Credit
Trap!!!!!!
This is
probably the single worst
enemy to the American public!
Your VISA, MASTERCARD, OR DISCOVER CARD!
If you just review the Law of 72 in reverse you can see that
if
your credit card
balance is $10,000 in 1996, if you did not make any payments or
charge anything your
balance would be $20,000 in just 4.8 years!
So, at all costs, build some liquid reserves you can fall back
on and rip up every
credit card you have, unless you are one of those disciplined
people I meet twice per year
that never carries a balance past one month.
If this is totally impossible, rip up all your cards except
the
one with the lowest
balance.
Other options include getting a checking account that has a
MasterCard or Visa Debit
card, putting $500 per month into the account, and charging to
your hearts content but if
the card is declined, that's it for the month.
Whatever you do, shoot the cards. They are eating your
networth
like pack rats!!!!
