2006-06-25 04:20:32 · 13 answers · asked by michael k 2 in Business & Finance ➔ Personal Finance
I think they are a huge problem for the most part.
At their best, it is great to not carry cash, be able to easily buy over the phone or Internet and have the refund protection of using a credit card.
However using credit, which implies buying things you don't have the money for yet, is a pit so many of us fall into, that can be a real deterrent to future financial security.
It is becoming increasingly necessary, in fact downright required, that one have a good credit record. Your ability to get a mortgage, low insurance rates and even in some cases a job, all hedge on your stupid credit file.
I have a big problem with a society that requires a credit rating just to find a job.
Also the credit card company's are rapidly becoming some of the biggest thieves in the world. They offer cards to people on shaky ground, then jack'em up with high interest rates, late fees and overlimit fees when they get into trouble.
Now..I know that each of us is responsible for our own choices, but the credit card companies offer the temptation of a life we cannot afford.
So...it is really easy for the good to be overcome by the bad.
At their best - you have a no fee card that gives you mileage points for every dollar you charge that you can use on any airline AND you pay the bill in full each month so you still have no debt.
At their worst, they will hold you back from ever having any stability, or any true wealth.
2006-06-25 04:50:49 · answer #1 · answered by Lori A 6 · 0⤊ 1⤋
Ahh - Credit Cards. This is a double-edged sword. I have many credit cards. Earlier, I did not understand HOW they worked, so I got into debt. THEN I understood HOW they worked, and now make credit cards work for ME.
Now, I can use the card(s) if I need to buy something that is a necessity, or that I can turn around into more money. Then re-sell it for a profit, then pay off the card(s) I had used.
In order to buy a house or car, if you have good credit there are lots of benefits.
Example - because I have a host of credit cards and good credit, the bank let me buy a house - even with no job - I bought the house on my credit standing ALONE.
On the other hand - My best friend had over $100k in the bank, but had a hard time qualifying to buy her condo, because she had little credit history.
Guess you can make the decision now. Good luck.
If you want a spiritual approach to understanding the energy of money, credit, jobs, etc., try visiting http://www.AstroWishes.com
2006-06-25 04:30:51 · answer #2 · answered by *??SnowShoer1??* 3 · 0⤊ 0⤋
Just like guns, its the people that use them not the object.
If you use a credit card, get one with the lowest possible interest rate and pay it off completely every month.
If you are building up credit to buy a home, get one card, make a large purchase, like furniture, then religiously, diligently, pay it off over a set period of time. DO NOT MISS A PAYMENT!!!
Remember, credit cards are not evil. Banks are :) <---- just kidding!!
2006-06-25 04:25:50 · answer #3 · answered by shoppingontherun 4 · 0⤊ 0⤋
If you can control them they can be a very usefull tool, if you can't they can become a real problem real fast,be carefull with credit cards and try to read the fine print if you can, they have many,many sneaky little ways to rip you off.
2006-06-25 04:28:20 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Good if you want to build credit.
Bad if you can't pay them on time.
Just pain ugly if you are a shopaholic and just can't stop yourself.
2006-06-25 04:22:55 · answer #5 · answered by unsersmyboy 4 · 0⤊ 0⤋
Good, as long as you can maintain them and use common sense.
I prefer my debit card. If I don't have the money, I don't buy it. My credit cards are for emergencies like unexpected auto repairs and household repairs.
2006-06-25 04:24:30 · answer #6 · answered by PariahMaterial 6 · 0⤊ 0⤋
Good for time of need to carry you over until you have the cash. Bad if you think that you can spend like there is no tomorrow.
2006-06-25 04:22:25 · answer #7 · answered by wundaboy20 1 · 0⤊ 0⤋
Plain ugly, i mean it is immoral that you can be lent money that you might not be able to pay back!!!!!!!
This isn't even good business sense!
AND it is ruining peoples lives.
2006-06-25 04:31:11 · answer #8 · answered by JennyPenny 5 · 0⤊ 0⤋
They're just great for building your credits. Otherwise, you get some rewards and then some debt. lol.
2006-06-26 08:16:07 · answer #9 · answered by Intuitive M 2 · 0⤊ 0⤋
i love em but they did dig me in a bit of a hole. I was just lucky to get mostly out. You've gotta be responsible with it. Great for emergencies.
2006-06-25 04:24:40 · answer #10 · answered by Anonymous · 0⤊ 0⤋