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Home > Retirement > Controlling Your Credit Addiction Is Good For Your Retirement

Controlling Your Credit Addiction Is Good For Your Retirement

George Sterling | Wednesday, December 26th, 2012

A lot of people ask financial managers on how they can secure enough funds for their future so that they and their family can live in peace. Ask any financial manager and the answer will be same, control your credit addiction if you hope to ever enjoy your life after you have retired.

With more and more banks and financial institutions offering credit cards etc, many people have now started using their credit cards quite aggressively. What they don’t realize is that they are going under debt that will become very hard for them to pay off in these tough economical situations. Remember that every time you pay for anything using your credit card, you are actually paying a lot more than the original price of the thing you want. Credit cards have made it so easy for anyone to buy things they desire that people never think twice before using their credit cards. But when they have to pay huge bills every month, it becomes quite tough to manage.

One of the easiest ways to prevent yourself from spending using your credit card is to use it only in emergencies. For example, using a credit card to pay a doctors bill when your wife or child is ill, is a great way to spend your money through a credit card. If you start using the credit card for everything you see in the super store or at your favorite shopping mall, you will drown in debt. Always use your credit card when you need it the most, by most it is recommended that you restrict your use of credit card until you believe your current cash flow is not enough.

According to a poll in 2008, 28% of people still hold a balance of $1000 or more with 9% credit card holder’s debt going as high as $10,000 every month. Imagine the amount they have to pay every month to get rid of the debt they have brought themselves into. If you follow the footsteps of these people, you are likely not going to have a good time after your retirement. If possible, stop carrying your credit card with you at all times, this will help you in using your debit card more often. A debit card does not let you spend more money then you already own in your account.

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