Frankly, I was annoyed...maybe even taken aback after I read a "penny pincher" tip in our local newspaper about credit cards. Almost so fired up that I wrote a letter to the editor, but of course, I refrained and instead will complain to my loyal readers. (Love you guys.)
Last week "Donna's" column read:
Credit cards: I like to pay my bills when they arrive so that I am two weeks ahead of their due date. I also like to pay a little extra each time. It's suppose to look good on your credit and it saves me money. Credit card interest is high, so anything I can do to reduce the principle helps.
Seriously...living frugally or thrifty is living WITHIN your means. I'll say it again, WITHIN your means. When did it get "ok" to just charge it; pay for it later?
I understand that everyone is in a different financial situation (especially these days). Some of you have made poor decisions in the area of wants and needs in the past and now find yourselves in credit card debt. Others have had emergency situations arise (medical, job loss, etc.) that required some assistance of using a credit card for a few months to get back on their feet. (We've been there.)
But using credit cards daily WITHOUT the intention of paying off the monthly balance CAN and WILL BE financially costly. The amount of credit card interest rate varies and can cost you more than the item you purchased within a few months.
I can not stress to you all enough: USE CREDIT CARDS WISELY. Can you pay off your balance this month? Is the item you're purchasing a want or a need? Can you wait and save the money to buy the item outright? Ask yourself this question every time you use your charge cards and make sure you pay your balance in FULL each month. If you can't, make a plan and stick to it to get yourself financially free from the credit card companies.
I'm I preaching to the choir? Can I get an AMEN!
From inside the little blue bungalow,