10 Great Reasons to Have Credit Card Debt

by Kevin on November 10, 2008

Credit cards are tools that can be used intelligently or ignorantly. Apparently many Americans choose to use them in ways that cost them a lot of money. But hey, there must be some great reasons for having credit card debt, right? Let’s take a quick look.

10 Great Reasons to Have Credit Card Debt

  1. You don’t know how credit cards work. All the legalese about “minimum finance charges” and “revolving balance” just flat out confuse you. What the heck, you really want that latte. Swipe the card.
  2. You didn’t read the fine print. That legalese speak in the very, very fine print of the contract just seemed confusing. It can’t be that bad, can it? Just send in my application and hope it works out.
  3. Hey, it’s only $20 per month, right? Seriously, you all need to just get over it. $20 per month is nothing — look at all the stuff you have in your house because you’re financing it!
  4. You’re earning so many bonuses from using it. You’re able to take so many more vacations because of the frequent flyer miles that you earn for everyday purchases. That is well worth the small financing charges you pay every now and then.
  5. My credit card is my emergency fund. Why bother saving up money for an emergency in a savings account? Don’t savings accounts pay only 1% interest anyways? I’ll just use my credit card in an emergency. I’ll find the money to pay it off whenever the bill comes in.
  6. You can buy whatever you want now. You’ll be able to pay it off later. That shiny HDTV and sound system are literally calling your name. You’ll pay them off in a few months and get to enjoy them now. Isn’t that what life is about? Plus, Circuit City is going under… there are bound to be a ton of deals you can buy now and pay for later.
  7. You’re expecting a big raise. Once you get that, you’ll pay off my credit card debt. Until then, you’re going to just pay the minimum and keep on with life. Besides, you’re busy.
  8. Everyone has debt, so what’s wrong with yours? On average, every household in America has $8,500 in credit card debt. You’re fitting in with everyone else — what’s so wrong about that? You believe in consumerism. It’s the American way. Feel patriotic and keep on charging.
  9. You prefer to send a check in. None of that automatic payment crap for you. So my payment was delayed getting to the card company last time. They only charged me a $29 late fee. It’s no big deal. I don’t trust them with my banking information. Plus, I love going to the post office.
  10. Spending is your comfort activity. You had a rough day, week, or month. Spending feels good. You can pay it off later, but for now it just makes everything a little bit brighter in your day.

Of course all of these are terrible reasons for credit card debt. Credit card debt is stupid. Tomorrow I’ll break down all of these and give the proper way to use credit cards.

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Passing the week. . . | taxguy
November 16, 2008 at 6:03 am


SingleGuyMoney November 10, 2008 at 8:32 pm

Looks like you hit all the excuses I used to give when I had a huge amount of credit card debt.

[email protected] November 16, 2008 at 5:32 pm

Pretty funny! That’s a good list.

David Miller November 26, 2008 at 9:27 am

Yeah, denial and self-deception are very dangerous. We are now getting a much needed wakeup call from the economy, both personally and as a nation. But if your situation is truly dire don’t count on government help or the good will of your creditors. You may need professional help from lawyers.

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