Have you accidentally overheard your neighbor talking about the nightmares of getting a credit card? Chances are, you’ve heard dozens of common misconceptions about this plastic money. These credit card myths have prevented a lot of people (including you) from taking advantage of the good things it can provide.
Read on and let us bust these myths one by one:
You’ll Drown In Debt
It takes only two words to bust this myth: Discipline and Responsibility.
Abusing the use of credit card is the only sure way to drown yourself in debt.
But if you are disciplined in using it, you can take advantage of its perks. You can actually travel for free using your miles. For future loan applications, banks will be more than willing to approve it with your good credit history.
There’s no difference in paying the minimum balance
Actually, there is. You’ll pay higher and higher interest rates to card companies. Enjoy the ease of paying the minimum, but resist the nightmare of paying M-O-R-E for it.
You’ll go to jail with unpaid debts
Yes, you won’t. But you’ll be surely “jailed” in limited options. You’ll have a slimmer chance of approval for your next card application. Worse, banks will turn down your future loan applications.
It’s only for the rich
With low charges, zero annual fee and low minimum requirement, more people can now own a card. Low-income earners and young professionals can now take advantage of the perks that credit cards provide.
You see, credit cards can actually open doors for financial freedom. But not all cardholders will be rewarded for it. People with the right knowledge, and most of all, D-I-S-C-I-P-L-I-N-E will experience the good things that owning a card can offer. And this thing surely is not a myth.
