Retail Debt

Spending money you don’t have to pay for stuff you don’t need is what I call “stupid debt”. There is one type of stupid debt that I really don’t get – retail credit cards, such as Gap and Eddie Bauer.

Carrying a balance on these cards makes absolutely no sense to me. If you are using a credit card to purchase clothes and not paying them off each month, YOU CANNOT AFFORD THE CLOTHES! Have you ever calculated how much those clothes are actually costing you? Get them out of your billfold, cut them up, cancel the card with the company, quit using them. And then pay them off.

Carrying retail credit card debt is just beyond stupid…and a tad shallow. Buy clothes you can afford, not clothes you can’t. You’re not impressing anyone except the credit card company.