We’ve all been there. You’re out with friends at a restaurant, and the bill comes.
You reach for your wallet, only to realize that you don’t have enough cash to cover your share. So, you do what any responsible person would do in this situation – you put it on your credit card and promise yourself that you’ll pay it off as soon as possible.
But then, life happens. You get busy at work and forget to make a payment one month.
Then, you see a pair of shoes that you just HAVE to have and charge them to your card. Before you know it, you’re neck-deep in credit card debt.
This is where credit card roulette comes in. Credit card roulette is when you use your credit card for everyday purchases, like gas or groceries, and “pay yourself back” by making the minimum payment each month.
This may seem like a good idea at first, but it can quickly lead to financial ruin.
Here’s why: when you only make the minimum payment on your credit card, the majority of your payment goes towards paying interest, not the actual purchase price. This means that it will take you much longer to pay off your debt, and you’ll end up paying more in interest than you ever would have if you had just paid cash for your purchase in the first place.
So, is credit card roulette really worth it We say no! If you’re struggling with credit card debt, it’s time to take a step back and reassess your financial situation. There are plenty of other ways to cover unexpected expenses without putting yourself further into debt.
