Should You Put that Valentine's Day Gift on Your Credit Card?
Valentine's Day Spending vs. Credit Card Wisdom
In our culture it seems that we want bigger and better, regardless of price, and that can be seen in our Valentine's Day spending habits. We always have to outdo ourselves (or the Jones), but at what cost? If you're putting your Valentine's Day gifts on a credit card and not paying cash, here are some things you need to ask yourself.
What's the Reason?
Why are you pulling out your credit card to pay for your Valentine's Day gift purchase? Is it out of convenience or because you want the "points" or rewards you'll get? If so, that's fine – as long as you can pay the balance off when the statement comes in. If you're putting your Valentine's Day gift on credit because you can't afford to pay for it all at once, there might be a problem.
Why The Big Price Tag?
If you can't afford cash for the Valentine's Day gift you're buying, why are you buying something so expensive? Is it a special occasion (like an engagement ring)? If so, the credit card purchase may be acceptable (assuming you're not already in over your head in credit card debt). If, however, you're buying something you can't afford just because you want to do something nice for your sweetheart, you might want to rethink that decision.
When Will You Have it Paid Off?
If there are legitimate reasons for putting the Valentine's Day gift on your credit card, you still need to make sure you're not overspending. If your purchase won't be paid in full by the time the next Valentine's Day rolls around, you need to find a more affordable alternative.
Remember – your credit cards can be a useful tool but they can also drown you in debt if you're not careful. Watch your spending habits closely and ask yourself these questions before putting any Valentine's Day gift on your credit card this year.