Is using a new credit card similar to starting a new romance? There are a lot of parallels between how we deal with credit and how we deal with romance.
Just like on the program “The Bachelor,” when you are introduced to a new credit card there is sometimes a bit of infatuation; the card is smooth and shiny and the possibilities of fun with the card may seem endless! Yes, that card will take you to dinner, jet you off to the Caribbean, buy you a new set of clothes for your vacation and help you get a rental car while there. At first, the card is everything you have dreamt of! It’s always there for you. It has a calming influence on you because you know it is available to you at a moment’s notice for expenses if you need it. When you hold it in your hand just prior to making a purchase, you can feel the flush of endorphin joy because you can have this wonderful thing in your life; it feels so special just to be together.
Just like any relationship, after we get to know each other our feelings sometimes change. After being together for a month, we discover our card has some baggage; it’s his friend Bill. Bill shows up at your door every month and he becomes a drain on your finances and your emotions. Every month, you have to feed Bill. As you and the card go out and have good times together, Bill is always there on the 1st of the month to be fed. As each month goes by, Bill gets hungrier and demands more from you. The card that seemed so sweet and gentle in the beginning seems to be laughing at you behind your back making you feel like a fool. This is especially true whenever his “Good Buddy” Bill shows up.
Don’t be late in feeding Bill! If you don’t feed Bill on time, he takes a doggie bag and cleans out your fridge for his breakfast and lunch (late payments). Did you decide not to feed Bill? Bill calls you at all hours of the day to get you to feed him (collection agencies). Not feeding Bill will keep you from meeting more cards in your future (bad credit).
The day comes when you want to break up with the card. Being together is no longer as thrilling. The warm, caring feeling you had in the beginning has soured. As time goes by, you may not want to be seen together. Because of Bill, when you and the card go out now, you are no longer enjoying gourmet meals or movies together. In the end, the breakup is harsh. You are emotionally and financially spent. You take the card and cut it in half saying, “I never want to see you again.” It only gets worse each month when his pal, Bill, keeps showing up to be fed. At least if you keep feeding him, he will eventually go away.
You might want to date the credit card’s long lost brother, Cash.
Do you have a question or want to learn more about credit cards? Contact me, The Meriwest Credit Union Guy, Greg Meyer at Gmeyer@Meriwest.com. Would you like more information on Meriwest Credit Union? Please go to https://www.meriwest.com. Don't forget to like our Facebook Page: Facebook.com/MeriwestCreditUnion
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