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Personal Finance Advice: get off the credit card treadmill

January 17th, 2011
Johnson T7000 Treadmill @ TaiSPO 2006.
Image via Wikipedia

The last thing that someone who is struggling financially needs is more debt.

And yet credit card offers to subprime borrowers are back. SmartMoney.com reports that credit card offers to borrowers with less than perfect credit are up 300% since June 2010.

These credit card offers carry an average interest rate of 20% and an average annual fee of $39.  You can stop credit card offers by following the advice of the FTC.

As a personal finance coach my advice is to get off the credit card treadmill.  Start using a debit card and cash.

There is nothing you can’t do with a debt card that you can do with a credit card…except get into debt.

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