Credit Card Pitfalls

A while ago, I received a phone call from an automated answering service, offering to reduce my credit card payments. Fortunately, I don’t have any outstanding credit card debt, but I thought it might be helpful to remind you of this current marketing pitfall.

If you are facing credit card debt, then please be aware of telemarketing firms which are prompting consumers to reduce their credit card payments. Why do you ask? Reducing or lowering credit card payments usually offers lending institutions additional time to collect more interest on your outstanding debt.

Whenever you reduce or lower your credit card payments, you may actually be lengthening the time it will take you to pay off your existing debt. It may seem like a good idea to make a lower credit card payment, but you may actually be paying more interest over a longer period of time if you choose to do so.

To avoid this current telemarketing pitfall, stay true to your desire to pay off your credit card debt quickly. Take charge of your debt by making larger monthly payments whenever possible. Do your own research into applying for a credit card, or a line-of-credit, with a lower interest rate. Finally, persevere, don’t overspend, and only use your credit card when you actually have the money to spend.

Prayer:

Lord Jesus,

Help us to not overspend, but rather to live within our means. Teach us how to use our credit wisely, as we make our purchases. If we have any outstanding credit card debt, then direct our steps to pay it off quickly. As well, keep us aware of any fraudulent schemes, and help us to warn others in the process. Thank you, Lord Jesus. Amen.