Learn The Disturbing Facts About Credit Card Debt

When I received my first credit card in the mail at age 18 I was ecstatic, I said to myself, wow now I’m getting somewhere in life. This credit card company thinks I’m worth $ 500 credit. So I made my monthly payments as a consumer and I saw my credit limit grow. I thought boy this company must think much of me to take that risk. However I had no idea how the money came into existence. All that mattered was that while when I hit the plastic down, it was approved. Like most young people had no idea what interest rate was much less how it effected my monthly payments.

I was like a bunch of kids in America today, my parents were not an important part of my adult life and so I really did not have much guidance when making financial decisions. The lessons I learned was hard and I’m still learning every day that passes. After all what is the credit? When you get that “pre-approved” in the email application, does that mean that the credit card companies have been looking for you personally and is rewarded for having called “good credit,” Of course not, looking to make money like any business, and are doing a lot of it. Today there are thousands of people who are losing their homes, farms and businesses because they do not understand the meaning of credit. This article explains the difference between money and credit, and banks will show you how to create a “credit” and pretend to be “money.” There was a monetary debate in our country for some time and that the debate focuses on two central issues.

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