Credit Card Debt and Interest – Part I

Your current credit card debt represents more than just the fact that you owe money.  It represents the fact that you are spending more money than you are making.  It represents the fact that you are out of touch with your financial future.  It represents the fact that you need to attend to this now – or it will likely get worse before it gets better.


A few years ago I was preparing my taxes, and had been waiting for my interest statement paid to the only Visa card I have.  In that particular year, I charged $26,000 on my credit card so I wanted to know my interest amount.  So I called the card issuer and was told I had paid zero interest that year.  In disbelief, I went back through each statement and found it was true. 


The lesson here; if you are going to have a credit card, use it for convenience and pay it off in full at the time of each statement.  If you cannot do that, you have no business carrying a card with you – pay cash instead.


Record nickels and dimes spent for the past 90 days and the next 90 days.  If you don’t know where the money went, how can you get out of debt?  Close your eyes and visualize a stress-free, debt-free lifestyle. You are on vacation, but you have paid it all in advance.  It is not more income you need; it is less spending.


Your thoughts on this subject?  Your comments appreciated!

Content © Rich Brott, 2011

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