Most people will look at a credit card and see only the ease and convenience with which they can painlessly get the things they want. It’s so simple – right? Every commercial on TV keeps telling you about how much “you deserve it” and with a simple swipe of the credit card, you can be suddenly whisked away by a gaggle of men in tuxedos into an awaiting limousine to be treated like “you deserve”.
When asked to list their debts, most people fail to list their credit cards. They list their mortgage, car notes and other installment loans but leave credit cards off of the list. Too many households in America carry far too much credit card debt and know very little about it.
A great many people have no idea what interest rate is being charged by their credit card companies or how the interest is calculated. In a recent study, 75% of Americans indicated that they carry a “substantial” balance on their credit cards while only 41% indicated that they have a savings account.
Paying interest on a credit card means that everything that you purchase with that card costs you more than it would have cost if you had simply paid cash or written a check for it. The best rule is to pay as you go but if you use your credit cards, pay off the balances before the interest charges are added!
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