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Money Saving Minute #036 – credit
cards
Having a credit card in your wallet is
a lot like adopting a Pit Bull as a pet.
When properly trained they can be your best friend…when left to run wild
they can be trouble.
A properly trained credit card will
not be used as an extension of one’s earnings.
The mentality of “I can’t afford it today but I can afford the minimum
payments” is what will get a borrower into trouble. Instead one should think of credit cards as a
way to help them track their spending as well as earn rewards or cash
back. If you can afford to pay off the
balance each month you are using your credit wisely. If you can’t pay off the balance each month
stop and ask yourself if you need the purchase enough to pay 18 to 25 percent
more for the item.
If you are currently carrying balances
on your credit accounts go to this webpage and download the credit card
calculator. This will help you to set up
a target payment to get those balances paid off.
For more information about this or
anything home loan related please contact Team Warzon.
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