What Your Credit Cards Are Costing You

Libertas

Administrator
Staff member
According to Dave Ramsey, an estimated 78% of people do not pay off their monthly credit card balance. While a lot of people brag about how they pay off there credit card bill every month, only around 22% of credit card holders actually do.


In the video Dave Ramsey talks about various interesting topics, such as how people over spend when they use a credit card. He says various studies show people over spend by around 12% more when using credit cards.

My first wife put the family into massive credit card debt, this was back in the late 1980s and into the 1990s. It was one of the many reasons why I walked away from the marriage. At one time my wife had accumulated around 30,000 - 35,000 in credit card debt. The 20+% interest devastated the family as just about everything I made just went to interest.

Young people are told one the easiest ways to build credit is through a credit card. However, most young people overspend and do not have the discipline to use credit cards wisely. This puts young people into a credit card trap that could take years to pay off.
 

IamZeke

Member
I screwed myself in the late 80's with CCs. That turned out to be my wakeup call for all my finances. One phone call from a collector and I freaked out. My family taught me better and I was being self indulgent. I had to crash to wake up. Come to think about it, I had to screw up my life with drinking first before I moved to fix that. Seems I'm bound to fall for most sins until I hit the wall. But at least I wake up and fix things. Some folks just can't get off stupid though. I have ditched lots of friends over seeing them just keep hitting bottom repeatedly. I have a lot fewer friends now but they are the right type.

Money problems can really slay a marriage and it slays so many of them. We need more financial education for America's youth in their teens.
 
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