Twitter   RSS   Email  

 How the Global Economy is Dependent on Christianity

 Why America May Never Recover From the Recession

 Save Money Homeschooling

10 Reasons Not To Use Credit Cards

By: Steve Johnson

6/9/2009 - 50 Comments

The rapid expansion of credit that allowed America get into trillions of dollars in consumer debt over the last few decades has been made available by the easy use of credit cards.

The economic collapse could have been prevented were it not for the expansion of credit and the increase in supply of money by the Federal Reserve’s low interest rates.

But, now that we are hear – in the middle of the worse economy collapse since the great depression – we need to reverse course. 

Wealth is produced by savings and production, which is why China is growing in influence and America is slipping.  For the same reason, America led the world since the industrial revolution. True hope for a better economic future is found in saving money.

The economy is in desperate need of a sharp increase in savings to recapitalize the banks to provide much needed loans to new businesses – which are the source of new jobs.

The government should been running a public campaign to increase the personal and national savings of our great nation – along with removing tax and policy burdens that are hindering new business growth

In a word, saving money is very patriotic and just may become as important in defending our nation from economic destruction as fighting with guns.

Much of the credit card industry investors are foreign banks and therefore increasing credit card debt is further selling our nation into financial bondage.

I have read many reasons that people like to use Credit Cards, but I believe they are doing much more damage then good, so here are 10 reasons not to use Credit Cards: 

  1. The expansion of credit is the source of the financial collapse, why expand it more?
  2. The average person spends 18% more with credit cards then with cash
  3. Credit cards increase your risk of identity theft
  4. Credit cards can be more work to manage then they are worth
  5. Credit card rewards are a trick to get you to spend more (and it works)
  6. Credit cards easy to get behind on your monthly payments
  7. Credit cards make it easy to make a quick bad decision
  8. Credit cards are harder to keep track off then a checkbook, because you have to either collect recites or wait for the monthly statement or sync with an online budgeting software to balance your checkbook – which I have found to be a big investment in time and difficult to customize.  The best option to manage your money on a weekly base’s is with a pencil and paper.
  9. Credit cards add another monthly bill to worry about
  10. Credit cards are a fast track to debt, which is financial slavery, not financial freedom

I hope this list convinces a few that using credit cards for consumer spending is never a good idea. Credit cards should only be used for business use, guided by profit and loss to increase the wealth of the business owners. 

No economy can perpetually over consume.  When consumers spend money on credit they are over consuming and periods of over consumption leads to periods of under consumption to balance how much a fixed group of consumers can consume before running out of money. 

A limited amount of poeple, working a limited amount of hours, share a limited amount of money that can be spent through our life. Therefore our money supply or the wealth that we have as a nation is limited.  A limited supply of wealth means that it is impossible to borrowing and spending our way out of debt.

We cannot over consumer our way out of a recession that is a result of over consumpion.  With another 345,000 jobs lost last month, the situation is desperate to convince the nation of this bacis princible of economics.

Wise up and throw away your credit cards.

Copyright © 2022 All rights reserved.

Meltdown: A Free-Market Look at Why the Stock Market Collapsed, the Economy Tanked, and Government Bailouts Will Make Things Worse

In discussions of today's economic meltdown and what to do about it, the Federal Reserve is a stealth helicopter: it never shows up on the radar. With the exception of a few esoteric specialists and those Ron Paul Revolutionaries who burst into chants of "Abolish the Fed!" Historian Thomas Woods notes in this important book, the Federal Reserve bears a large part of the blame for the mess we're in. In the first part of "Meltdown," Woods shows how both in theory and in practice, Fed policy fueled an artificial boom and is now leading us to a much larger meltdown.

How Capitalism Saved America

This book is an excellent presentation on the problems of government 'regulations' into free market mechanisms. This book illustrates simply and clearly how many chaotic economic problems were caused by interference from government regulations and how capitalism has overcome them. Master this book and you have overcome most of the bad economic thinking of our time. Government is the cause of capitalism failure.

Debt Free Living

Debt has dominated the financial direction of our society over the past sixty years. Credit card offers flow into our mailboxes virtually every day. Countless families give the false impression of being wealthy while drowning in a sea of debt. Debt-Free Living was designed to equip individuals with sound biblical principles and solid practical advice so they can dig out and stay out of debt. Bestselling author Larry Burkett skillfully teaches these principles through the real-life experiences of several couples on the brink of financial ruin.

Debt is Slavery

Michael gets to the point in just over a hundred pages. Most people do not have a good relationship with money. They have never taken the time to figure out how to use money to provide no only the essentials of life, but freedom and opportunity. Michael explains how to have 50% of your salary and gives a step by step example of how to create a budget and eliminate debt.