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Credit Cards |
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In the hands of the right consumer, a credit card can be a very
useful tool. Unfortunately, the "right" consumer is rare. The
concept of buying on credit, while convenient, actually serves
only to line the pockets of financial gurus with millions of
dollars each year in finance charges and interest dollars.
What is it about plastic that is so appealing? It's easy for one
thing. Instant gratification is the driving force behind the
appeal of plastic. In fact, it's unusual for most consumers to
have real money in their purses or wallets, even the bank
provides plastic in the form of debit cards. So now checkbooks
seem primitive.
In the last decade Americans have fallen further and further
into debt, thanks to the ubiquitous plastic. In fact, the United
States government is world renowned for its deepening national
debt. Most financial experts agree that credit cards are one of
the worst financial ideas ever, leading most consumers into debt
well beyond the point of any return.
Credit Card Companies
Leading the march to heavy debt are the credit card companies
that spend billions |
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of dollars each year marketing their wares
to the American consumer. Especially dangerous are those
spenders who are borderline credit-worthy, or who possess no
credit whatsoever. These consumers, financial experts argue, are
the easiest prey for credit card companies. Everyone wants what
the Joneses have, even those with little money to pay upfront.
Many consumers are duped into credit card accounts that come
bundled with exorbitant interest rates, rates that realistically
make it impossible to repay purchases without essentially paying
for them many times over.
Experts suggest that all consumers read the fine print included
in the offers that come in the mail. Most card offers are
financial suicide, at best and should be avoided. For those
consumers with poor credit history there are options and
counseling available free of charge at most banks.
Building Credit
The ingredients that go into the mix for a good consumer-credit
card relationship are: financial savvy, budget awareness, and a
realization of the limitations of credit card spending. A
consumer conscious of these things is |
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Untitled Document
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