Tell Tale Signs your Credit Card is Ruining Your Life

Credit cards aren’t evil or a menace. They are more like a double edged sword. On the one hand, they can be so beneficial to your financial life, and on the other, they could be the fastest route to destroying all that you have built.

For instance, using a credit card, you can rack up some serious reward points. And these reward points can translate to hundreds, and thousands (yep you read right) of dollars yearly. You can even gain some bonuses from special promos that could see you flying around the world at no single cost to you.

But there’s still a dark side to all of these. Credit cards are not completely innocuous (mejores planchas para el pelo).

That message from your bank that reads “Congratulations!” and then goes on to tell you how you’ve been preapproved for some platinum card? That is no congratulatory message. So don’t celebrate.

Because what your bank is actually saying is that they have recognized your remarkable talent of spending money that you don’t have. And what better way to “reward” such “talent” than to increase your spending limit?

So, ultimately, you spend more, which means you’ll have to pay more by way of interests. And at the end of the day, instead of smiling to the bank, your credit card company smiles to the bank with your money.

This is a bad narrative and something everyone should break free of. This adage puts it aptly and succinctly: a borrower is a slave to the lender. Period.

So, here are four tell tale signs that you are allowing your credit card ruin your life…

  1. You’re always worrying about your credit score: A good credit score isn’t equal to financial success. What it is equal to is that you’re excellent at managing debt. This isn’t a life skill, so, don’t get excited. Debts bring stress and keep you in bondage. If you must use credit cards, ensure that your balance is completely paid out every month.
  2. You love the rewards: Credit card rewards are great but you must understand that they are still a ploy by your credit card company to get you to spend more. There are ways to play this game in a way that you don’t spend too much. A simple but effective first step might be to stick with your budget. But bear in mind that no matter how wonderful, credit card rewards aren’t the key to financial success.
  3. You think you need a credit card for emergency: That’s what the credit card company told you. And that’s what all your friends say. We wish we could tell you that’s true but, it’s not. Cash emergency funds are always way better than credit cards. Again, budgeting is important (mejor aspirador sin cable).
  4. You think having a credit card is a necessary part of life: It is, true. But it doesn’t have to be a part of your life. If you discipline yourself a little more, you can actually manage without a credit card. The key to this is planning.

So, have you noticed any of these signs in your life? It’s time to take a 180 degree turn and do things right. Your credit card will only ruin your life if you let it.

Comments are closed.