The Credit Card Wish List

Whether it’s Christmas, Hanukkah, Easter, Memorial Day or 4th of July, there is always a sale or something that you must buy because of the holiday season. The credit card companies could care less that you are on a budget. Those credit card companies that want you to spend money that you don’t have, the play the ‘savings game’. The savings game is when a credit card company advertises to the average person who may or may not be on a budget. They claim that ‘this is the perfect card, even if you are on a budget, it will help you stick with your budget goals.’ At the moment, that you swipe your new credit card, you may not feel the after affects of ‘debt’ right away. A few weeks down the road, you will begin to feel the difference. Unless you are a highly disciplined person and you have a second stream of income ‘coming in’, an extra credit card can be like a death wish come true for those who are falling or already in debt.

Many have quoted that a person ‘doesn’t get rich by spending’. Spending not being mistaken for investing. Buying a truckload of clothing for your new wardrobe is not an investment unless you are using it for a new career or to earn an extra stream of income. Rarely do you hear of a credit card firm advertise to the ‘average person’ about, ‘How this card will help you save money and build wealth.’

Credit cards are great if you are using it to make certain purchases through companies that do not accept cash. If they are used for buying Airline tickets, car rentals, to make hotel reservations and etc, that’s fine. A credit card that is used for an emergency should not be mistaken for: ‘I ran out of gas because I was completely broke and I live from paycheck to paycheck. I live on a shoestring budget with an endless cycle of debt. Once I swipe this card, I have no idea how I’m going to attempt to pay this off.” An emergency is meant for those who have good spending and saving habits. For example, a person has money saved for a rainy day, they just happen to not have the funds on them at the very moment. A credit card comes in very handy for this person. Spending $20 - $30 on gas will not cause them to go into further debt.

A person should basically have about two major credit cards and that is just in case they are in a situation where the company that they are making a purchase from does not accept cash and they only accept one type of credit card whether it is Visa or Master Card. So, a person should have both, there are companies out there that accept only one major Credit card. The average person should have about 2 or 3 department store credit cards not 15 cards with 15 outstanding balances. So, when choosing a credit card for your card collection, choose carefully.

The author is owner & operator of several successful websites for credit cards for people with bad credit . For more info & resources visit: bad credit credit cards today.