Getting Credit Easy Repaying Debt Hard

Saturday, December 1, 2012, 2:00 AM | 1 Comment

Consumers can get credit for a variety of reasons. Using credit card for purchases is one such credit. Many folks may not realize that buying something with credit card will get them in debt immediately if they don’t pay the full amount before the due date.

On the average, they get free loan for approximately 2 to 3 weeks. Now where else can you get a loan for free from an institution like a bank? Only in America, folks!

That’s the beauty of using credit card when you are able to pay the bill in full before the due date expires. So you don’t pay interest, finance charges and other fees that the credit card issuer bestows upon you so kindly.

Financial life without credit card is hard in modern world…

Let’s face it. We, in this time and age, cannot live our financial life without credit card. It’s one of the most popular means of payment in United States. However, we must live with it responsibly.

The problem arises when, for any reason, you step in the debt shit if you don’t pay your bill on time. Folks who pay just the minimum will keep stepping into debt shit for a long time. A time then comes that it will start stinking very badly and the only door you see in front of you is the door of bankruptcy.

Using credit card with utmost responsibility is one of the greatest ways to live your financial life successfully. How else can you spend the bank’s money instead of your own resources free for 2-to-3 weeks before you pay it in full without incurring interest and other charges.

And by the way that’s the biggest difference between debit card and credit card. Using debit card, your bank account is withdrawn with the amount you have purchased with. You don’t incur interest and fees unless you overdraw and the bank charges fee for the extra amount.

On the other hand, we all know that with credit card, we get free loan for a few weeks. In other words, you can do your shopping even if there is not a single penny in your account.

However, using credit card can be deceitful in the sense that it may encourage you to go overboard with your spending. That’s where the responsibility crawls in. You should pay the bill – if not in full – at least a big chunk of it before the due date.

Acting on inspiring information is the key to use credit wisely…

You probably have read many articles about using your credit card wisely, but acting on those advices is the key to not spend on things that you really don’t need.

You read this and other similar articles in magazines and blogs because you are interested in how to use credit card wisely and be inspired with what you read here and other places.

Almost everyone has some spending leaks in their finances. Your job is to plug in those holes and increase your saving.

Now you know what you can do, but just knowing and getting more information is not enough. You ought to act. Information is only good when you act on it.

In a Nutshell
It’s easy to get stuck in spending habit. We may be too lazy to break the habit. Take the time to make just one change and that is to plug one spending hole in your budget.

Once you see your savings account slowly but surely filling up, you’ll wonder why you didn’t plug two holes, or more.

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  1. One Response to “Getting Credit Easy Repaying Debt Hard”

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