Why You Shouldn’t Have a Credit Card

With credit abundantly available, getting what you want right away, regardless of whether you have the cash to pay for it, has become common practice. There are many rationales for convincing yourself that this behavior is acceptable. You’ve had a rough week and deserve a treat; you’ll be able to pay off your credit card as soon as you get your next paycheck; you need a wireless fitness wristband to help you lose weight; you’ve waited long enough for that new car and aren’t willing to wait anymore.

Combine all of these excuses together, and you’ve got a nation where majority of individuals are deep in debt. Whether you need a gentle nudge to get back on the right track, or some basic knowledge to keep yourself out of trouble in the first place, South Suburban Currency Exchanges can help you talk yourself out of drawing on credit.

Credit Card Interest Rates Are Expensive

The reason self-control is so important when it comes to your finances isn’t a moral thing: it’s a practical thing. Credit card interest rates are high, which can make financing your purchases expensive. If you don’t have the money to pay cash for something in the first place, you probably don’t want to make it even more expensive by adding interest to the price.

The Habit of Financing Your Purchases Can Lead to Bankruptcy

If you go on enough spending sprees without a plan for paying them off, or if your plan goes awry because you lose your job, or you get hit with massive medical bills, you may find yourself in debt. Declaring bankruptcy will scar your credit, and you’ll have to slowly build up good credit again.

Avoiding Financing Can Bring Peace of Mind

If you don’t owe anyone money, you won’t have to worry about late fees, paying interest, annual fees or over-the-limit fees. The best way to treat yourself to something nice is to save up for it, and buy it when you can truly afford it. The peace of mind that will come with not financing your purchase will be like treating yourself twice!

Less Debt Now Equals More Money in the Long Run

It’s true that you would accumulate more money – or lose less – by paying down debt. So when you have less debt, you can put that money toward your savings goals and begin planning and preparing for the future. Rev up your retirement savings, and grow your nest egg quickly by not adding credit card debt to your list of bills to pay.

And rather than paying your monthly bills with credit cards that tack on loads of interest to your outgoing funds, you could save yourself so much time and money by setting up electronic bill pay or sending money orders in lieu of credit card payments for your bills.

Let South Suburban Currency Exchanges Help You Manage Your Money the Smart Way

The truth is if you can’t really afford it, you may be giving yourself a gift in the short term, but you’ll be giving yourself an expensive headache in the long run. South Suburban Currency Exchanges can help you save so that you can begin to realize your financial dreams and freedom.

Sign up for direct deposit and start reaching your goals. Putting money away and saving is the best way to address your financial needs.

To learn more about all the ways South Suburban Currency Exchanges can set you up for a successful financial future, stop by your nearest location today!