On the news today, I hear that more people are late on paying their credit cards off. It's happening to more and more people. This, in addition to the people who are having their homes foreclosed.
Congress only a few months ago passed that bill to make all credit card purchases stick to you, even if you file for bankruptcy.
People, listen to me- be careful about your credit card spending. Credit card companies, when they first approach you, seem oh-so friendly. If you have been paying all your bills on time, they are probably very friendly toward you, offering you new deals to get more of your business. They will keep on offering you more, and if you take it every time, you will surely become a victim. The minute you are late with a payment, you will suddenly find that your relationship with the credit companies has deteriorated. You will all of a sudden be charged unbelievably high interest rates, and on top of that, you'll have late fees, upon which interest will grow as well. Should you fall behind, they will bury you with fees and interest. Knowing this, you have to realize that using credit cards is risky, and a game that the credit card companies hope to bury you.
The rule is: don't get buried. Pay them off. Don't spend with them if you can avoid it. Pay cash. If you must use credit cards, have a plan to pay them off. They are tools only, to be used in a financial management plan.
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