We love telling ourselves all kinds of things that are blatantly untrue, but for some reason, our delusions seem to give us way more comfort than the truth. This rings true in just about anything we do. How many of us squirmed in our seats when Jack Nicholson uttered that immortal line, ‘’You want the truth? You can’t handle the truth.’’ Although the context of that particular line alluded to an entirely different situation, it’s probably a fair assumption to say that many Credit Card holders the world over gazed at their T.V screens with half a mind to bury their heads under their sofas.
As the saying goes, the first step to fixing a problem is admitting you have one. Unfortunately, most of us delude ourselves to the point where the problem literally becomes a part of us. This drawback rears its ugly head particularly with Credit Card users who can’t seem to keep a handle on their spending. They swipe away to their heart’s content without a care in the world because in their minds the consequences don’t seem to matter.
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If you happen to be one of these people then you certainly have issues. This list of 5 common Credit Card delusions we suffer from should hopefully serve as a wake-up call to get your finances in order and also serve as a warning sign that you’re probably going off the deep end with your foot on the gas pedal.
- I’ll pay back my dues eventually
How many times have you said this to yourself? This is probably the most common line Credit Card users tell themselves when they make a whole raft of purchases with their cards. You may not realise it at the time, but the minute you convince yourself that you have all the time in the world to pay back your dues, you’ve already begun sinking into the quagmire of Credit Card debt. If you don’t have the funds to pay off your balance as soon as possible, just don’t buy anything. It’s that simple. Don’t delude yourself into thinking time is on your side. Days turn into weeks, weeks turn into months, and before you know it you’re struggling with a mountain of Credit Card debt accumulated over years.
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- I’m making minimum payments every month. That should be enough
If you suffer from the chronic problem of assuming that making minimum payments towards your Credit Card every month will sweep your debt issues under the rug, you’re sadly mistaken. By making minimum payments towards your Credit Card you are simply delaying the inevitable. Do not be fooled into thinking that your overall balance reduces with each minimum payment you make. In fact, your balance stays exactly the same. All you’re doing is paying off the interest charges on your card. So get out of this rut as soon as possible and pay as much as you can over and above the minimum required payment. Even if it takes years, this will eventually reduce your overall balance thereby reducing your debt.
Additional Reading: Why Paying Only The Minimum Due On Credit Cards Is A Bad Idea
- I’ll just use my Credit Card for the small stuff
You may be under the impression that by using your Credit Card only for small purchases instead of large ones you’re being financially responsible. Hate to break it to you but sometimes a lot of tiny drops can ultimately become a massive ocean. This is exactly what happens if you brush aside small Credit Card debts simply because they seem fairly insignificant. Before you know it these seemingly trivial expenses become a gigantic whirlpool of outstanding debt, which gradually sucks you right down to the bottom. So, regardless of how small your Credit Card expenses may seem, it is highly advisable to pay them off in full as soon as possible.
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- So what? I’m having a good time. It’s only money
If you’ve ever been in a situation where you’re fairly inebriated, there’s a good chance you’ve uttered these very same words more than once. Sure, there’s nothing wrong with having a good time once in a while and maybe even picking up the entire tab with your Credit Card. However, this could certainly become an issue if you make a habit of doing this. Many people get carried away with the spirit of the occasion and end up swiping their Credit Cards for outlandish sums, assuming that it will take care of itself over time. No it won’t. The next time you’re out with your pals, make sure you carry cash and only pay for what you can afford. Don’t let one night of revelry turn into weeks of potential misery.
Additional Reading: How To Be A Responsible Credit Card User
- I won’t exceed my limit. No chance
While this may be extremely admirable on your part if you actually keep your word, it’s a fairly common line we feed ourselves especially when we get that brand new, shiny Credit Card in our mail. You might start off with a responsible attitude, but one slip over the edge can lead you down a precipice from which there’s no turning back. It’s fairly common for Credit Card users to actually use their card with a much higher frequency once they’ve crossed the credit threshold they’ve set for themselves. So whatever you do, make sure you set a limit and stick to it through thick and thin.
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If any of these delusions seem familiar to you, then you certainly have issues. Take a look at yourself in the mirror and do not be afraid to confront these problems head on. It could blow away the cobwebs in your mind and put you on the road to financial redemption.