I'm Not Burying Myself In Debt

I love using credit cards since I don't have to bring around a large amount of cash. Whenever I get my bill, I pay the whole amount on the due date. That ensures that I do not get a lot of credit card debt. I think that if you do decide to use credit cards, you should be able to control your spending.

Most people feel that since they have credit cards, they have more spending power, hence they maximize that power, not knowing how much that would cost them, since they do not realize that they will soon be dealing with a compounding type of interest on their debt, especially since we do not have any low interest credit card around. Interest rate is at approximately 3.5% PER MONTH! That's a whopping amount!

If you're the type of person who loves to swipe a card while shopping without keeping track of your spending, it may be better for you to get pre-paid debit cards instead. That way, you only spend what you have loaded in your card, thus keeping within your budget.