Today, there is a huge debate about whether exposure to plastic poses health risks. But there exists still an even bigger problem with a different kind of plastic exposure, already proven to be hazardous to our wealth. I’m talking about the kind of plastic we carry in our wallets.

Credit-Cards2

Convenience Factor. Most people begin their relationship with plastic on what I call terms of convenience. They have enough money in the bank to pay for groceries or gas, but it is just so much more convenient to swipe a card. And the monthly statement offers such a tidy record of transactions. It is so convenient.

Then comes the time when the bank balance is a bit low and the perfect shoes are on sale. Can’t pay the entire balance when the statement comes? Not to worry! Because of the minimum payment option, you can pay a small amount and buy yourself another 30 days. Such convenience. Read more