Ah credit cards. It has been a while since I last wrote about these things.
I promote credit cards the same way that I promote drinking and having fun in your 20s. If you’re responsible, everything will be okay. However, some of us can’t handle our booze just like we can’t handle a credit card. It’s easy to lose control, fall behind, and let your life spiral out of control.
Being in debt may not be the worst thing in the world, but it sure does suck knowing that you owe money and have to spend tomorrow’s money on yesterday’s purchases.
What’s the biggest problem with credit cards? They don’t ask questions!
Credit cards don’t ask questions. Your credit card won’t ask you if you should be buying that new iPad. Your credit card doesn’t mind if you eat out three times a day, every single day of the week. Your credit card will never ask you any questions.
There’s a limit. All you have to do is stay within this limit. Everything else is fair game. Your credit card doesn’t worry about anything that you do.
You can spend the money any way that you want. That’s a problem in the making. That’s a huge problem if you don’t have control over your spending.
How can you fight back and combat this credit card issue?
- Set a reasonable limit. What’s your limit like? Set it to something that you can afford. A friend of mine noticed that his credit card provider automatically increased his limit to $10,000 because he was making more money. He immediately called them and had this limit reduced. He was realistic. He know that he couldn’t manage this. He’s far too weak.
- Master your spending first. Have you grabbed control of your spending? Can you walk into a mall without leaving with something? It’s tough for me personally. The other day I walked into the mall to walk around and I literally almost left with a mini iPad. Luckily, I left my wallet in the car. I would have definitely been walking home with a new tablet and short a few hundred bucks.
- Don’t automate your credit card to anything. It’s awesome to connect your credit card to your gym or cell phone so that you don’t have to worry about paying bills. The problem is when you add your credit card to Amazon and other sites. It becomes far too easy to spend money. There’s a disconnect there. You can have anything your heart desires with a few clicks.
Have you been able to control your credit card? Just remember that even though you’re not being asked any questions, you still have to pay this money back.