The actions we take as parents create an imprint on our children – and this extends beyond what we think we are teaching them by way of discussion. Actions do speak louder than words. If you are a saver – and you make known to the family that credit cards can be used, but balances cannot be carried and interest cannot be paid – chances are your children will adopt that philosophy in their adult lives.

The flip side is also true. If you always pay by charge card, carry charge card balances and talk about how it’s okay, “we can charge it because I have enough available credit,” your children will grow up thinking it’s okay to use charge cards, pay interest and carry a balance. I know of friends whose parents gave them the advice about saving and never paying interest – and they were savers from the time we were in high school and continued to this day. My upbringing was on the other side – I grew up in a family that did not save, paid interest and used credit cards when they were available. Unfortunately – I encountered the wrong imprint and it took me well into my forties to realize the mistake – a costly one because I paid out a fortune in interest over the 20 years in which I was a “credit card user.” Does that kind of sound like a “drug user?” To be clear – they are not the same, but I can tell you – both are bad habits that can sacrifice your future. $50,000 of credit card debt at 20% interest over 20 years equals $100,000 – if that money went into savings monthly at 7%, in 20 years – your savings balance would be $434,107. You have a choice to make.

We can’t pick our parents and we love them, but if we’re the parent – we can do a service to our children by teaching them: “Do not listen to the commercials making you think credit cards are good – they are not – unless you pay no interest and only use them to get points and free stuff!”

So if you are one of the unlucky ones that have the credit card debt, it’s time to stop being a “user” and win the battle – by eliminating the debt and stuffing that money in the bank for your future. . If you want to learn how to do it – call us today for a free consultation. We specialize in debt elimination and budget management. Save your future by being able to save for your future. Call today for a free in person or virtual consultation, 248.645.1700

Enjoy your day,