I know. Credit cards are scary because of their relationship to debt. But actually, using credit cards can be very beneficial if you want to establish a solid foundation in your new country. Why? Because credit cards help you create a financial history so in the future you can buy your dream home, start a business, etc.
And if you are like us and immigrated to this country in your mid 20s, 30s, or more… you really need to create an excellent credit history fast so you can build that dreamed life you have in mind before you get too old and tired to achieve it.
Your credit history will show the bank if you are responsible enough to commit to a big debt like a mortgage… they will check your level of debt, if you pay it consistently, if you carry a balance every month, etc. So with this information, they will define how risky you are for them. If you have too much debt and you skip payments, you will be very risky for them so they might not give you any mortgage or if they do, it will be with a very high-interest rate.
And that’s it! Simple right?... So why do people get so in debt? Because they haven’t developed SELF-DISCIPLINE so they end up overspending, getting tempted to buy stuff they can’t afford and losing control on their payments. So if you think you need to work on your self-discipline we invite you to watch this video over here WHAT IS SELF-DISCIPLINE - AND HOW CAN I PRACTICE IT
Also, if you are married, we recommend you get one credit card for each of you and pay half of the bills with one credit card and the other half with the other one, so you both develop a strong credit history at the same time.
I hope this information was helpful. And don’t forget to get your FREE COURSE where you can learn how to control your spending habits so you can spend your money on the things that really matter to you.
Keep crashing your money goals, and we will see you next time!
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Overspending can easily get out of control and if we do nothing to control it, it can ruin families and love relationships. Take this FREE COURSE and discover the power within you.