Whitney Hansen | Money Coaching

Financial Coaching for High Earning Women

  • Whitney Hansen | Money Coaching
  • About
  • Blog
  • Resources
    • Whitney’s Recommendations
    • Join the FB Community
    • Courses
    • Free Workshops
  • Podcast
  • Work With Me
  • Contact

Why Maxing Out Your Credit Card In 1 Hour Is Dumb

I get sent articles/texts/Facebook messages of some really cool money topics. But sometimes, just sometimes, I get sent things that make me want to shake someone. (don’t worry- I’m kidless!)

I was sent a Facebook status post. A young, 18 or 19 year old female bragging about maxing her “Victoria’s Don’t Tell Nobody” card…within the first hour.

The video encapsulates my reaction to this post quite nicely, but just in case you missed it, or just don’t like watching videos let’s talk about why store credit cards are crap.

1. You pay 18-24% interest.

In the personal finance world- we call that DUMB. Most people’s investments don’t have that rate of return.

Here’s a money tip: Don’t spend more than you earn.

2. You don’t save any money.

Most of the time I get offered a store card so I can save 10% on my $30 purchase. Let’s just ponder this for a second. Would you rather save $3 or pay $4.86 ($30-$3 savings x 18% interest) to save $3? 

Here’s the kicker: research shows that when you spend money with plastic you will spend 12-18% more than with cash.

So yes, not only will you pay outrageous interest, you will likely overspend, going further into debt.


STOP IT! This is not the way to win with your money. Cut your credit card up. Don’t buy things to try to feel better about yourself. You are beautiful the way you are!

Maxing out a card at Victoria’s Secret will not solve your problem; it will only create more pain and suffering.

Best,

siggy

«
»

Blog, Money, YouTube

Looking for something?

  • Facebook
  • Instagram
  • Pinterest
  • Twitter
  • YouTube

The Money Nerds Podcast! (And got a trophy to prove it!)

8th Annual Plutus Awards Winner

Latest Posts

  • We Built A GLAMPING DOME– How we set up a Geodesic Dome Airbnb!
  • Financial Tasks For End of Year
  • BUDGET TIPS: How to plan for inflation
  • What’s The Best Way To Discipline A Child?
  • Preparing For The Unexpected: How To Deal With Grief
  • The Lessons I Learned While Setting Up A Geodome Airbnb Glamp Site Part 1

Looking for something?

  • Blog
  • Customized Coaching
  • Free Workshops
  • Privacy Policy

How to Pay off Debt Workshop

Enter your name and email to get access to the training instantly.

(link will be sent directly to your email)

Welcome to the community! You will receive access to the How to Pay off Debt workshop through your email. So check your inbox, or your Spam folder--just in case. Enjoy the workshop!

There was an error submitting your subscription. Please try again.

I don't send SPAM. You can unsubscribe anytime. Powered by Kit

* Let’s get social *

Follow on Instagram

Disclaimer

I do, on occasion, use affiliate links. This means that I could receive a small commission if you take advantage of the products or services I recommend throughout this site. My promise to you is to only recommend products that I would use myself or am considering using myself. :) Also, I work my booty off to provide unique content. Please remember that all content on this site is copyrighted. Quote away, but always link back to this site. © 2020. WhitneyHansen.com. Whitney Hansen is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and link to Amazon.com.

Copyright © 2025 · Darling theme by Restored 316

© 2018. Whitney Hansen. All Rights Reserved.