Today I was going to post about a completely different topic but I awoke to a segment about credit on the radio which changed my mind. Apparently new legislation coming into effect September 1st requires credit card companies to indicate how long it will take to pay off the balance should you choose to submit only the minimum payment each month.
The government now feel they need ‘warnings’ on credit card bills for consumers to understand the end result of racking up a five thousand dollar credit card bill and paying only $100 per month towards it (I know the math isn’t perfect). I suppose it’s a nice gesture, but will it really stop people from putting themselves in this position in the first place?
In my mind its ignorance – people just don’t care, or they truly DON’T get it. Either way, SHOULD they have credit? Every day I watch people looking to spend every dime possible – whether it is online shopping, home renovations, new car, best cell phone or the latest fashion garment. Does this resonate with you? Are you one that must also ‘keep up with the Jones’? Will you be in line for the next shiny “iWant” (™Joey Ragona 🙂 ) at Christmas?
If you continuously run up credit card bills you cannot pay either you:
a) Don’t get it
OR
b) Don’t give a crap
It’s one or the other…period. And I pray you are not like I was: BOTH!!! Stop comparing yourself to others and feeling like you have to keep up – you will NEVER be satisfied. Do what is right for you, but if you find yourself having an anxiety attack when you look at your debt, blame only the person staring back at you in the mirror.
For me to realize and admit that was hard. Thankfully my wife and I (more me) have grown up and are grounded caring less if we keep up with anyone. We are not over-extended, we enjoy what we have and find ways to give back both financially and emotionally to others. The debt we DO have is now creating wealth instead of stress.
My desire in helping people gain wealth with education from my experiences, mistakes, challenges, sacrifices, triumphs, regrets and advice is high priority and I find by venting with this blog it may inspire someone, maybe even YOU.
If you are waiting for the ‘credit warning label’, here it is.