It sucks you in. When you use it, you feel good; You have obtained the high you were looking for. When used with moderation, it can provide a useful function and on the positive side, this intoxicant does not impair driving or motor skills. Like most intoxicants, it is habit-forming; For many people, in the end, it causes regret, a feeling of weakness, low self-esteem, and hopelessness. Figured it out? It is not the “use” of alcohol, cigarettes, pot, cocaine, opioids, or any of the typical drugs we constantly hear of abuse. It is the “use” of Credit Cards.

From the time you are a child, you watch TV, Movie, and Sports Heroes on commercials bestowing the virtues of their favorite credit card. We listen to cute jingles and clever phrases:

“Don’t leave home without it.”

“It’s… priceless.”

“Everywhere you want to be.”

The Credit Card Industry wants you to use credit cards, they need you to use credit cards, and they will do everything they can to get you to use credit cards. They are no different than the manufacturers of beer, liquor, and cigarettes. Without the excessive use and abuse, where would the profit or fun lie in running one of those companies? Of course, not everyone abuses intoxicants. With credit cards, if you pay them off every month, pay them NO interest and get points for FREE STUFF – You’re a winner, and you have no worries. Of course, if everyone was that way, the Credit Card Industry would not exist because it’s not in the business of losing money.

Do you know what the slang term in the Credit Card Industry is for the credit card “user” who pays off his credit card bill every month? It is “Deadbeat”! Sometimes called the “Nonrevolver” or “Transactor”, but “Deadbeat” tells the story.  The Credit Card Industry has contempt for the customer who pays them in full every month.  In contrast, they cherish those who NEVER pay off their balance and struggle — month in and month out — to make their minimum payment, rolling up late fees and 29% + interest. Do you know what the Credit Card Industry calls this person? They call this person the “Revolver”, and they are the person that the credit card companies love the most.

It is this simple — If you are paying the minimum payments or a bit more every month, but your credit card balances stay the same or continue to rise — You are in the Credit Card Trap. You are a “Revolver” in the eyes of the Credit Card Industry, and they love you. In reality, the credit card drug has you hooked. You know it, and you need to face it. The Credit Card Companies want you to keep paying those fees and that interest. They couldn’t care less if you are broke and unable to pay the bills when you are 70 years old and living off social security. If you are a REVOLVER — YOU NEED TO BEAT THE HABIT! The good news is that it does not have to be this way. You can beat the problem, get rid of the credit card debt, and start saving the money you are wasting on interest. Trust me — over 10 to 20 years — it is an ENORMOUS AMOUNT OF MONEY — That if banked and growing with interest, will fund your retirement. If you’re paying $500 per month on your credit cards, that amount over 20 years with 7% interest equals $261,093. If you do this, the Credit Card Industry will think of you as a “Deadbeat”, but when you look in the mirror you will say, “Thank Goodness — I beat them at their game.”