The Best Credit Card Ever

Are you like the majority of Americans and carry a credit card balance? Do you use credit cards for both regular spending and impulse purchases? Last week,as I prepared for the day in my hotel room, I overheard a credit card commercial on the television that sounded great. This credit card company offered to help you reduce the amount of interest you paid and to give you control of your credit card. It was also a huge pile of baloney.

This commercial was wonderful. The company made a great presentation about their credit card. They offered nice features to help you try to pay less interest. They did everything in their power to make it sound like they were on your side, not on the interest-receiving side. It was a super job of marketing and salesmanship.

And it was all useless. Credit card companies are not trying to save you money! That would mean they are making less money. Do you really think that's the business they are in...saving you money? They may put tools in place to "help you avoid interest", but you can feel certain they are making up that lost money elsewhere such as in an annual fee, or late charges, or some other fee. Credit card companies are not on your side. Nothing could be further from the truth.

Don't, don't, DON'T fall for this type of credit card marketing.

Using credit cards and other debt instruments will have a profound, negative impact on your financial wellness. Deciding to use these cards is entirely under your control, and I would advise you not to use them. Debt kills reaching financial goals, particularly bad debt like credit card debt. Grab control, ignore the marketing and don't use credit cards.

Credit cards...great marketing, horrible product!


Evacuee said...

I was at a presentation recently when somebody called a credit card a "debt card" and a line of credit a "line of debt". I thought that was brilliant. The only reason we call them credit cards is because of where the entries would be made on a ledger any way.

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