(Guest Post by Martin of Studenomics)
Have you ever woken up feeling like complete $hit after a shopping spree? You realize that you spent so much money that you simply didn’t have. You have a room full of crap with no way of figuring out how you’re going to pay for all of this stuff. You try not to think about it too much until you finally get that credit card statement in the mail. Then you begin to panic. You have no strategy for how to deal with this. You don’t know what to do. What does this remind you of?
This reminds me of how credit card purchases are like one night stands.
Both satisfy you in the short-term.
Who doesn’t love a spontaneous encounter with a complete stranger? You have fun and then you move on with your life. No attachments, no arguments, no headaches. The same goes for that new iPad that you bought on your credit card. You walked right into the Apple store and picked up that brand spanking new iPad. It’s all yours (until you get the bill). The short term satisfaction is there with a frivolous credit card purchase just like it is with a one night stand.
You can only enjoy both for so long.
Eventually you’ll get sick and tired of spending money that you don’t have AND one night stands. You’re going to want to find more. This is how many of us find great blogs like Budgets Are Sexy and Studenomics (cheap plug!). We realize that our current situation sucks and we want more. We eventually want to start thinking about the long term. We realize that having the perfect credit card doesn’t help us when we’re in debt.
The consequences can be severe.
Yes both a steep credit card bill and a one night stand can have severe consequences that we don’t think about in the heat of the moment. We get lost in the moment and don’t realize what can happen to us. That nice young lady with the pretty smile can have a jealous ex-boyfriend. That jealous ex-boyfriend can have a mean streak. That credit card statement can put you over the top and prevent you from getting that home mortgage that you were going to apply for with your wife.
Credit card debt has the ability to totally screw you over. Your options are limited, you have less cash flow, you have to spend your future income on paying off past purchases, and you won’t be able to quit your job. You’re pretty much stuck. A one night stand can have severe consequences because you can get yourself into trouble, possibly catch something, and miss out on meeting your dream partner.
I don’t want to see you guys be negatively impacted by your credit card OR a one night stand. You’re much better than that.
Neither involve much thought.
A relationship takes work. Saving up and delaying gratification isn’t all that appealing either. Buying whatever you want regardless if you have the money or not can be fun. Trying to rely on only hooking up with strangers can also be fun. Very little thought is involved with both decisions, and both can come back to haunt you if you don’t know what you’re doing. Since you’re reading this I’m pretty confident that you want more out of life. You’re willing to put more thought into your decisions.
Now that I’ve compared credit cards to one night stands, it’s your turn to compare them to something else. Drop some good ones in the comments below, and let’s have some fun with this!
Bonus tip: Find a good "balance transfer" offer to help pay off debt faster!
If you’ve been making payment after payment (on time) and still haven't been able to get your debt under control, snatching up a good balance transfer credit card offer may be the ticket to try. That’s where in order to gain your business - credit card companies will let you transfer your existing debt to a new card and let you pay ZERO PERCENT interest on it. Saving you tons every month!
What's the catch? Usually balance transfer cards charge a fee (around 3% of your debt balance) to let you transfer your balance to their 0% interest offer. But we've found a great credit card that will let you do a balance transfer absolutely free. Click here to learn more and see if you qualify!
PS: If you don't trust yourself with another credit card, ignore this! This strategy is to help you get out of debt quicker, not risk adding more to it.