As all of us are aware, there are 7 deadly sins and if you commit one of them you will be headed to the credit card hell. Although having plastic, money can be tempting, one can easily learn the rules with a little help from financial advisors.
Greed is the first of them. Here one is drawn towards materialistic possessions and ends up using credit. Indulging in unnecessary things can get one into a lot of mess financially. It is better to be realistic about the finances and prioritize on how to spend the money.
Gluttony is another deadly sin. Cut out on swiping the card for junk food and instead work on carrying cash for small requirements and resist the temptation to use the card. It is much easier to cut back on things rather than cut out on stuff.
Envying someone’s shoes or clothes is one thing and wanting to buy them is another. We are most often drawn to the lifestyles of the idle rich and end up buying similar stuff. The simplest way to make people envious is to buy some of the cool designer stuff but no one is going to envy someone who is in debt.
Lust is described as that insatiable desire to have the best. Lust in the traditional sense as well as the general sense means the same. It is better to wait until you have cash to pay for something you lust, instead of using up your credit.
Being lazy or a sloth bear can get you into serious trouble. If there is no clarity then you will end up paying too much on interest. It is imperative that you open your credit card statements the minute they arrive, and avoid the late fees. Failing to do so will unnecessarily get you into trouble as there might be fraudulent charges which might be added on to your card.
Wrath will bring about something called revenge spending. This most often happens when a spouse wants to get even with the partner or husband. They indulge in mindless spending and get themselves into deeper mess.
Pride is all for a fall. When consumers don’t seek help they could find themselves in serious trouble especially if they think that they can resolve the problems themselves.
Deliverance from all these 7 deadly sins will have to start with being honest within yourself. This is the only way to come out of debt.