No, not a gun.
Was doing some reading this morning and today's article was about the two types of credit card users there are. A "revolver" is the name given by the credit card industry for a credit card holder who carries a balance continually. They have a revolving balance. A "transactor" is a credit card user who simply uses the credit card for transactions and pays the balance off in full each month.
The scary part of this article is in Australia 2 out 3 credit card users are transactors, yet the 1 in 3 credit card users who are revolvers fund the entire credit card industry! Yikes. Makes me really want to get out of the revolving credit card cycle and into a transactional credit card cycle. The whole it being in your interest to watch the interest that you have to pay and all.
I don't think there's anything wrong with credit cards- used correctly they are a loan in your name that you don't have to go through a lengthy application process for. It's just misuse of the credit cards which is clearly painful for us (credit card users) and a big win for credit card industry.
I thought this article was really interesting, wanted to share.
I am a Revolver, not a Transactor
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I agree that there is nothing wrong with using CC. Just use it wisely. Funnily I have never had a CC in my name, just never need to it's all in DH's name.
March 18th, 2015 at 06:38 am 1426660724