What Credit Card Companies Don't Want You To Know
I don’t what it is about fairly tales but they teach a lot of lessons, and one my favorite ones is red ridding hood, when she starts to realize that her grandma is actually a wolf and that she got eating
The reason I like its because, initially she doesn’t realize it, until she starts going through the wolves one by one and then finally says, hey hold one, something is off here.
It’s the same thing with credit cards and debt, wow build up credit score, and buy stuff, and then you start to slowly realize these people are not your friends
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Positive incentives ( 3 common ones ) Build Credit
First you earned this card
Second you can use it for emergencies.
Third This is going to help you build credit
These all sound absolutely great ( when what it is, is just a way to get to get inside the door )
First of all you didn’t earn anything, you are just a customer to them and they know the risk, so they start you up with a low limit
Second: what type of emergency funds gets you into more trouble the minute you use it
Third: Credit is not needed to rent an apartment, to buy a house or to buy a car ( manual underwriting, paycheck history, bill history are just as good )
Tip: if you think you are smart, remember these people spend millions on marketing
Get points on money you were going to spend anyways
People tell me all the time
Tommy what I spend I pay off that same month
And then I just keep the points for free
No free Lunches Son
Studies show people with credit cards tend to spend 18% more
Common sense says 100% of people that use a credit card are in debt
Statistics show that most people about 70% don’t ever really redeem those points
Point is: nothing is free
Promotions: no interest, sign up bonus and more
I’ve don’t it all with credit cards
I’ve gottent he sign up bonuses of $200
I’ve gotten 18 months to spend money like crazy and then pay it off interest free
Here what I learned:
A lot of people end up with a balance
A lot of people end up paying them more than that 200 in interest
And I learned I just got lucky
Here is my advice
If you havent tasted the rainbow don’t taste it
Most likely next month will be my last month with credit cards, as I start to cancel all of them
You cant get into debt if you don’t have access to debt
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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I'm an Accountant but I'm not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.
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