15 Reasons Not To Have A Credit Card
Credit cards can become a financial problem if they are not paid off each month. Here are fifteen reasons not to have a credit card.
Credit cards have become accepted as a part of everyday life in modern society. The major problem with credit cards is if you fail to pay them off each month, you will have to pay interest on the credit. Credit card companies incentivize people to get credit cards with perks. Credit card companies target young people and college students who know nothing about personal finances or managing money. These are fifteen reasons not to have a credit card.
Recommended:
Temptation To Buy Things You Cannot Afford
The first reason not to have a credit card is you may be tempted to buy things you cannot afford. You may want to swipe it to purchase something online that you want. You may know that even though you cannot afford something, you think you can put it on your credit card.
May Not Like The Idea Of Having A Credit Card
The second reason is that you may not like having a credit card. Credit cards work by charging you interest when you fail to make a payment or when you do not pay your card off each month. Credit cards have high-interest rates that currently average 20.69%. This means that you are building up debt each month exponentially.
You cannot Trust Yourself With A Credit Card
The third reason is that you cannot trust yourself with a credit card. You know yourself well enough that you would overspend when you have a credit card. You would impulsively purchase things. You would fail to stick to a budget.
One of the most extraordinary things you can learn is to know yourself. Society wants you to focus on others by giving them your time, attention, and money. Only when you know yourself can you improve your life, from your health to your finances.
Keep reading with a 7-day free trial
Subscribe to Secure Single’s Substack to keep reading this post and get 7 days of free access to the full post archives.