Avoid the pitfalls of “plastic money.” Buy only what you can afford and pay with cash.
One of the biggest financial pitfalls that consumers can fall into is what's commonly referred to as the "plastic money" trap. This is when people rely too heavily on credit cards to make purchases, often times for items they can't afford, and end up racking up a large amount of debt that they can't pay back. There are a few different ways that people can end up in this trap. One is by falling for balance transfer offers or 0% interest credit card offers. While these can be helpful in certain situations, if you're not careful you can easily find yourself in over your head.
Another way people get caught in the plastic money trap is by using credit cards to purchase things that they really don't need. It's important to be mindful of your spending and only use credit cards for things that you know you can afford. If you're not careful, you could end up costing yourself a lot of money in interest and late fees. Avoiding the plastic money trap is all about being aware of your spending and being mindful of the offers that you're taking advantage of. If you can do this, you'll be well on your way to staying out of debt and keeping your finances healthy.
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This Conquer Your Financial Future Paperback by Len Perroots (HGI) is to help educate and empower you on core financial concepts and strategies that you can start implementing now to change the course of your financial future. If you want to be wealthy, you must follow the strategies of the wealth
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