How Can We Not Get Trapped By Our Credit Card



As everyone knows we are a society in debt. Many of the Americans including me are in debt. We either maxed out our Credit Cards or we are knee high into debt with our Student Loans. How did we become a society that is in debt?

First off let me explain how this happens, when we are 18 years old, credit card companies approach us with the idea we can have anything we want with a credit card and they hook us. This is when you go to college.

Second, I didn't mention this in the my book Going Broke: Learning from Financial Mistakes (Money: Learning the Basics Book 1), but I'm going to mention about how whenever you go to a retail store, no names included, they push you to open a credit card. The customer or person is forced to get a credit card for the purchase. Wherever you go they try to get you to open a credit card and it's bad. Next thing you know, you are $1,000 or more in debt with that card. This is how they get you and I'm not going to include the interest they charge which is ridiculous.

This is the trap of the Credit Card. Credit Cards makes it so easy to buy whatever you want, but you have they pain of paying the card increment out of increment. How do you escape this trap? How do you discipline yourself to just spend on emergency situations?

This is discipline and maturity. The parent of the child should teach them about money and about credit earlier on. Some do, but many don't and just because they didn't prepare themselves many are going broke as I mention this and other topics in my book about the subject.

We are a society that needs to learn from our mistakes and learning about our credit cards is one of them. What do we need to do?

1. Use Credit Cards only for Emergency
2. Learn about what expenses to Make on the Card. If we can pay cash, maybe through saving we can accomplish that.
3. Teach our family members, our kids, or significant other how to use the credit card or have an open discussion about money.

These will teach others and yourself about important strategies needed with money. I hope this has been helpful. In other blogs I will discuss this topic of money. I will discuss the importance of this because I feel it is important that we know our finances.

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