Were our parents right all along ?
When you say it quickly; " Will you pay with Cash or Credit Card ", it almost sounds like the ever present " Chicken or Fish " uttered by most stewards on a plane...and sadly most of us aren't bothered either way because we don't think there is much of a difference !
Those of you who are over thirty, will most likely have grown up with your parent's mantra of " only buy something, if you can pay for it in cash ". Oh right, who knew that this advice ( along with all the other ) was the one to follow ?
Yet, buying only what we can afford does make a difference. Imagine how we could ride out these waves of economic challenges ( not only in Europe ) differently if we had no debt ! That's right, nothing to pay off each month before buying food etc. Life would be a whole lot easier.
Personally, I feel that, with the Central Banks almost giving away zero interest money, it is just amazing, how much one has to pay back on credit card debt. The actual debt itself is a drop in the ocean compared to fees, interest, insurance etc...it doesn't seem very fair, does it ?
I read somewhere ( I won't post a link, because this is something important you need to chat about with your Bank or Financial Adviser ) that if you have a bond / mortgage on your house, paying the monthly re-payment sum rather in bi-weekly payments, you end up saving a few years worth of interest payments. It doesn't hurt to ask.
Have you ever tried going a day, week or dare I say a month without buying on credit ? No, it is not easy, yet strangely liberating when you give it a try and somehow manage it. By the way, a debit card would save you from hauling cash around.
In the past it almost felt like it was ' In ' to live a lifestyle funded by others. The new trend on the horizon might be a Lifestyle, one that we pay for with ' Real ' money.
Biggi
Amazon.de:How to Pay Off Credit Card Debt: With No Pain and Big Gains
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