Is it good to use credit cards? Regardless of whether it is good or not, most American adults have at least one or more credit cards in their name. It is hard to avoid when credit card offers come to your mail box several times a week. How do you resist a credit card offer? It's difficult, because all you can think of is the illusion of financial freedom that a credit card will give you. When you spend using plastic it doesn't feel like real money. Therefore, you are not as careful with it as you would be with, say, cash or a debit card (check card). The result is that you end up in a lot of debt. At first, that's fine, but then the interest rates go up over time and the monthly payments begin to become more than you can afford. What do you do then? Well, what's more important is how to avoid the cycle of debt. There a few things that are recommended by the experts. The main thing is to create and stick to a new mindset of not living beyond your means. You'd be surprised how far you can stretch your dollar, once you pay down your debt. Besides, it can be a very rewarding feeling to actually begin to spend or save money that you actually have, rather than spending money you don't have by using a credit card. What's amazing is not just how much debt Americans have accumulated, but how they got there. Take a look at your last several credit card statements. How many of those purchases were things you really truly needed? Probably only about 10%! So let's say you limited yourself to only spending 10% of your REAL money on things you need. You would still have 90% of it left over for whatever else. Don't wait until you have completely destroyed your credit. Pay down your cards, cut them up, close the accounts, and go into debt consolidation or whatever it takes. End the cycle of debt. It may seem like a daunting task, but you can do it. Just make up your mind, and preferably get to work on becoming debt-free before you've lost your credit. (Using credit is still justifiable for financing major investments like a college education, a vehicle, and a home mortgage.)
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Is it good to use credit cards? Regardless of whether it is good or not, most American adults have at least one or more credit cards in their name.
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