Personal Budget Training: Useless Article

Friday, April 11, 2008

Useless Article

I laughed when I read the title of this article at Bankrate.com, "6 good reasons for multiple credit cards"

The supposed benefits of owning multiple credit cars are:

1. Financial safety
2. Rewards
3. Credit score aid
4. Staggered bill paying
5. Easier bookkeeping
6. Leverage

CardTrak, who gets their information from the credit card companies, reports 60 percent of people do not pay off their credit cards every month.

Cambridge Consumer Credit Index found that 47 percent of balance holders only make the minimum payment.

A study by Dunn and Bradstreet showed that the credit card user spends 12 to 18 percent more when using credit instead of cash.

After McDonald's began taking credit cards, they found that people spent $5 to $7 more per sale.

Consumer Reports says 75 percent of the airline miles are never redeemed.

What do millionaires do? They do not get rich with free hats, t-shirts or air miles. What do broke people do? They use credit cards.

Oh yea, broke people also buy lottery tickets.

Labels: Credit Cards, lottery