Credit Card Follies - #6531
Monday, January 23, 2012
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I don't know who invented the credit card, but I'd like to have a very serious talk with him, because I'm not sure he helped any of us by thinking that this plastic "postponer" was going to help us. With a credit card you go to the store with $100 in cash, you get what you wanted, and you come out with $100 in your wallet. And it feels like, "Hey, that didn't cost anything." Wrong! Fantasy land! The bill will come...it always does. You postponed the payment, but you didn't cancel it. Oh, and by postponing it, that purchase is actually going to cost you more. I think that's what they call interest. The time lag between what you buy and what you pay can get you into big trouble.