No one would argue the fact that having credit cards is a great addition to anyone’s wallet. For many people there is a great sense of pride and security that comes along with having a few credit cards for back up. But for many others, credit cards have become a source of grief and frustration. The problem with credit, is that it allows us to spend money that we essentially don’t have. Or it allows us to purchase things that we can’t afford to pay for in cash. When used responsibly, a credit card can be a great aid to many, it helps build up credit that will eventually get you better rates on loans and mortgages, and cars. It can reflect positively on you for your employer and it can allow you to make emergency purchases when you don’t have the cash. Inadvertently, it can also destroy you if you don’t have the basic understanding of using credit. As evident in younger people who use credit freely without determining whether they can afford it or not. There are loans out there now that offer people money, called bad credit payday loans, but they are usually higher cost than other loans. For those who use credit frequently it can be very convenient, but it can also cause them to over spend and make purchases that are essentially unnecessary.And, if you’re not careful, that overspending can cause you to dig a deep financial hole that you may never be able to climb out of.
In essence having credit today, is almost a necessity. Sure, you may be able to live without it, but credit is used to determine so much of what you do. You need good credit to take out loans, to buy a house, to buy a car, to get a job!!Unfortunately having bad credit not only will affect your chances at getting these things, but it will personally affect how you feel about yourself. Having negative credit, is essentially a reflection of your character, of a failure to be able to take control of your life. What may shock many people, is the fact that low credit is associated as well with low self esteem and low confidence. Having bad credit has a negative impact on your feelings, emotions, and sense of well being. So clearing up any credit debt will be beneficial not only to your bank account and prospects, but to yourself and your well being in general. And vice versa, having control of your finances and creating a clear goal for your life and yourself, will bring a sense of confidence and joy and discipline.
So whatever your credit situation may be, take time to look at yourself and your personal finances and see how you feel about it. There is always room for improvement, no matter where you are at in your life. Don’t let bad credit affect your life, take control today and create the life that you have always wanted.