Blog Post

Credit Card Strategy

One family issued strict guidelines to their student on the use of credit cards, “If you can eat it or drink it, wear it or hear it, you cannot charge it to your card.”

The average household in the United States today pays out of their family budget in excess of $2,000 in interest fees and late charges every year.  By reducing and eliminating credit card debt, the average family would have an additional $2,000 plus per year to contribute to their student’s college education.  That’s a pretty good savings plan in itself.

Always ask  yourself the following question when tempted to use that credit card, “What’s really important here, this self-satisfying purchase or my children’s education?”

Responsible credit card usage requires a disciplined, unwavering and committed approach in order to achieve one’s savings goals and get ahead.  Be the teacher and the student who does their homework on this one.  A student is one who studies, investigates, asks questions and becomes skilled at making responsible choices.

Credit card fees, increasing interest rates, and compounding interest is a triple-barreled credit gun which can bring a parent or student to their knees as effectively as any weapon.  That is, if they choose to charge indiscriminately on their credit cards and ignore the fine print.

Well, here’s a simple little rule to keep in mind: You can leave home without your credit cards.

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