I was stopped by this article on page 355, "How to Take Control of Your Credit Cards." I knew right away that I wanted to pursue and read this essay because my parents have always taught me to stay away from credit cards as long as I can and if possible never ever get one! This essay gives the reader a lot of statistics about the credit card world and the debts you can find yourself crawling under. It continues to point out how to slow your role and manage your credit card and the debts you may come across. This essay gives good examples, such as, if your going out to dinner and have no money do not always charge it on to your credit. This essay teaches you how to be a "credit card shark." Maneuver your way to pay the lowest interest rates, for the shortest time possible, but watch out for the companies they will try anything to trap you.
Why rack up enormous credit cards debts?
Why can't Americans buy the things they need, instead what they want?
Good questions to always ask yourself, if you do not have the money, why get it?
The author points out a really good point by saying, "If you overspend just because you like to buy buy buy on credit, then you are what I call Broke by Choice." You as a person are willfully starting a nightmare! I believe, that yes credit cards can come in handy, when someone is in need, but why build it to the point where you can not even breath when looking at your own bill, set a limit and be smart about it.
"If you're paying, say 18 percent interest on an $ 8,000 balance, and you make only the 2 percent minimum payment due each month, you are going to end up paying more than $ 22,000 in interest over the course of the 54 years it will take to get the balance down to zero!" Now how berserk does this statement make you feel? This statistic right here tells me that I never want to be in this situation ever in my life and I will avoid it.
*** This Email was sent by a student at Lima Senior High in Lima CIty School District.
Although I have not read this article, the way you described it made me become interested! I especially liked when you brought up the idea of "Broke by Choice". I have never really been able to understand why anyone would want to rack up debt. Recently, in my ONU government class, we watched a documentary where people admitted to purchasing items although they had no money! They said that it made them "feel cool", although I don't see how you could feel cool when you're "in debt up to your eyeballs(that's from a commercial!haha!)".
ReplyDeleteI have always wanted a credit card so badly ever since I was little but after reading about this article I'm not so sure. My mom has always told me to stay away from credit cards or just get them to build up a good credit but once I have something that even seems like money I will spend it on anything and everything. I need to get that under control before I ever get a credit card so I don't end up like the people this article talks about!
ReplyDeleteIf you ever want to get a car loan or a loan for a house, you need to have a credit history. Having a credit card is probably the most common way to do that--but you have to handle it responsibly and well. That's the challenge.
ReplyDeleteYou started out strong on your response, but then just stopped. I bet there's more you could say, then end. You needed to go back to your main idea and close.