Credit Cards – How Not To Use Them

My hope is that you do not need to get a new credit card. We would all be a lot better off with a lot less credit cards. A savings mindset would be much better for most people than a spending mindset.

Still, there are times when using a credit card is very convenient and that is fine as long as you exercise the discipline to pay them off each month. I make it a habit to carry over a balance and pay a small interest fee once a year on my best card. That is my teaser to keep them interested. I have no evidence it does any good, but it seems it might.

Anyway, if you are looking for a good card here is a good list of cards and some helpful information about them.

The card you choose however is not nearly as important as the way you use it. Think of a credit card as a check book – it is a convenient way to purchase things with the money you do have – it is not a way to borrow money. Average interest on cards is around 16% right now – not a good deal on a loan. Think about that the next time you are tempted to carry a balance – you are borrowing money at outlandish finance rates.

Wishing you Success and Prosperity,

Daniel R. Murphy

Wishing you well,

Daniel R. Murphy
Educating people for building wealth, adapting to a changing future and personal development.