Ask and you shall receive
It is a good thing to have a credit card. For those who know the meaning of credit, it is great to have. For those who are not spendthrifts, it is marvelous to carry around with you at the mall without having to pounce on anything that you feel you need to have. You are the kind of person who needs credit card truths speech.
Have you ever gotten a credit card in the mail and you were so excited that you never even read the terms and conditions of that credit card?
Have you ever gotten your credit card statement and never bothered to look at the interest rates that incur each month? Does it ever occur to you that one day those things you dismiss so easily will be your very downfall?
It never bothers anybody to keep up with things like that until things get tough. When you finally at the end of the year, have thousands and thousands of credit card debt, is when you start to ask questions. Unfortunately, those questions don’t count anymore. They should have been asked the minute you got that credit card in your hands.
Millions of Americans are swimming in Credit card debt, so it is time for some credit card truths.
Sign in Bonus
A great sign in bonus does not mean that you have gotten hold of a good credit card. It only means that it is a great sign in bonus. It is there to lure you into applying for the card. It is not there to play in your favor. The credit company wants your money, not your happiness or excitement and that is a credit card truth.
Good service does not mean good interest rates
The customer representatives are there to help you and if they are courteous and polite, then that is a good thing. What is not a great thing is that even if they offer good service to you when you need it, it doesn’t mean that your interest rates will be good too. Great service is vital for their existence, although not all credit companies have great service.
Keep in mind that the few that have excellent ways of doing things are still credit card companies with one goal and one goal only-to get you hooked to their credit card and of course, generate a lot of money for them. That is indeed one the many credit card truths.
The money won’t pay itself
When you go for shopping sprees and long, extravagant vacations at the expense of your credit card, as long as you can put the money back in, then you are alright. But when you do so and your income is less than making a trip to Europe, then really, how do you expect to pay it back? The credit company is not a charitable organization. It lends you that money; it doesn’t give it to you.
Spending way too much on money you don’t have is foolish. The implications are later going to haunt you every time you want to buy a car, buy a home or even rent an apartment. Sometimes it is wise to think of the consequences, rather than saying you only live once! These are credit card truths worth mentioning. Using your credit card to buy unnecessary stuff will only lead you to a road full of regret.
Having Credit Cards lead to broken relationships
Another one of the Credit card truths is money can come in the way of two people that dearly love each other than any person can. When one of the spouses is reckless and forgets priorities in the house, the other spouse is left feeling broken and betrayed.
A credit card is the number one factor why most families in America are in debt right now. It comes into the home with good intentions, but ends up wreaking havoc in the homestead that takes years to repair financially and emotionally. So think twice before you go scurrying for a credit card. With it comes great financial attention and responsibility. You have to be very cautious with it.
If you can’t stand the heat, get out of the kitchen
Making payments on time can prove to be tedious, but necessary. Some credit card truths signify commitment. You have to be committed to making those payments promptly because the interest and late fees are the ones which usually accumulate and you end up having a debt bigger than you ever imagined.
The bottom line is if you knew you were reckless with money, why did you get it in the first place? A Credit card has to have the same kind of commitment you have to your other bills, such as rent.