Guiding Financial Principal: Don’t Spend What You Don’t Have

In “Some Chuck Credit Cards to Avoid Late Fees, Debt“, good arguments are made for avoiding the use of credit cards – entirely.  Of course, the article also contains all the usual pro-credit card positions related to building a credit history, maintaining a high FICO score, and convenience.

And the article offers a few significant facts: 58% of people with credit cards don’t pay their balance in full each month and for those who don’t pay their balance in full each month, their average balance is $17,103.

The guiding financial principal of not spending what you don’t have is the philosphy of a 25 year old, New Yorker interviewed for the story.  She sounds like a wise young lady.