|Credit card debt is seductive. It’s all too easy to ease onto the slippery slope — and slide down into overwhelming debts. You never — well, almost never — get asked to pay off your debt. The bank will “graciously” allow you to make low monthly payments. Easy. Far too easy! Your obligations continue to accumulate and accumulate until you get The Letter, saying you have borrowed too much, your interest rate is being increased, and you are required to switch, somehow, from money going to you to money going from you to the bank. You are not just in debt, you are in trouble. If you don ’ t do what the bank now says you must do, legal action will be taken. Be advised! Never, never, never use credit card debt.
- Source: The Elements of Investing
by Burton G. Malkiel & Charles D. Ellis
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