Plastic?

When is a card not a card...? When it's a credit card (LOL) Is it better to "live" on credit and pay back the minimum amount every month, only to repeat this month-in, month-out?

I maybe "roasted" for that statement, but to those who use the credit card to maximise the benefits or rewards programme, GREAT! But for many who use this as a means to get by... It is living on borrowed money.

I think that for those who have multiple cards to "get by" - The exception of the definition of "getting-by" may extend itself to extravagance, where you take from Peter's credit card to pay Paul's credit card.

To many who are entering the job market / landed your first job etc, and all of a sudden banks or stores are coming out the woodwork to offer you credit... The ugly truth is that, you are not special, you are just another consumer to engage with and create a financial commitment. You are an increase in their IIR (Interest Income Revenue).

The beautiful "lie" to pay with your credit card, leaves you with the stark reality when the account is payable....

Is the concept of credit really understood by consumers? Do you know how the product is designed? It may look amazing to be given a credit card with X amount, with a 56 day "interest-free" payment plan - if paying the minimum amount, have you really calculated the interest paid?

With a minimum payment in place, as a consumer, a credit card becomes (in my words) a carousel, except "the ride" does not seem to end, as "You Buy-You Pay-You Buy-You Pay"

When offered "Plastic" next time, take a look at you, your spending habits and whether the "committed relationship" you have should be one with your bank or store???