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July 02, 2007
Downward Spiral of Bad Credit
Sadly the downward spiral of bad credit starts the day you get your first credit card.
If you came here looking for you first line of credit then read the words of wisdom that I am about to share with you.
The road to bad credit usually begins when you are young and seeking independence. You have been living under somebody else’s roof (likely your parents) and living under their control and scrutiny.
Now you have your first job and there is money coming in. Now your thoughts are I am going to show the world that I can make it on your own.
You apply for a credit card and a few weeks later there it is in the mail, your shiny new piece of plastic.
You feel mature and likely a sense of power that you have never felt before.
Everything starts off well and you use your card responsibly and pay the bills on time.
Then the dangerous part of having a credit card comes into play. You start thinking to yourself that you have been responsible for a while and you begin to get a little lose with your credit card purchases.
You start thinking “I work hard, I deserve to reward myself with something special”.
That’s fine once. But the problem has just begun for you. The tight control of credit card spending you had in the early days of being a new cardholder starts to slip away and you find yourself more and more telling yourself you deserve to treat yourself again and again and again. I think you get the idea.
Then after a month of free wheeling and high rolling on your credit card the reality day comes. Your bill arrives in the mail.
That’s fine, you can still make the minimum payment so you are at ease.
Now another month of free wheel spending passes and there’s another bill in the mail. This time it’s a bit tougher to make the minimum payment and you have to start cutting other costs to service the debt on your credit card.
It’s this scenario that I call the downward spiral of bad credit. You started off so great but then your attitude about credit card spending changed along the way. Now you are in a deep pile of credit card bills that will take years to dig out of.
I have been researching credit card offers for several years now and for those of you with bad credit I strongly urge you to consider applying for the Imagine Gold Credit Card. This is the perfect credit card for people with bad credit or it’s their first credit card.
Why I strongly recommend the Imagine credit card is simple. The line of credit offered by Imagine is low and hence prevents you from digging a hole larger than something you can climb out of.
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