Paying Off the Credit Cards
By Ed. Filed in Business, Computers & Internet, Education, Life, Money |
It was different for my generation than for the kids just getting out of college and starting their adult lives in today’s world. When I was in college, we did not have co-ed dorms, most mothers stayed home with their children and did not work outside of the home, and you paid for most things with cash.
It’s only been in the recent 20 or 30 years that credit has been so prevalent and abused. My parents did not have a credit card until the 1980’s. They believed in paying cash for everything except a home and perhaps a car. Now everyone has credit cards and runs up their bills – even while still in college.
The problem with credit cards is that if you don’t pay off the balance in full each month and use them responsibly, you are digging yourself a hole of debt that gets harder and harder to get out of. Face it, a credit card company WANTS you to keep charging things and making minimum payments. That’s how THEY make their money.
Thankfully people are realizing that bad credit habits are too costly and are turning to professionals for help. Sometimes that’s when debt consolidation is the answer.
There are good reasons why some debt counseling companies are non profit and others are for profit. I have heard about some scams – they take your money and then don’t pay the creditors with your money, so you are worse off. That kind of scam hurts the good companies and organizations who really do help. So check them out and don’t let the scam artists scare you away from getting help if you need. It’s just a matter of finding the right organization.