Stop deficit spending! We all know how much trouble Uncle Sam has been
creating... Spending more money than our country takes in. It's called deficit spending.
Well, don't fool yourself. The same rules apply to you.
Using those evil little plastic cards (credit cards) may be the "American Way," but it's a poor way. Today, the average credit card holder is carrying $7,000 in plastic debt!
Spending yourself into debt with a credit card is unbelievably easy, as many of you already know. The reason is psychological.
When you give that clerk a credit card, it's just not the same as handing over a stack of green dollar bills. Would you as readily hand over a fistful of ten dollar bills as flip a credit card across a counter? Probably not.
Credit cards put you in the hole and keep you there. Even for people with good incomes, paying your credit card debt down to zero is amazingly difficult. And make no bones about it. Credit card debt will sap your financial strength just as readily as an open vein will deplete your physical body of its very life force.
Using a credit card by choice can quickly turn to using it for need. Once you get to that point, you are already in trouble.
There is no secret to freeing yourself from the credit card game. You must take out a pair of scissors TODAY, cut your cards in half, and begin paying them back, slowly but surely. Once you stop adding to the debt, even small payment will eventually add up.
You can get out of debt if you are patient and disciplined. Once your cards are history, you must adopt a strict pay-as-you go policy. Instead of buying now and paying later, save now and buy when you have the full amount.
Once again, this is not rocket science, but stopping credit-oriented consuming is one of the most powerful financial tools available to anyone today.
