Ah, the American way!
This is a news headline? "Holiday spending can lead to holiday debt"
-- ranks up there with "Eating too much leads to weight gain"
I agree with the spending plan except for one thing, the credit card is the
enemy of all budget planning, it is the destroyer so get rid of it. Not only is
credit cards budget destroyers, they are financial traps that are robing people
of the hard earned money they work for. I get so frustrated watching
and seeing people pouring all their earnings from their job in to direct deposit
accounts, then turn around and give the bank and business 20% of your take home
pay off the top. It does not make sense at all. Why pay the bank 20% or your tax
free, tax paid, take home earnings to manage and monitor your spending when you
can do it yourself, for FREE?The state frowns on logical and
responsible money management and maybe that's why they don't teach it in math
classes in school, ignorance is bliss for high taxation and government waste.I think the year and consumer spending sprees are yet to be determined.
The local business are already having their after christmas sales to unload the
rest of their stock. If they break even will surprise me.
"Holiday spending can lead to holiday debt"Really?
@My2Cents: Your post is correct only if one actually pays the interest on those
cards instead of paying it off in full every month. A little personal
responsibility would take care of that, but most Americans want what they want
and they want it now, so they charge it and pay interest forever.However, credit cards are not evil if you get a card with no yearly fee and
pay off the card each month. That is what I do, and I just cashed in my rewards
for a check for $500. That is a profit - I know some would argue it is not - of
$500 that I made off the card, not paid to the card. If you pay cash or write a
check, you do not get these rewards, and thus cannot redeem them for merchandise
or cash. I actually make money off my card. I'm just waiting for the card
company to catch on and close the account on me.
Get out of debt. Individually, locally, and nationally.Keynesian
economics works, but at what cost? Our country's bankruptcy?
As much as possible, we've gone to cash --- when our allotted cash is spent,
that's it for the month.I have an uncle who uses his credit card for
all of his business expenditures and then pays it off every month and he gets
awesome rewards - air miles, etc. etc. That's wonderful, but you've got to have
the discipline to do that and many do not --- especially the US government.
These people regularly max out the credit limit and then constantly are voting
to raise the ceiling.Maybe the this article was a 'no brainer' but
look at the nation at large - no brains.