7 Deadly Credit Card Sins
For those who are not fully aware of the easiest traps that can land their credit cards to hell, it’s always better to get in touch with a financial expert who can help before everything turns messy. A good credit score is everyone’s dream, but people should be ready as well to pay for every commitment that comes with this. There are several mistakes that are usually made by some individuals and they end up falling in the wrong trap. One of the most irritating causes of all times is greed. This is actually the undying desire for more material possession; and even worse, a person will use credit to get them. This will eventually lead to a series of debts.
One should clearly consider the reason as to why he or she needs the credit. Its not sensible for instance to use the credit cards on things that eventually wont add any value. For instance, when one uses it for expensive dinners with friends or purchasing the latest design clothes, pricey shoes and the list goes on. Most consumers are tempted by this terrible sin. At the end of it all, it’s always better to have an honest opinion with the finances so that at the end of it all, one does not fall in the trap of overspending on unnecessary things. In many parts of the US, a lot of people have had a dependency on the credit cards and this has led to another serious sin which is known as gluttony.
When people have this mad obsession, chances are that even minor things like candies can be purchased with the credit card which is a complete waste of time as well as a bad habit. The worst part is using the credit cards to buy junk food and also expensive drinks; this is likely to take you into so many years of debts. And this is usually charged at an exorbitant rate in terms of interest. It’s therefore wise to carry some cash at least for small indulgences or if better, one can skip them. Envy is another form of deadly weapon that can lead a credit card holder to financial ruin. This all starts when the consumer has the habit of coveting for shiny items as well as having the desire to get what the fans have on the T.V. Apart from the clothes and accessories, one can also admire the costly gadgets and want to have them.
When this trend continues, chances are that they will be heading towards financial ruin because it surely turns into an obsession. In many cases, people who have developed this habit never make it eventually; they end up paying more because of the increased interest rates and this usually happens for many years. Another common bad sin is lust. This will explain why in one way modern websites have a negative impact on the social lives of many people. The modern standards of living and fashions have led people to lusts and this has negatively impacted on the credit cards. Sloth is also a common sin. This is because some credit card holders actually become too lazy to be updated with the recent card statements and therefore there is no time to remove the mistakes, or any form of fraudulent charges. Fortunately, people like this can use a comprehensive resource to get updated on the latest credit repair information. For example, if you received a notice in the mail from a debt collector, you can learn how to delete their debt quickly! You can also find out a collection agency’s track record by using the Better Business Bureau’s website or by Googling Lvnv Settlement, to get an idea what other consumers experienced with said company.
When people are too lazy to organize their finances, then this becomes a hard problem especially in terms of finances. This laziness can also cost them from shopping around and getting the best credit cards. Another common vice is wrath; for instance, when a wife spends so much in the closet, accessories or whichever parts, and the husband out of rage revenges and buys an expensive motorcycle, then this can be disastrous with time because it will be more of competition and yet balance will not be struck.
The last sin is pride. This starts when someone is too proud to ask for help. This makes the consumers not to borrow from the financial institutions and therefore pile everything on the credit cards. There are certain people who will never open up in times of financial distress; they prefer ‘solving’ with credit cards.