Credit is not free money.
September 30, 2008 | personal finance | Comments (0)Eventually you have to pay back what you borrow and most of the time paying back includes a fee for the privilege of spending someone else’s money, be it an upfront fee like a payday loan or an interest based fee like a credit card. In the last few years it seems like consumers and banks alike have forgotten this, leaving us in the situation we are now.
Now, after giving people more free credit than they ever needed (this pundit still gets 4 card offers a week), the credit card companies are reminding their clients to “use it responsibly“…a little to late, guys.
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