Have you ever received an unsolicited letter with a “pre-approved” Credit Card or am I the only chosen one to be honoured like this? The accompanying letter usually praises you for your earning power and says that you deserve owning this prestigious card. You feel proud, empowered and cash rich! It’s like receiving a Christmas Card with a cash gift attached. The only catch is, the money is not mine, not what I have earned, inherited or even stolen. Yet the credit card gives me the power to start spending it straightway. In today’s article published in the New York Times, it says that Americans’ favourite pastime is not sport but buying something – mostly by impulse.
When Credits Cards were first introduced, they were only for the chosen elite with above average income. Today even a student can get a credit card. As for me, I have been using credit cards for over 20 years – owning one card from each major credit card company. They have been great for me as I don’t need to carry cash; I can use it when I travel overseas without having to worry about exchanging money. I have learned to use other company’s money without drawing out my own cash. To have this free credit, I had to be smart with my spending and paying it back within the month. In all these 20 odd years I have never paid a single cent interest to my credit card companies. I always paid the full amount due on the due dates, period. I was simply terrified at being charged the 18% to 22% interest rates if I failed. Use it the right way, it allows you to manage your money. Use it the wrong way, it makes you a slave.
What amazes me most is how many people in today’s society, especially young people use credit cards to do blind, impulsive purchases and clock it all up on their credit cards. But when the monthly statement arrives depression sets in and they can only afford to pay the minimum required. Soon the $100 owing becomes $1000 and the cycle repeats itself.
The New York Times article further states that credit card debt has grown to $60,000 to $100,000 for some people in the USA. I think it is very similar in other countries. I personally know of such sad stories among some of my friends.
As the Bible says, the real reason for all this is greed and the love of money. Secondly many Christians have failed to be good stewards of the money given to them and have squandered it like the prodigal son. Accountability to God is not in their financial vocabulary. Read my recommended book for this post to say goodbye to your debt.
For people who are unable to control the urge to spend or to zap it on their Credit cards, there is only one answer from Jesus. If your hand causes you to offend – then chop it off! I think this verse in Mark 9 was specifically written for the digital cash era. That’s what I did last week when I chopped my Gold American Express Card and my Silver Diners Club Card and posted them back to the respective companies. Not because I owed them money but I no longer wanted to pay their high membership fees.
I have come up with my list of names for credit cards - Money Cards, Charity Cards, Crisis Cards, Curse Cards, Christmas Cards, Cornered Cards, Cry Cards and Control Cards. What name would you choose for your credit card today? Are you managing your cards or are the cards managing you? There is a simple solution and it is called - the Scissors!
When Credits Cards were first introduced, they were only for the chosen elite with above average income. Today even a student can get a credit card. As for me, I have been using credit cards for over 20 years – owning one card from each major credit card company. They have been great for me as I don’t need to carry cash; I can use it when I travel overseas without having to worry about exchanging money. I have learned to use other company’s money without drawing out my own cash. To have this free credit, I had to be smart with my spending and paying it back within the month. In all these 20 odd years I have never paid a single cent interest to my credit card companies. I always paid the full amount due on the due dates, period. I was simply terrified at being charged the 18% to 22% interest rates if I failed. Use it the right way, it allows you to manage your money. Use it the wrong way, it makes you a slave.
What amazes me most is how many people in today’s society, especially young people use credit cards to do blind, impulsive purchases and clock it all up on their credit cards. But when the monthly statement arrives depression sets in and they can only afford to pay the minimum required. Soon the $100 owing becomes $1000 and the cycle repeats itself.
The New York Times article further states that credit card debt has grown to $60,000 to $100,000 for some people in the USA. I think it is very similar in other countries. I personally know of such sad stories among some of my friends.
As the Bible says, the real reason for all this is greed and the love of money. Secondly many Christians have failed to be good stewards of the money given to them and have squandered it like the prodigal son. Accountability to God is not in their financial vocabulary. Read my recommended book for this post to say goodbye to your debt.
For people who are unable to control the urge to spend or to zap it on their Credit cards, there is only one answer from Jesus. If your hand causes you to offend – then chop it off! I think this verse in Mark 9 was specifically written for the digital cash era. That’s what I did last week when I chopped my Gold American Express Card and my Silver Diners Club Card and posted them back to the respective companies. Not because I owed them money but I no longer wanted to pay their high membership fees.
I have come up with my list of names for credit cards - Money Cards, Charity Cards, Crisis Cards, Curse Cards, Christmas Cards, Cornered Cards, Cry Cards and Control Cards. What name would you choose for your credit card today? Are you managing your cards or are the cards managing you? There is a simple solution and it is called - the Scissors!
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