One time, I was having dinner in a restaurant with a friend.

When I paid our bill with my credit card, my companion was shocked. He asked, “Bo, I didn’t know that you still use credit cards.”

“How come?” I asked.

“Well, because you’re a financial teacher. I thought that you’re against those things. Aren’t they . . . uh . . . evil?”

I understood where he was coming from. There are financial teachers who wage war on credit cards. They stand on stage in front of people with big scissors in hand—and with dramatic flair, cut up their cards.

But I told my friend I’m actually thankful that credit cards were invented.

Their benefits are fantastic.

For one, it’s very useful when I pay via the Internet. For example, I pay Google Cloud (I have a huge inbox), and Dropbox (to backup my photos), and domain names (I run hundreds of websites), and iTunes (my son, musical director
of our youth ministry, buys two albums a month), and Amazon (I read Kindle books).

And because I’m an eternal student, I’m almost always enrolled in online courses—from spirituality, church growth, finance, marketing, etc. Paying via credit cards makes this so much easier.

Second, it’s so convenient not having to bring a lot of cash with me. I use my cards at restaurants, to buy things, even plane tickets. I know someone who uses his credit card to pay for his business purchases—not only because it’s more
convenient, but so that he can get more of the third benefit, which is . . .

Third, I get reward points. My wife turns them into SM and Rustan’s gift checks. My friend uses them to get free trips to Europe. Cool, right?

That’s the blessing side.

The curse side?

First, because it’s so convenient, it’s easy to spend more than your budget.

According to studies, people who use credit cards while shopping spend 30 percent more on the average than those who only use cash. Without self-control, you’ll fall into this problem.

Second, it’s easy to borrow, which is a curse. Every credit card billing you receive contains an invitation to borrow. It always says, “You only have to pay X amount,” which is five percent of your entire bill. But you get charged an interest
of 2.5 percent to 3.5 percent a month—which adds up to a super-insane 30 percent to 45.5 percent interest a year.

I cannot count the number of people I’ve met who have been buried alive by credit card debt.

I met a married couple who borrowed a measly amount of P5,000 from their credit card, thinking it was nothing. But little by little, it piled up. One day, they ended up having seven credit cards, all maxed out, with over P780,000 in debt.

Worse, the stress almost caused the guy a heart attack.

Here’s a rule in using credit cards: Never borrow. At the end of each month, pay your entire bill 100 percent.

When I think about it, almost everything in life can be a blessing or a curse.

Power. Fame. Money.

I’ve long learned that if you use anything with love and discipline—even credit cards—they’ll become blessings for you and for others.

P.S. Do you live in Laguna or nearby?

Great news! I’ll be in Laguna on August 17, 2024, for my “How To Make Millions in the Stock Market” seminar. We’ll teach you the right way to invest in the stock market. My mentor, Edward Lee, will also be there to guide you.

My dear friend, many people lose money by rushing to make a quick profit. Let’s change that. Join us and start your journey to financial freedom.

Remember, it’s about steady and proper investing. Once you’re successful, you can help others too.

Grab your ticket by clicking this link: www.trc.ph/events

Oh and by the way, you can get a 10% discount with this code right here TRC37931AFF.

I can’t wait to see you!