Pay Off Your Credit Cards
There are two sorts of people in the world. Those in charge of their own lives and those who are controlled by dictators, bullies, and debts. When you have debts you never have full control of your own destiny. You have to work just to pay your debts before you can even think about buying food and all the other essentials of life.
Debt is a noose around your neck. Not for nothing are people referred to as wage slaves. When you have debts you are a slave to those debts and you have to work just to pay those debts.
Just to demonstrate to yourself the effect of your debts, add up your debt repayments each month and then work out how many hours you have to work each month just to repay those debts. The result will probably shock you.
Why would anyone want to have to work just to repay credit card debt? Nobody does but few of us give it a thought when we hand over a credit card to pay for anything we want to buy. Credit cards never feel like money. They feel like a free pass to get anything we want but the reality is they are like signing a pact with the devil.
You agree to give up some of your working time each month in exchange for getting a new TV, a new dress or a meal at a restaurant. Is that what you really want?
Every time you think about spending money on your credit card remember this. Whatever you buy will cost you more because you are using a credit card which will add interest charges to the cost of your purchase.
Every extra debt put on your credit card means it takes longer to clear the debt.
Every credit card purchase gives up a little more of your control over your time, money and what you can achieve in the future.
So, having established that credit card debt is not a good thing to have hanging around your neck what can we do about it?
Every extra penny you use to repay your credit card debt helps you in the future. Interest is added every month on the remaining balance so reducing that balance now by even a small amount means less interest every month in the future.
Save Money By Repaying Credit Card Debts
Avoid the temptation to spend a little on luxuries and spend the money repaying your credit card this month. Repay as much as you can reasonably afford and you will benefit in the future. Repaying your credit card debt is probably one of the best investments you can make.
If you are paying, maybe, 20% interest on your credit card, by reducing the balance on that credit card you are getting the equivalent of 20% interest on the money you spend. You cut the interest on that amount to zero and you benefit by not being charged interest on that amount. The winner is you.
Reduce your credit card debts and repay as much as you are able to do and you and your family will save lots of money in the future. You will become less of a wage slave and you will have more money in your pocket and less will go to the rich credit card companies.
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