What we think of credit cards
We have a credit card for the convenience of occasionally purchasing something online or through phone i.e. purchasing air tickets and as an emergency backup when we travel. Everything else we use cash. We find out when we pay cash, we can “feel” the money leaving us and therefore spend less.
This is not true with when you use credit cards, flipping a credit card up on a counter registers nothing emotionally. Statistics show that people tend to spend 12-18% more using credit cards. This is money you could have saved.
For us it’s important to cut out habits or behaviors that make us spend more. We do not believe that one can build wealth with 0% credit cards. We do that consider transferring debt in between 0% balance transfer credit cards as managing debt or finances.
The average family today carries $8,000 in credit card debt according to the American Bankers’ Association, that show that many people do not pay off their balance each month. We believe the multi-billion dollar industry exist for a reason, and we don’t think we’re going to win at their game. In another word, we don’t think we can beat the credit card companies.
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