Wednesday, April 13, 2011
"That's so cool," I said. "Now I don't have to pay for things, I just put them on my credit card!
Little did I know that there would be a day of reconning.
The bill came due.
Then I had a couple of choices.
I could pay a minimum payment, I could pay more than a minimum payment but less than the total due (continuing to finance the rest) or I could pay the whole thing off at the end of every month.
I chose the minimum payment, because then I could continue spending, using my credit card so I could buy more stuff.
I had lots of stuff...but I wanted more.
All of a sudden there came a day when I had "maxed-out" my credit card.
No store would allow me to buy more stuff, because my card was maxed out!
What to do! What to do!
So I made the only decision that made sense to me.
I got another credit card! This time I got a Master Card!
Oh joy! Now I could buy more stuff!
Of course I now had two minimum payments to make, but that's still less than paying both cards off at the end of the month.
And look at all the suff I now could proudly brag about.
Before long, the limit of my second card was reached.
Once agiain I made the only fiscal decision I could make.
I got yet another credit card, this time a Discover Card (after all, I get money back with Discover Card).
So I went on my merry way, making minimum payments on what was now three credit cards.
Nobody had pointed out to me that making minimum payments would leave me in debt to the credit card companies for the next 60 years!
As a matter of fact, I ended up having to declare bankruptcy. I lost everything except my car and my house.
My credit is in shambles and I can't buy stuff with my cards any more.
I wish I had never accepted that first credit card, let alone the other two.
Lucky for me, the above scenario was only a dream.
I don't use credit cards...period.
If I can't pay for it, I don't buy it...except for my house.
(Yes, even my cars I saved up for and paid cash...can you imagine such an archaic concept?)
When the government discusses "raising the debt ceiling," they are doing exactly the same thing I did.
They are just getting another credit card.
Some of you actually think that is a good thing.
The same thing will happen to our government that happened to me in my dream.
One day, China will call in our debt, and then, as the add says, we will work for them.
Is that what you want?
Posted by Joe at 12:05 AM