I recently found out that my father had to take out a loan just to take care of his credit card debt. He had about 3 cards and after coming across a low interest credit card he transferred all three cards to one, began payments and then found himself taking out a loan just so he could pay it all off on one shot. Naturally I wouldn’t recommend doing this unless you absolutely have to but thanks to my mother’s love for QVC and everything HOME SHOPPING, he’s spent the last 10 years paying off close to $40,000 in credit card debts. He’s now debt free, in regards to his cards, and working on paying back the loan that he took out. By transferring all of his funds to a low-interest credit card, he actually found out that his credit score had improved. He’s now got a credit score above 760 and couldn’t be happier. His interest rates dropped, his financial standings, as a whole, have improved and he just seems like a happier person in general.
I learned a lot about credit cards from him, which is why I don’t see myself getting one anytime soon. Unless I need one for absolute emergencies then there’s really no point in spending money that I just don’t have. I understand that everyone’s situation is different and I’m, by no means, saying that you’re a complete moron if you’re depending on other’s money in order to get through daily life. However, I do strongly believe that if you can maintain a proper bank account, you won’t need to worry about going to an outside source for funding.