Say no to just paying minimum balances on your credit card

I have to keep my credit cards hidden. I have very little impulse control when it comes to shoes. I want those beautiful, new boots immediately. So, in order to save myself the agony of getting into debt over a pair of leather riding boots, I keep my credit cards stashed away. At home. In a box that is way up high in my closet. I do it in hopes that I will keep myself from using my credit card willy nilly. If I absolutely must have whatever trinket or bob I desire, I have to leave the store in order to go home and get my card. I would say that about 89% of the time, I reconsider and never go back to get the boots. It is awesome. But, it is not fool proof and I still use plastic from time to time. It is not surprising that most people in the US use credit cards. We like stuff. On average, an American has two credit cards. The American Bankers Association states that 42% of all credit card customers pay off their bill each month. That leaves 58% carrying a balance from month to month. Apparently, most of that 58% pay more than the minimum each month. And you should too!!! After doing a little research for this blog, I found that it is very important to pay more than your minimum balance each month. Paying only the minimum is a red flag to the credit company, according to American Bankers Association’s Nessa Feddis. It appears that your credit card company places you in a higher risk category when you pay the minimum and that can sometimes trigger an interest rate increase, just when you don’t need it. If and when that happens, the minimum payment can also go way up in conjunction with the interest rate. Yikes!!! In addition, if you are ever offered the option to… | Read More »

What the Bible really says about money

With roughly  2,350 references to money, the Bible has plenty to say about a subject many people struggle to understand. Does God plan to bar rich people from heaven? Is money the root of all evil? Does God want people to be poor? According to recent Green Bay Packer Hall of Fame Inductee Kabeer Gbaja-Biamila, an interpretation of what God says about money requires careful study, because a missed word or two dramatically changes the message. “God wants you to be a good steward of what He has given you,” he said. “People say that money is the root of all evil, but the Bible says it is the love of money is the root of all kinds of evil. There is a big difference. You can see that in the NFL. Players who set out to pursue money end up losing their soul.  The money itself is not the problem, it’s how you look at it.” Gbaja-Biamila cites a commonly misquoted verse in Bible as a source for this belief. The King James Version says: Children, how hard is it for them that TRUST in riches to enter into the kingdom of God! It is easier for a camel to go through the eye of a needle, than for a rich man to enter into the kingdom of God. And they were astonished out of measure, saying among themselves, Who then can be saved? And Jesus looking upon them saying, With men it is impossible, but not with God: for with God all things are possible. (Mark 10 24-27) “God is not saying in this verse that rich people will not be accepted into heaven,” Kabeer said. “He’s warning those that trust in riches. Unfortunately, there are some translations that don’t have the word “trust” in it. That makes all the difference in the world. So it’s not a wealth issue, it’s a trust issue. Looking to riches and… | Read More »