A greater availability of credit cards means more people than ever are feeling the squeeze of having too many of them with too much money on them. The New York Times recently profiled a woman who is a 62 year-old retiree who has to put a lot of her bills on credit cards just to make ends meet. Sadly, her story is not unique, but it is a very risky roll of the dice financially speaking.
Credit Cards Are A Gamble Against Human Instinct
Credit cards often seem like an appealing idea to those who are on the verge of getting one. It seems like a simple way to gain access to the money that one needs right now while only have to pay a little extra to get it. Sure, that sounds like a great idea, but it often does not work out that way.
Try as we might, many of us do not pay our credit card bills on time (or at all!). This means we are quickly hit with late fees as well as increased interest rates. That couple hundred dollars that we borrow on a credit card today can quickly ballon into a few thousand dollars or more if not promptly taken care of.
Credit cards are not an easy way out, and while they are now more available than ever, perhaps it would be best to stop and think about how necessary they really are to operate our daily lives. These financial instruments may be better left behind.