Credit cards offer reward points and they can boost your credit score if you pay the bills on time, so why would I say that a credit card is a bad idea? Well, to put it simply, these two positives don’t offset the seven negatives.
7 Reasons a Credit Card is a Bad Idea
Really? There are seven cons to owning and using a credit card? That’s right, and these are seven solid reasons as well. Let’s dig into it:
1) You start believing it’s your money
You’ve got this card in your wallet and man, it’s powerful. You could . . . → Read More: 7 Reasons a Credit Card is a Bad Idea
I distinctly remember sitting down with my mother on the day I started my first job, and listening to her explain the importance of filling out the retirement plan packet that was just seconds away from being thrown in the nearest trashcan.
As a sixteen year old with an affinity for video games and basketball shoes, I couldn’t think far enough down the road to understand why a portion of my $4.75/hr. paycheck needed to go into an account that I couldn’t touch until I was my grandparents’ age. On top of that, I had car and insurance payments that . . . → Read More: Stop Retirement Contributions to Aggressively Pay Down Debt?
They say that the only people to get rich from gambling are casino owners. The same applies to debt! With consumer debt in the US at around $11.85 trillion, you can see that the only people who really benefit from your debt are the financiers and banks who caused the Credit Crunch and wrecked the economy in 2007. This isn’t far short of the £12.6 trillion debt mountain that US citizens had when the economy went into a nosedive in 2007, and the only people to really suffer from that was those at the bottom, receiving the credit.
What better . . . → Read More: Only Bankers Should Be Comfortable With Your Debt
Only 59% of college students actually finish their degree. Of all college students, the average debt load when they finish (or quit) is over $30,000 and their unemployment rate is 8.5%, far greater than the 5.5% average unemployment rate of the entire nation. More so now than ever, college attendees are actually finding themselves left behind economically, rather than getting ahead like the past generations. They have seemingly done everything right, but many are jobless or underemployed, and sinking under a mountain of debt.
Source: Institute of Education Sciences
I thought going to college was supposed to . . . → Read More: 14 Steps to Get a Serious Head Start in Life
Are you fed up with being broke? Have you ever run out of money before the month was over? Are you ready to say, “I’ve had enough!” and do whatever’s possible to get back on track with your finances again? If this is where you’re at, then I can definitely help you save some money each month. Not only that, but I can likely help you cut your spending in half. That’s right, in half. Follow these ten tips and get your life back again. No more stress, no more anxiety, just money in the bank and serenity.
10 Extreme . . . → Read More: 10 Extreme Tips to Cut Your Spending in Half
“If I buy a super cheap car, it’s going to break down all the time and cost me thousands of dollars in repairs. It would probably be better to spend $10,000 or more to buy a dependable car. In fact, buying a more expensive car will probably save me money.”
This is one of the biggest lies ever uttered across the face of this earth. Just because you spend $10,000 on a car does not mean that it’s going to be dependable for you. In fact, if you buy a foreign luxury car (like a BMW, Mercedes, Audi, or . . . → Read More: Top 10 Cars for Digging Your Way Out of Debt
It is that time of the year. It is student loan season.
As fall semester tuition bills begin hitting mailboxes nationwide, many students and families may be in for sticker shock. The rising costs of higher education have forced more and more families to use student loans as a tool to pay for college. You may have seen a number of commercials, radio ads, and display banners advertising student loans recently. Using student loans has become common practice for many families and the many private student loan lenders have started marketing aggressively.
Keeping up with the rising costs of college . . . → Read More: How to Avoid Student Loan Debt
Did you know that the median American savings is $0.00 each year? Since pensions are now nearly extinct and Social Security is teetering on the brink of failure, you’d think that Americans would be saving much more now than in the past. In reality, however, many are saving far less.
Take a look at the chart below. The bottom 90% of earners in America typically save less than 5% of their income each year. And, as of the year 2000, they are saving even less than that (even into the negatives at times)! Some people reason that the low savings . . . → Read More: What If I Spent My Money Like 90% of Americans?