Is Bad Credit Card Debt Bothering You?

November 15th, 2010 | Posted in Credit Card Debt

One typical American family had decided they were not going to have a credit card. They had seen family members struggle with a high debt load and did not want to be in that position. For the first few years of their married life, they were successful in their goal. Then they begin having children, bought a house, and needed a van. The bills piled up.

So what’s the big deal? Everyone has to deal with debt. You can’t survive in today’s world without it. This is what our creditors want us to believe. Sadly, this is what many Americans do believe. Debt is easily accessible, and for many Americans it is the only way they keep up with the Jones. One family looked like they had it all.

Consider this: If you pay only the minimum on a $10,000 balance, you will spend forty years paying it off, and actually end up paying close to $40,000. So if you had used cash, instead of credit, you would have saved yourself $30,000. Can you think of anything you could do with $30,000?

The old-timers understood that credit is not necessary. If you have members of an older generation in your family, they have probably admonished you to not spend what you don’t have. The younger generation scoffs at this. Yeah, yeah, you may not have the money right that second, but you will. You will have the money and you will pay off the card.

The truth is, all those ‘little’ purchases on your credit card quickly add up, and soon you don’t have the money to pay it off. So your high APR kicks in, and you now owe much more than what you actually charged. Take your grandparents’ advice. Cut up all those nasty little plastic cards and start using cash. You will be amazed that it is possible!

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