let’s chat on credit
Sometimes it puzzles on how people make decisions on spending habits. For instance, I was watching a financial talk show and one caller asked the financial advisor on whether he should put a $3,000 charge to his credit card when he brought home $3K a month, had other mortgages and car loan commitments. No wonder credit card debts are on the rise!
I’m one of those who swipe my credit card on anything but DH and myself make it a point to clear our credit card bills monthly, with no outstanding balance. We simply don’t think it’s worth paying a 24% p.a. interest to the credit card company. These days, almost every credit card brochure is promoting 0% balance transfers and credit cards 0% so it is no surprise why there are more card holders leveraging on these privileges and features. We know of people who have to resort to personal loans or secured loans to pay off their bills. Problem is it is so easy to get a loan these days. It seems that banks are relaxing their rules and regulations with no proper check on the borrower’s credit history.
No, I don’t believe that one should overspend to the extent of borrowing money to pay off credit card debts… it’s definitely not being financially wise to do that.
