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5 Major Credit Card Mistakes and How To Correct Them
Posted By Ron On June 15, 2010 @ 7:00 AM In Credit,Debt,Personal Finance | Comments Disabled
Under the right circumstances, having a credit card  can be a great thing. But it has a double edge that can cut you when you least expect it and, though I’m not one of those people who think credit cards  are the latest incarnation of Satan himself, using one responsibly isn’t always easy. I’ve personally made ALL these credit card mistakes, but I’ve learned from them and don’t make them any longer.
Paying only the minimum payment or less is a guaranteed way to be in debt bondage for decades. Not only will your principle balance decrease by only a few pennies each month (if at all), but the despair of seeing that balance never really decrease will drive you crazy. I know it did for me.
Once I began cutting back on other expenses to through as much cash at that balance as possible, I began to see real progress and generated some momentum in my own mind.
I can remember using my Discover card at Walmart when my wife and I were first married. We couldn’t get out of that store without spending at least $40, and that was in 1990! I would regularly use my credit card  when my debit card wouldn’t “go through.” That should have been a flashing sign for me, but I ignored it. We used credit to buy groceries, household items, and other what-nots. Today, I couldn’t point to anything we bought with that credit card.