Chase "Freedom"

I just got a letter from Chase for a credit card called (of all things) "Freedom." Here are some facts about credit cards:

1) If you pay the minimum every month on what you owe, you will never pay off the balance.

2) Your minimum payment is almost all interest (that means that very little goes to the principle).

3) You will end up paying interest on the interest they are charging you.

4) Banks know that loaning you money will make them a boatload of cash.

5) The average person owes $1,600 on every credit card they possess; and most have at least 3.

6) Most people who use credit cards for every purchase have no savings account.

7) Most people who have credit card debt, are one or two paychecks away from bankruptcy.


Now, some facts about whether or not you have a problem with credit:

1) If you are making the minimum payment every month, you have a problem.

2) If you use one credit card to pay off another, you have a problem.

3) If you are a compulsive spender, you have a problem.

4) If you cannot pay off the balance every month, you have a problem.

The solution:

1) Buy a Dave Ramsey book and study it. (Don't charge it on your credit card!)

2) Call your creditors and level with them. Most will work with you.

3) Consider a non-profit credit counseling agency (be careful, there are some "shady" groups out there.

Getting into debt is easier than getting out of debt. It will be very painful to get out, but it will be the best thing you can do for yourselves and your children.

Make a budget; stick to it. Drive used cars; don't buy designer clothes; stay home and eat; never go to the grocery store hungry.

Finally, pray and ask forgiveness from God and for His assistance.

There is no "Freedom" in credit card debt, only bondage,"The rich rules over the poor, And the borrower is servant to the lender." (Proverbs 22:7, NKJV).

You can do it, but it is going to be painful. How do I know? Because I was once you. And by the Grace of God, we are debt free. If He can do it for me, He can do it for you.