This all happens because people dont understand PERCENTAGE in practical way:)
Percentage of interest hurts IN COMPOUNDING WAY:) -> reverse logic of COMPOUNDING IN ASSETS
so if one understood percentage of how it works THEY WOULD NEVER TOOK EMI ON CREDIT CARDS:)
HOW CREDIT CARD corrupts your mind?
1) bill date forgetting DONT TRUST ANY APPS, if you can't remember all your credit card "statement date + due date" WITHOUT WRITING IT DOWN, then credit card is NOT FOR YOU
2) if you seem to think CREDIT CARD BALANCE AS YOUR BANK BALANCE -> then credit card is not for you
3) you need to BUDGET BEFORE EVERY SPENDING or else credit card is not for you (first learn what is budget)
Tips for safe discipline AROUND CREDIT CARD USAGE:
1) try to remember all the dates around credit cards
2) never think credit card is bank account, just think of it as YOU TOOK LOAN FROM YOUR OFFICE AND YOU NEED TO PAY IT IN FULL BEFORE DUE DATE, TO KEEP JOB UP OR ELSE YOU WILL LOOSE JOB kinda thought you need ALWAYS, then you will be safe
3) just keep YOUR SPENDING MONEY ALREADY IN BANK and use THAT EXACT AMOUNT IN CREDIT CARD and then you are safe because you can repay instant the moment bill generates:)
This all happens because people dont understand PERCENTAGE in practical way:)
Percentage of interest hurts IN COMPOUNDING WAY:) -> reverse logic of COMPOUNDING IN ASSETS
so if one understood percentage of how it works THEY WOULD NEVER TOOK EMI ON CREDIT CARDS:)
HOW CREDIT CARD corrupts your mind?
1) bill date forgetting DONT TRUST ANY APPS, if you can't remember all your credit card "statement date + due date" WITHOUT WRITING IT DOWN, then credit card is NOT FOR YOU
2) if you seem to think CREDIT CARD BALANCE AS YOUR BANK BALANCE -> then credit card is not for you
3) you need to BUDGET BEFORE EVERY SPENDING or else credit card is not for you (first learn what is budget)
Tips for safe discipline AROUND CREDIT CARD USAGE:
1) try to remember all the dates around credit cards
2) never think credit card is bank account, just think of it as YOU TOOK LOAN FROM YOUR OFFICE AND YOU NEED TO PAY IT IN FULL BEFORE DUE DATE, TO KEEP JOB UP OR ELSE YOU WILL LOOSE JOB kinda thought you need ALWAYS, then you will be safe
3) just keep YOUR SPENDING MONEY ALREADY IN BANK and use THAT EXACT AMOUNT IN CREDIT CARD and then you are safe because you can repay instant the moment bill generates:)
Even after utilising emi offer on card , i close emi and pay instantly after bill generation
I did it all!! Paying down payment for the first car through CC, withdrawing cash, EMI's, balance transfers, min/part payment, missed payment and owning multiple credit cards. Literally every available CC at one point.
BUT since last 15 years or so, maintained just one CC and pay the whole outstanding on the day statement is generated. I use CC just for points and discount offers. Pay not even a dime extra!!