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Beware - Credit Cards are really Expensive Debit Cards So -

I am totally aware that debit cards and credit cards are not one in the same?But - at the final tally -- a credit card is a debit card and actually it is a very expensive debit card at that!

Granted - I am using the bank’s money not my money to make the purchase - but it is my money that will be paying month after month after month.

No - I am not one of those people who believe you should or even could live in the world today without credit cards. With items being so expensive - without a credit card it could be very difficult to purchase many items.

Credit cards are convenient and they are extremely helpful for those things you want that you just don’t have all that extra cash for. If your oven breaks - it is such a relief to have a credit card and be able to purchase a new one that very night. And - I don’t think credit cards are just for items that are considered necessary. I think it is great that I can go out and purchase a stereo system that I really want because I have credit.

At the same time - I do need to remind myself - credit is really debit. Possibly double or triple debit! With that in mind I can make purchases - necessary purchases as well as luxury purchases - as long as I stay on top of my finances and know my limits.

There is so much debt today - so many people get caught in that whirlwind of debt that can just spiral down and out of control!

Years ago I read an article about buying an $18 toaster on a credit card. The person already had a balance on their account and was making the monthly minimum payment. Then they purchased this $18 toaster and continued to make monthly minimum payments. It took over 3 years to pay off this account and at the end of it all - with all the interest they paid over the 3 years - they could have bought hundreds of $18 toasters!

I think this example is so relevant today as we are a society that is so use to whipping out the credit card for all of our purchases. Making a purchase with a credit card even if I have enough money in my checking account to pay for it - isn’t a wise financial practice.

I especially think about the toaster story when I am making small dollar amount purchases. Instead of using my credit card - I will first check the balance in my checking account -- if I have enough in there to cover my purchase -- I use my debit card instead of the credit card.

Who knows - if I continue to make those smaller purchases with my debit card instead of the credit card - I just might end up with several hundred extra toasters!

For more information on how to obtain and manage your credit cards and interest rates visit: CreditTipsAndSecrets.com - where you will find valuable information on Credit Cards, Credit FICO, Business Credit, Home Mortgage, Credit Repair and more.