Ah credit cards, surely one of mankind’s greatest inventions? They save you from carrying those huge wads of cash in your wallet, they’re insured if they get stolen (you won’t be getting that cash back if you lose your wallet), you get paid just to use them and they’re perfect to carry for convenience alone! Who in their right mind wouldn’t want a credit card?
Well, I would be firmly in the “no” camp if it wasn’t for the cash back you get for using credit cards, and up until a few years ago, I had never owned one. To me, any form of consumer debt is bad news, and credit card debt is pretty much the worst debt you can get yourself into. Caution should certainly be used with credit cards. Why? Because credit cards have put an unimaginable number of people into lifelong debilitating debt, simply because of the convenience of them.
Making it this unbelievably easy to go into debt is not a good thing for society. People are wired to spend money. When everybody else wants you to spend your money, and it’s made so easy, resisting temptation is virtually impossible. [Read more…] about The Cost of Convenience