Beware of Credit Cards

I only use one credit card. I used to use three or four but I found it so difficult not to overspend. There is a sense that the credit limit you have been given is your own money. Well its not. I wish. And everything seems to go along just fine. You spend the credit card's money and get to keep your own until the end of the month. Then you look at the credit card statement and are shocked at how many zeros there are in the balance due. The worst situation comes when you finally lose that job you really never liked in the first place but you never really saved enough money to last you more than a couple of months. That is when you yell "help!". But it's too late for that and here come the minimum payments and the 17% interest charges. As if that wasn't the worst of it you find yourself spending even more with the credit cards trying to stretch out your savings. The hole of debt grows faster than you can fill it and then you go into denial.

So you know the rest of the story. Take a lesson from the millions of people who have made this mistake. Don't think of a credit line as your money. It is NOT. So save at least six months of your money so you can pay your bills when you lose your job. You will be so glad you did.