In the 1980’s, a rumor began to circulate concerning an American Express “Black” Card. This card was supposedly issued to big spenders and top income earners. With an American Express “Black” Card, the wealthy and powerful were rumored to have unlimited spending abilities and after-hours access to high-end merchants. The only problem was that the American Express “Black” Card didn’t exist! It was...
Using credit cards wisely is part of an overall financial plan that should include budgeting, savings/investment, debt management and insurance. In your economic life, money is “fungible,” meaning that all these areas are interconnected, and a dollar saved in one area can be spent in another. It all comes out of one “pot,” so to speak, so any time you reach into that pot for more than is budgeted, you...