Hello everyone, how are you all doing today? I would like to share with you an interesting fact about myself... As of today, you fellow steemian Denoxblogger owns ZERO credit cards... that's right! I own no Credit Cards whatsoever:
The reason why I do not own a credit card is because up until this point, I never needed to borrow money from NO ONE, I make my money and I buy what I can AFFORD and if I cannot have it at the moment, I will save up until I do. I do own a debit card from my bank tho, but the difference between a credit card and a debit card is that you use a DEBIT CARD to purchase with money YOU ALREADY OWN and you can be relaxed to know that you own nobody NOTHING!
You know that rich people does not own a SINGLE credit card either? And no way am I saying I am rich, far from it. But I am thankful that I am in a situation where I have no need for a credit card. If you know how to SAVE money responsability and only spend what you really need and limit your unnecessary spending, you would have no need to borrow money from anyone right?
And I know a lot of average people will think that I am STUPID for not owning a Credit Card because well... you need one so you can build credit to have a good credit score so people will trust and approve you if you need to buy very expensive "Asset" such as a CAR or a HOUSE. And they want you to believe that it will be impossible for you to buy a house and a car without a good credit score.
I may not know much about how a credit score works or interest rates/APR... but I do know that if you are NOT careful with your credit card spending, you can easily get very, very deep into DEBT and for a lot of people that wants credit to buy anything they want with money THEY DO NOT HAVE to have it at the moment, they can easily become careless saying they will pay up later... but many credit cards has HIGH interest rates so in the end.... it becomes a DEBT TRAP!
I am not saying to NOT use credit cards, if you use it responsibly and pay all your credit card bills on time, it will be a great asset but in the end of the day, credit card companies have the INTENTION of wanting to pull them into massive debt with extremely HIGH interest rates that they PROFIT from so that reason alone is why I do not want to support credit cards.
But I aim for financial freedom, when I succeed in my crypto investments like many succeeded with Bitcoin years ago, I plan to have enough financial stability that I will not need no credit cards in order to buy a house or a car.
Of course one can argue that some of these cards has 0 yearly fees and with many benefits, that's true. But be careful... you must know how much you can spend and then how much you must pay back within the month if one MUST use it.
What do you guys think about this credit card issue we are having in our society? If we all knew how to save, invest and manage our money RESPONSIBLY, buy only the essential and limit your liabilities, grow your assets.... you never would need to borrow money from anyone. I understand everyone's situation is harder than others and a credit card is tempting for the average person.
Did you know Credit Cards are the 2nd biggest debt in our economy in America? Just right below STUDENT LOAN DEBTS! Do you support Credit Cards or prefer to stick with a debit card with money you own? Is there an alternative to building credit without the need for borrowing money? Or do you think saving and investment can help you grow your money to the point you do not need to borrow money? Comment below your thoughts.
If you find this post interesting, please upvote this post and resteem this so other people can know about it. In China, people do not even need credit cards, most people purchase everyday items with digital currencies or online money using a scan of the QR Code, look at this video before I end this:
So until next post, hope you find this interesting and do well! To be clear, if I ever have to make a loan or use a credit card one day, I would use it only for REALLY important stuff like an investment that can become profitable in the long term.
Take care, God Bless and stay cool! Bai bai! :)