I Can Totally Make Those Payments!

Welcome back to The Legend of the Flying Dollar.  When we last left M— Man, he was in a meeting with the Banker, trying to figure out how the golden $500 bill has gotten its wings. 

The good news is that the Banker had met up with the holder of all the property cards.  The bad news is she had rolled a 12 when landing on the electric utility, making her pay 10x that amount.  The middle-of-the road news is that she got inspiration.

They started talking.  M— Man was discussing his mortgages and credit cards.  He had recently discovered a more efficient way to handle his money, so it wouldn’t blow away every time the oscillating fan moved.  He used a credit card.

The problem came in when M— Man only paid the minimum amount due each month!  After a year of making those payments on $50 a month, around half of it went to the actual purchases he had made!  The rest went to interest and other credit card fees.

This was a cause for concern because Illinois and Indiana were on the verge of being mortgaged due to the unfortunate 3 turns he had spent in jail.  Not to mention the fact that Marvin Gardens was losing all its development.  Even though M— Man was close to being hysterical, the Banker took the time to explain credit card interest to him.

“I wouldn’t take the time for this if it wasn’t important, Sir.  You should really look at this calculator I found, which can explain just where your money is going when you make the minimum payment.  Go ahead.  Put your numbers in.  I’ll wait.”

It’s strictly a numbers game as far as credit card companies are concerned.  Some even tack on some extra fees if they feel that can get away with it.  There are so many other aspects of credit cards that should be learned.

Let’s take a huge leap here and pretend I’m the banker.  Here are my top things to do about credit cards:

• 1.Always pay over the minimum.  Even if it’s only a dollar extra, that’s a dollar less that you have to pay interest on the next month.

• 2.Remember that the money you are using when swiping is not yours.  It’s the credit card company’s.  If you want to use a card, consider debit.

• 3.Do not miss a payment.  Credit Card Companies don’t mess around when it comes to collection.  That can also completely ruin your chances of bigger and better things in the future (car, house, etc).  If it comes between missing a credit card and something else, there’s a better chance the other place will work with you more.  But always call them first.