Introduction
Credit is good in that it offers consumers an easy way to pay for what they buy without having to count change or have to keep writing checks. It is really fast and convenient. For some people, credit cards have become too easy to use and so have resulted in a hill of debt that has accumulated over time. However, too much credit is bad.
For one, getting off credit gives you a sense of freedom and confidence because you get to feel that you are in charge of your life again. You can slowly start building your life and enhancing it for the better now that the money you receive from working is not coming in and going out into paying for your debts. This is a big psychological benefit that can open doors to many other opportunities in your life. Getting off credit enables you to side step situations where you may have ended up in court judgment in debt payment hearing.
If you fail to pay your credit, it can end up ruining your credit history. Credit cards are often unsecured meaning that you did not put a contingency to it when taking it up. It is left up to your good faith and will to pay it off. However, when you miss to pay, you end up with a bad credit that often takes 7 years to clear. This can be dangerous for you in future. So getting off credit is prudent and advantageous
Paying your credit card in full each billing cycle gives you the full credit line every month which gives you all the headroom to accommodate sudden emergencies or unplanned expenses. Leaving any unpaid balance lessens your revolving credit line and makes you susceptible to possible financial shortfalls for the next month. In addition, paying in full maximizes your potential for earning those cash back rebates when charging against the card. finally, and the most important one, you wont ever have to pay the 3 percent to 3.5 percent monthly interest on any outstanding balance that remain in the card.
Paying back credit is the best thing that you can do for yourself and for your future. The sooner you are off it the better for you. Borrowed money is supposed to accrue more money for you, once the opposite starts happening, it becomes time for you to get off credit. Also, getting off credit has no disadvantages.
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