common mistakes in financial planning are all, in one way or another, related
to debt. Debt and lifestyle go hand in hand in American society. When you use
debt to fund a consumptive lifestyle, not only do you have the consumptive lifestyle
working against you financially, but you also have the additional burden of debt
working against you financially. Both should be avoided like the plague!
the use of debt is incredibly difficult because the promotion of credit card use
has made credit so easy to obtain and the temptation to use credit or debt so
overwhelmingly difficult to resist. Credit card companies are spending hundreds
of billions of dollars to entice each of us to spend and to use credit with cards
that make spending "easier", and those amounts are a pittance when compared
to additional advertising dollars of retailers.
Lending institutions do not want people to pay their credit card debts each month
because of the 18% to 24% interest that is earned on that credit card debt.
to a banker in the banking industry, a person who uses his or her credit card
for convenience sake and pays the debt off each month is known as a "deadbeat".
your credit card loan interest as well as your compounding interest with our calculators.
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