Debt City

Trips to area retailers of late have a new and usual twist: A lot of them are happy to see me, pleased to take my money and, by the way, would I like a store credit card while I’m there? If I sign up there’s a 10 percent discount on the items I’m buying.

If I was buying a Volvo or a Bentley I would surely sign up on the spot, but usually I’m in the market for something less costly, say a shirt, some DVDs and a sox. Saving 10 percent on such purchases is not going to change my retirement plans or fund that long-planned trip back to my ancestral homeland (in New Jersey).

But, beyond that, I really don’t want a store credit card for several reasons:

First, it’s a card for one store and I shop at a lot of places. I’ll do better with a general card.

Second, if I miss a deadline or do not fully repay a store card I’ll get hit with an interest rate last associated with Mafia dons. The cash value of my 10 percent discount will be a pittance in comparison, plus I don’t want a possible ding on my credit report if a payment is somehow lost or not made.

Third, I don’t want a wallet full of credit cards. I want a wallet with one card which is always paid off.

I know, I know, the credit card company hates me because I generate neither interest nor fees for the use of their services, but in my world that seems perfectly fair.

Check out these Debt resources for more information

This entry was posted on Wednesday, January 14th, 2009 at 3:04 am and is filed under Debt Consolidation. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.