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November 09, 2003

Highlights from a credit card conversation

Conversation over coffee led to interesting discussion about money & credit cards. Highlights included:

Credit card debt: Insult to injury kind of debt because interest rates and fees are applied to the balance you pay interest on. You pay interest on interest, fees, etc. Consider how expensive the privelege to be in debt is when multiple cards are involved.

We pondered his money situation and what his money would be like if he'd simply avoided credit cards in the beginning. His money, like others, has common peaks and valleys. When he has money, he pays off the debt he's run up and he's broke again. When he's low on money, he runs up credit cards. See the cycle here. What if he didn't have to repay credit cards everytime his money peaked?

We debated how a person could do it differently instead of always being obligated to pay debt off: Save a little as you go along, spend conservatively and cautiously, plan your money and put money to good use when you have it.

We discussed the dangerous and risky proposition of high interest credit cards when you're salary is nearly maxed out. Many people go in debt believing one day they'll pay their debt off and simulateously live everyday hoping to elude a major emergency. A bet that one day you'll have more money. That's not always a good bet.

Up next? What would I do with $100,000? I would put $75K down on a modest house or condo. Change: $25K. I would invest maybe $5,000 in the blue chip stock I own and I would maybe put several thousand into a company, after I researched and studied its leadership, that might be more risky an investment than the blue chip. I would have a little to play with and everything else would go toward building my future.

Last was the premise I operate on: All I'm simply trying to do is to teach people to understand credit cards and the "debt trap" before they get involved. This day and age, money is hard to come by and it gets hard to get ahead when you spend on high-interest credit cards.

Posted by on November 09, 2003 at 07:14 PM |

Comments

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