May 17, 2006

No Need To Be Coy, Roy

Why do I have to keep making this point? You can’t borrow your way out of debt. I heard a fellow today saying that he had made a big balance transfer from his existing credit card to a zero percent offer. He also said that if they suddenly changed his rate, he has the money in the bank to pay it off. Well Einstein, then why not just pay it off? This is not about math. If you could do math you wouldn't have the debt to begin with. I will guaran-damn-tee you that neither Bill Gates nor Warren Buffet or any of the other 8 million millionaires in this country made their money surfing credit card balances, or racking up charge purchases just to get cash back. The serious money is made from your investment in you, not in tricking up the credit card company. Invariably, those folks who think this works have two things in common. They are younger and they have no, or less than no, net worth. The plan is (1) stop buying crap on credit, (2) payoff what you owe and (3) start saving. If you think that doing the Samba with Chase or Citibank is the way to financial success you are not thinking straight. Tag:

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