Sacrificing your credit for plastic

It was just a few years ago consumers would only pay with plastic.  According to many financial gurus it was the most recommended way to build credit.  Fast forward three years and over the 2008 financial crisis many consumers are frantically wondering how to pay off their debt.  If it’s possible to burn your financial obligation along with the plastic card you would do so.

Now, consumers are wondering which way should they go and realizing that it’s possible to build credit AND live without plastic.  As we all know in real life plastic can smother you from breathing.  It’s safe to say that this is a great analogy for the credit cards that are packed in your wallets.

Credit cards are smothering some consumers from flowing in the right direction and increasing credit scores.  Instead the maxed out, minimum balance paid is stagnant.  The cards are as useful as a colorful coaster on the coffee table.

If you’re wondering where should you begin…it starts one step at a time. Start with a savings plan by first paying off all your credit card debt then building your savings.  It probably took one month to max out your credit card, but will take much longer to pay off.

When you decide to “throw away” your credit cards don’t throw your credit out the door at the same time.  Stay Focus! Be discipline! Steadfast!

Stick with your savings plan and sacrifice your spending.

“Love yourself enough to support yourself.”

Property of SMG, LLC

Reported by Bahiyah Shabazz, MBA

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4 thoughts on “Sacrificing your credit for plastic

    • More serious than many realize. Consumers weren’t prepared for the 2008 financial crisis and the trickle effect. More importantly, the behavior of the spender has to change in order to eradicate debt.

  1. wow, credit debt. The financial savior and ruin for many! Understanding credit! Now there is a good blog topic for you. I think that it’s also a shame that we don’t teach this to our youth early enough when they are teenagers in high school, junior high etc so when they get into college or the age of accountability they aren’t sucked into the trap like everyone else. When it really boils down to it, we are just a statistic in the financial world.

    • Another great point! We must teach our youth about finances the moment they learn how to count. Too many times parents give their children a dollar to watch them spend it on a bag of chips or a toy. Learn to save and sacrifice early on.

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