In the spirit of Christmas, it only seems fitting to discuss the dark hole that we all fall victim to this time of year.
What is the dark hole I am talking about? Purchasing your holiday gifts on CREDIT. Although, credit is necessary in the modern world, it is something to be weary of.
As stated in a previous article, listed above, credit is necessary in today’s modern world but financial literacy is also equally important as credit.
You see, everyone will need a history of credit at least once in their life. Whether they want to get a new credit card, buy a car or purchase their first home. Everyone will need credit, unless they are able to pay cash for everything. It is important to learn about credit and leverage it to your benefit.
However, credit could be bad just as it is good. If you are not careful it can easily go from a positive thing in your life that you use to help you, and turn into a negative thing that will make your life chaotic.
The best way to make sure credit stays on your good side is money management. The more you keep an eye on your money by only spending money you have and paying off your credit card each the better off you will be.
Many Americans tend to use their credit cards around this time of year thinking they will pay it off next month when they get their yearly bonus that never seems to be enough. Do not fall victim to this mentality.
Now, more than ever, it is important to stay ahead of your finances. Inflation is higher than it has been since the ‘70s. Focus on beating inflation by reading a previous article, Worried about inflation? Learn how to beat it here! Which will give you some ideas on how to come out ahead with inflation rates increasing.
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