Stay Debt Free by Not Using The Credit Card
Hello Friends,
Here I am Lucia again trying to find a good and virtuous topic to inscribe and share at the same time to learn about.
So the topic for today is "Stay Debt Free".
It's probably the biggest cash cow banks have ever seen. The credit card is a trap to attract people to spend what they do not have. That becomes a debt for which many will not be able to pay on time. The interest charged in that case is exorbitant and much more than a personal loan would cost. This is currently a moral problem in Australia, where the opposition promises to maintain a Royal Commission on banking practices.
What people should do is wake up to the risk they run when using a credit card. First of all, do you really need to spend that money?
Due to easy access to it, the prices of goods have increased exponentially. This also implies what financial institutions can charge for lending to you.
As prices skyrocket, the cost of living rises and, as wages fall, the difference between what people owe and what they can afford is so great that many are forced to declare bankruptcy. This makes banks happy because under those circumstances they can seize the property, sell it well below cost and conserve income.
Credit is no different than putting money in poker machines or throwing it on the street. It is a foolish act to try to make it work for you. While it is mainly used by those who are already struggling, the situation quickly gets out of control.
The end result is to use a debit card to avoid carrying cash. Do not spend money on things you can not afford and do not really need. Cut the credit card and keep your finances in better shape. If you do not have the money, do not spend it.
Read my other posts...
https://steemit.com/relationship/@luciamuresan/after-divorce-a-woman-is-free
https://steemit.com/children/@luciamuresan/how-do-children-see-divorce-and-the-pain-behind-it
https://steemit.com/child/@luciamuresan/formative-years-from-birth-to-7-are-the-best-time-to-guiding-a-child
https://steemit.com/psychology/@luciamuresan/understand-psychology-behind-the-kama-sutra
https://steemit.com/spirituality/@luciamuresan/why-are-there-sexual-images-in-temples
So friends, upvote & follow me if you like my thoughts and share your thoughts in comments.
Bye for now, Take care...
Regards from: @luciamuresan
I totally agree with this! The only reason credit cards exist, is for banks to get rich over the people! You pay fees as soon as you forget to pay the bill. We are all human, so we will forget at some point eventually. It is the perfect business model.
I'm from the Netherlands. Here almost nobody uses credit cards other than when going abroad, or for the occasional online purchase (when other payment options aren't available). It is not uncommon for tourist in the Netherlands running into trouble since credit cards are often not even excepted!
I never got why you would need a credit card other than for making banks rich.
Thanks for reading @michelmake
credit card. This is problem!
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