How credit cards can make you poor? Credit is synonymous with debt. People are often made to think that credit is good. It is good when it is used responsibly. But most of us are not good when it comes to using credit. Credit card debt is one of the most common debt that affects your personal finance. It is undeniably a wealth killer.
Financial freedom cannot be achieved without responsible use of credit. Most Americans are credit card poor. They are told to open a credit line so that they can start building a credit score. A good credit score is a mandate for many things like renting, mortgages, auto insurance etc.
Next, people are made to believe that credit cards give them reward points and cash back. The idea of credit card churning on itself is miserable. You are betting against the biggest brains in the business and in all probability you would come out the loser.
Nobody has ever become a millionaire by credit card churning.The use of hard cash and debit cards are discouraged so more people start using credit. Gradually a habit is formed which will eventually lead to financial disaster.
In this video I aim to shed some light on the evil credit cards so next time when you think of applying for credit you would reconsider your choice.
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