Don't Bite The Bait!

Like everyone else in our country, I receive credit card offers in the postal mail almost weekly. The credit card companies certainly know how to lure an individual to bite the bait they offer through their mailings.

For example, they use key phrases in order to make the individual feel important. Key phrases such as "you've been preselected" (have you ever been preselected?); "prestige without the price" (we all consider ourselves prestigious, do we not?); "cash rewards exclusively for you" (we all like cash and rewards, don't we?); "get a 10% bonus offer" (everyone likes to have a "bonus").  The school district where I work has not given their employees a bonus in five years (due to budget constraints, they tell us).

With the bait in place, they lure you in with the APR percentage. Quote: "save with 0% intro for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After that, a variable APR that's currently 16.99% will apply." That's a pretty good deal, considering that many loan companies are now charging customers 30% interest on their loans.

So, after the credit card companies lure you in with the above bait, they wait for you to bite (and many will). After you bite the bait, you instantly become dead meat as they reel you in and assess more charges to your new credit card. It's a win-win situation for them and a no-win situation for the customer who took the bait.

Williams Shakespeare once stated, "Neither a borrower nor a lender be; For loan oft loses both itself and friend" (source). Also, see article here). The Proverb writer tells us, "The rich rules over the poor, And the borrower is servant to the lender" (Proverbs 22:7).

The solution to the above credit card offers should be crystal clear don't bite the bait! (have a file 13 container close by).

Mike Riley, Gospel Snippets