A credit card is a trap. Financially rich and stable people frown upon the use of credit cards, that is how you know that they are bad. If you have an emergency, lets say your car broke down and so you had to have it towed and then looked at. When they FINALLY figure out what is wrong with your car they will fix it but it'll be expensive. You don't have an emergency fund so you use your credit card even though you know there isn't enough money on it for the repairs. Know you have debt and it can take YEARS for you to pay this off if you only pay the minimum amount each month. This "little" set back is keeping you from building wealth. That is why credit cards are a trap.
Credit Card are dangerous because they put people in debt. This is because of its high interest rates and low minimum payments, and the fact that it isn't used to buy appreciating assets. Rich dad is all for assets throughout the book and since credit cards are not used to buy assets, he does not encourage credit cards.
A credit card is dangerous because, if you do not pay it off, it will cost you more money then it is worth. The credit adds up, u til you are head over heals in debt you might of even forget you could have from just swiping whenever you need money.
A credit card may seem like a good idea but it is actually very dangerous. You will never know how much money is on your card and you will go into debt unless you check it recently. Throughout Rich Dad Poor Dad, they refer to credit card debt as bad debt. The book lists three ways to eliminate credit card debt. They are paying off new credit card charges every month, if you don’t, the debt can add up very quickly with compound interest. Another is to not buy small items on your card, people see something they don’t really need but they want and decide to swipe their card whether it has money on it or not. The last is to pay off an existing credit card debt. Many people are not cautious with their credit card and it leads them to have bad debt.
When you hear credit card, several people don’t think it is something that can completely run, and ruin your life. People get credit cards because it is what everyone does. They think that if everyone gets one, then it must be safe. However, they are wrong. Credit cards can dig you far into debt as you are spending money that you do not have. And as it is stated, credit card debt is bad debt. Many people think they can get away with using credit cards, and be safe. But that is not the case. They think that if they only use it on things that they need, and will just pay it back they will end up finding themselves rely more and more on the credit card until they are far in debt.
A credit card is extremely dangerous because they can let you spend money you don’t have and therefore you go into debt. Some people know how to use a credit card correctly but if you don’t then you won’t be able to pay it off. Credit card debt is one of the biggest debts you can go into aside from student loans. It is a difficult time to recover from.
Credit cards are dangerous because they can take advantage of you and put you in debt. They can also decline you for a mortgage or lose out on an job.
ReplyDeleteA credit card is a trap. Financially rich and stable people frown upon the use of credit cards, that is how you know that they are bad. If you have an emergency, lets say your car broke down and so you had to have it towed and then looked at. When they FINALLY figure out what is wrong with your car they will fix it but it'll be expensive. You don't have an emergency fund so you use your credit card even though you know there isn't enough money on it for the repairs. Know you have debt and it can take YEARS for you to pay this off if you only pay the minimum amount each month. This "little" set back is keeping you from building wealth. That is why credit cards are a trap.
ReplyDeleteCredit Card are dangerous because they put people in debt. This is because of its high interest rates and low minimum payments, and the fact that it isn't used to buy appreciating assets. Rich dad is all for assets throughout the book and since credit cards are not used to buy assets, he does not encourage credit cards.
ReplyDeleteA credit card is dangerous because, if you do not pay it off, it will cost you more money then it is worth. The credit adds up, u til you are head over heals in debt you might of even forget you could have from just swiping whenever you need money.
ReplyDeleteA credit card may seem like a good idea but it is actually very dangerous. You will never know how much money is on your card and you will go into debt unless you check it recently. Throughout Rich Dad Poor Dad, they refer to credit card debt as bad debt. The book lists three ways to eliminate credit card debt. They are paying off new credit card charges every month, if you don’t, the debt can add up very quickly with compound interest. Another is to not buy small items on your card, people see something they don’t really need but they want and decide to swipe their card whether it has money on it or not. The last is to pay off an existing credit card debt. Many people are not cautious with their credit card and it leads them to have bad debt.
ReplyDeleteWhen you hear credit card, several people don’t think it is something that can completely run, and ruin your life. People get credit cards because it is what everyone does. They think that if everyone gets one, then it must be safe. However, they are wrong. Credit cards can dig you far into debt as you are spending money that you do not have. And as it is stated, credit card debt is bad debt. Many people think they can get away with using credit cards, and be safe. But that is not the case. They think that if they only use it on things that they need, and will just pay it back they will end up finding themselves rely more and more on the credit card until they are far in debt.
ReplyDeleteA credit card is extremely dangerous because they can let you spend money you don’t have and therefore you go into debt. Some people know how to use a credit card correctly but if you don’t then you won’t be able to pay it off. Credit card debt is one of the biggest debts you can go into aside from student loans. It is a difficult time to recover from.
ReplyDelete