People love their credit cards. Why? They aren’t valuable, can’t be traded or sold, and cost people money and often their freedom. I’ve been separated from my credit cards for over seven years and can tell you that I don’t miss them a bit. Now that I’m coaching people through their debt problems I get to hear all the same lies I used to say that justified my reason for keeping the plastic crutches.
Do you feel a shiver in your spine when you hear these lies people say so they can keep their credit cards?
“I only use my card for things I’m already going to buy anyway.”
I am going to quote something you’ve already heard but don’t think applies to you: People who spend with plastic spend more money – some studies say 12 – 18% more. To add more insult to injury, a study from two MIT professors showed people with credit cards were willing to pay twice as much for Celtics tickets as a group with cash.
I will concede that there are people who really do spend the exact same amount on cre