Welcome to the latest series at the wildly popular JosephSangl.com – “How To Destroy Your Finances”
In this series, I will be sharing methods proven to cause financial pain and agony. Use these methods if you want to live with piles of stress and harm your relationships.
Part Two Use Your Credit Card To “Fill In The Gaps”
When you run out of money, pull out a credit card and swipe away. This is a great way to destroy your finances. Put daily living expenses like groceries and utilities on the credit card. Instead of making the difficult decisions necessary to balance your budget to Exactly Zero ™, just finance the difference. Besides, putting $254.78 on the credit card this month isn’t so bad, right?
Be sure to carry a balance each month with the highest interest rates possible – preferably a department store credit card with interest rates above 20%. Make the minimum payment and continue to run up the balance. Plus, the department store receipt says you “saved” money today which means you are obviously a savvy shopper.
If you really want to maximize the destruction, obtain multiple credit cards and use one card to pay the payment on another one. Flipping the balances between cards feels like you are doing something to address your financial situation – and we all know that our feelings should drive our financial situations.
Of course, if you don’t want to destroy your finances, you will prepare a balanced budget and refuse to carry a credit card balance. If you did have a credit card balance, you would roll it over to a 0% balance transfer credit card and pay it off while paying no interest.