What do some people equate a credit card with getting free money?
Why do some people believe that getting a credit card is like getting free money until they realise they have to pay it back at some stage. They seem shocked when bills arrive at their home and are looking for ways to pay it off, usually by taking out anther card to pay for it.
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May 29th, 2010 at 11:27 am
some people think like this
1 credit card 1000£ limit
2 credit card 2000£ limit
3 credit card 2500£ limit
right what they think will work is they spend the thousand pound on the 1st card and then use the second to pay the bills then when they see the bill for the second they take a third to pay that and keep up the pay ments to the now nearly paid for first card(hopefully) so then they take the money from the first card and try to pay the third with it but this way of thinking is deeply flawed becouse of the rates that you are chaged for borrowing on the cards and whilest you might have got a 1000 pound for nothing sooner or later juggling that mess of debt will become imposible. hope this made Sense