pay that off! 31 years- that can't be cheap right?Nope- that equals $16,807 in interest alone!!! Now do you see why I call credit cards the devil?
Even with these figures (as scary as they sound) credit cards do have their upsides. Credit cards, can help you build credit, borrow money for free in some cases, and reap tons of rewards.
So now the real question- to credit card or not to credit card? Here is my answer. Credit card smart- I will show you how! If you use your credit cards correctly you can reap all of the benefits these cards have to offer without ever paying for them. THEY WILL ACTUALLY PAY YOU!
This will be a lot of information for one blog alone so I have decided to split it into several blogs. In the coming days I will teach you:
A: How to get out of credit card debt.
B: Which credit card is right for you
C. To earn money using your credit card
Get excited! :)
Let no debt remain outstanding, except the continuing debt to love one another,
for he who loves his fellowman has fulfilled the law. Romans 13:8
I got into a lil trouble with credit cards when I was younger. Who gives credit cards to teens anyway lol. Well I learned my lesson so I say no thank you to them... for now :)
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