ok, ready for this one?
if you have credit card debt, you can’t afford what you’re buying. it’s worth repeating: if you have credit card debt, you can’t afford what you’re buying.
now that statement may not make me any friends and believe me, i’m not trying to preach. but if credit card debt is part of your financial world, it’s not a good sign plain and simple.
now some financial advisors would disagree with me when i say that if you wanna use a credit card and pay the balance off each month have at it. earn points, get cash back, frequent flyer miles, whatever, ok. but buying things we can’t afford. wracking up debt. paying even a nickel of interest. no no. bad.
think of it as a symptom. it’s not a sign of financial strength and health. instead it’s a symptom of a problem. sorry but it is.
good news is the cure is easy. pay it off. cut it up. and you’re done! that may seem like over simplification but it’s really not. where there’s a will there’s a way. so…
get rid of it. pay cash. use a debit card. you’ll feel better and be in a much better place.
’til next time: cash is king.