Life is Funny

Sounds like a simple no argument statement. Of course the concept of credit is bad for most people. So why then, do the majority of us who are able to have credit? Use credit?

Basically we’re gambling on our future. When we buy something for $700, we’re saying we’ll have it paid off within the next year or so. The credit card company is saying, we’ll bet you 18.99% of your purchase, that you won’t.  They bet this amount month after month, while you continue to pay interest charges.

For them, it’s a win-win situation.  For us, it’s like taking a bite out of the forbidden fruit and hoping for the best.

I think it would be a nice wakeup call if credit card companies had to write out detailed statements when they charged interest. I am speaking rhetorically here. For instance:

$73.50 is the interest charge on your credit card bill. It shows:

$10.32 interest charge on shirt bought 2 years ago
— $54 shirt + $36.32 interest to date = $90.32 total cost

$  6.25 interest charge on meal at steakhouse 1 year, 3 months ago
— $42 dinner + 23.52 interest to date = $65.52 total cost

$  1.25 interest charge on $12 parking fee paid 1  year ago
— $12 parking + 7.25 interest to date = $19.25 total cost

Etc, etc…

Let’s not hide the nastiness of credit cards. Let’s see them exactly what they are for..  Now some of you will have your noses in the air, saying either “I don’t use credit cards” or “I never carry a balance” or “I’m a debit card person only”

..thats fine. But there are many more us who do carry balances, and do have more than one, so this rant is to all of you who share the same frustration that I do.