I once read a snippet called ”The 45 Lessons Life Taught Me.” It is one of my favorite pieces; consequently, I’m going to illustrate each lesson on this blog. In the end, I hope you’re as inspired as I am to make each day better than the last.
Life Lesson #5: Pay off your credit cards every month.
Hoo boy. How many people just let the balance on their credit cards “ride”? The average individual in America carries $4150 in credit card debt, while the average household carries $7980.
Yikes.
I recently heard about an interesting radio commercial that went something like this:
Woman’s Voice: “Let’s make a deal. I’ll give you $100 and you give me $1,000. Sound crazy? That’s what you’re doing if you’re only paying the minimum balance on your credit cards each month.”
It was a truly striking example of this life lesson.
I don’t care if you’re talking about business or you’re talking about personal life — paying off your credit cards just makes sense. I know because it’s what I advise to all my clients, colleagues and friends.
If you do this:
- You won’t owe more than you’re worth.
- You won’t pay $500 for something that retails for $50.
- You won’t be quick to buy items you cannot afford.
Now, this isn’t to say that your life will be perfect. (Whose is? Wouldn’t it be boring if it were?) Nor is it to say that you won’t have to take out loans, especially for necessarily equipment… yet if that’s the case, you should always make your payments on time (and pay down the principal whenever you can.)
We live in a culture in which we pay for things we can’t afford…with money we don’t have….to impress people we don’t even like!
If you pay off your credit cards every month, I promise that you’ll sleep just that much better.
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