Michel Pireu Columnist

The system needs you to buy that new car, that holiday, that latest smartphone and that new extension you’ve always been dreaming off. The banks are happy to let you do it…." From Charles D Ellis’ book, The Elements of Investing: Easy Lessons for Every Investor: "There are few, if any, absolute rules in saving and investing, but here’s ours: Never, never, never take on credit card debt. This rule comes as close as any to being an inviolable commandment." Scott Adams, the creator of the Dilbert comic strip, calls credit cards "the crack cocaine of the financial world. They start out as a no-fee way to get instant gratification, but the next thing you know you’re freebasing shoes at Nordstrom." Credit card debt is great — but not for you (or any other individual). Credit card debt is great for the lenders, and only the lenders. Credit cards are a wonderful convenience, but for every good thing, there are limits. The limit on credit cards is not your announced "credit limit". The only ...

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