Financial bondage is paying the interest on a balance and only scraping off a small chunk of the principal only to see the same balance again the next month.
You would think that people would stay away from credit cards but they don’t, in fact people keep saying to themselves that they will pay on time, pay in full and never get behind.
The problem with people having credit cards is that they don’t take time to scrutinize the terms and conditions. You should never apply for something that you don’t understand. People only look at the interest rates and base their decisions off of that. If thats the only factor in applying for a credit card, apply for a low interest credit card.
Do not get stuck with a high interest rate on your card because you are trying to be loyal to your local bank. In fact you should never attach yourself to anything that has to do with credit or loans. These methods of financing do not help you become wealthy.
I agree, alot of people get credit cards with the intention of paying off the bills in full every month but most of the time, people fall behind and the next thing you know they are thousands of dollars in debt.