2. Interest is quite expensive
Mastering self-control is essential when referring to your finances. Why so? Because building financial self-control is a practical thing to consider, especially when you want to spend less money. Also, purchases are more expensive when credit card interest rates are high. So, if you don’t have enough money to pay cash for something, don’t purchase it!
For example, if you decide to buy an item for $1,000 using a credit card with an 18 percent interest rate, and make the minimum payment each month, you will end up paying $175 in interest after one year and still owe $946 on your purchase. Think twice before buying something with your credit card!
