December 13th, 2010

Sunny Santosh

A leech called Credit Card.

If you are one of the guys who just draws his/her credit card faster than Quickgun Murugan draws his gun out at the drop of a hat then this entry is for you.

There are a few rules one should always follow to make sure that the interest you pay on your debt is not making a hole in your pocket.

Rule No 1. Never keep your outstanding credit on your Credit Card. The interest rate is the highest and it will bleed you.

Rule No 2. Never borrow on your credit card  for the same reason.

Rule No 3. If in case your Credit Card ended up having a big outstanding, beg , borrow , steal , but clear the debt as you may not realize that  your are paying a bomb as an interest on your outstanding.

Rule No 4. Learn to use Credit card for transactions wisely and to your advantage. Know your billing cycle and you will never pay a dime more.

Rule No 5. Credit card buying is only for a stop gap arrangement and not to a medium to incur more debt for sure.

Rule No 6. Well if you need to borrow and you just have nothing to pledge then go for a personal loan for maybe 24 months or more. It will be a tad lesser than CREDIT CARD.

If you can altogether do without one then DUMPing your Credit Card for good could be a wise idea. Debit cards are accepted everywhere nowadays.

Sunny Santosh

Get rich by managing what you have !

Hell , you can really be broke if you are unemployed......
but sadly you can be broke even if you are employed......
hell, you can own a f***kin corporation and still go bankrupt  ... and that's badder than being broke.... . Its not how much you make. Its how smartly you manage of what you make. Now a days an individual starts earning before he learns about wealth management. And there is so much lure to get people in to debt that by the time he figures out he is submerged under debt and the rest of the life he is only making payments. You cant enjoy what you make today because you are still paying for what you enjoyed a while ago. You see a man looking prosperous, a nice car , a great house, but what you don't see his debt. His life is mortgaged and he is living life of credit. The syndrome that has affected the west is now affecting us and the young generation is falling prey to it. They want to live a luxurious life now and pay for it tomorrow. But there are uncertainties with tomorrow...

In order to think and act with freedom and bring your ideas to life , one must break free from the shackles of debt.