The Problem With Rolling Over Credit Cards
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A pocket full of plastic money gives one a feeling of success and security. Using your credit cards for purchases is so easy, choose what you want to buy and pay for it with a piece of plastic instead of cash: bought, done. That is fine as long as you keep your spending limited within your monthly income and pay the full amount of your accounts by the date due. Unfortunately, in many cases, there is not enough income to cover the payments. This starts many people to begin using two or three or even more credit cards, making payments by rolling money from one of them to another in order to survive.
Credit limits
Use of cards comes with a credit limit that you can buy for. This is set by the bank issuing it and is dependent on monthly income. Each bank has a different limit setting as well as some of the cards having budget payment facilities where as others do not offer this kind of service.
Acquiring a card is usually easy to get as long as you qualify financially. In fact, the banks are only too willing to give them to you so they can make some easy money. The bank charges on overdue card payments are high and it is not difficult for people to end up not meeting their commitment by the due date. Instead of being careful about their spending they run up their cards to the maximum. If you have surplus money rather put it into a savings account and gain interest.
Making minimum payments
If you only pay the minimum amount due on your credit card you are going to end up paying astronomical amounts of interest that compound monthly. Overall, it is far wiser to pay the full amount due as hen all you have to pay extra is the monthly charge for card usage.
Applying a sensible strategy to spending is the best way of making monthly purchases. A credit card is ideal for paying grocery shopping, or, for any other items needed for the household, or any other payments. The problems with plastic purchasing arise if you overstep buying your necessities and spend freely on expensive unnecessary luxury items.
Costs of living today have risen to such an extent that it is difficult to maintain the standards you are used to and which was the normal way of life in the past. Thrift has unfortunately had to enter our existence on a daily basis.
Worldwide there are many people now forced to live far beyond their means. This encourages rolling over of their credit cards in order to continue the existence of a lifestyle in the way they are accustomed to. This eventually is going to prove such a financial strain that many people will find they have to resort to downsizing their homes, cars, schools, and forms of entertainment expenditure in order to be able to survive. Otherwise, they will be without money, credit cards, and bankrupt.