2006-09-24 15:38:45 · 9 answers · asked by bonedrii 3 in Business & Finance ➔ Credit
They're so easy to use, you forget how much you've spent and then they charge you alot of interest and this is how people ruin their credit and thus.......ruin their lives.
2006-09-24 15:41:46 · answer #1 · answered by Anonymous · 2⤊ 0⤋
If they are not managed correctly, they can pull people into a severe cycle of insurmountable debt that cannot be paid off.
If managed correctly, they are very convenient and have a lot of benefits.
Ways that I correctly manage my credit:
I pay my balance in full every month, unless I have 0% interest.
For the cards I had with high interest rates, I transferred those balances to a card with 0% interest on balance transfers for a year. I closed out the high interest cards, shredded the 0% balance transfer card, and I am paying that off in a year.
My University Alumni card offers nice perks.
I have a cash back and miles card, which I pay off monthly.
2006-09-24 23:17:21 · answer #2 · answered by Anonymous · 0⤊ 0⤋
High interest rates. If you make the minimum payment every month, you'll only fall further behind. It's a common misconception- credit card companies make it sound so great.
2006-09-24 22:42:02 · answer #3 · answered by Karen W 2 · 1⤊ 0⤋
THEY ARE DANGEROUS, IN THE WRONG HAND SOME ONE WITHOUT ANY RESPONSIBILITY AND DON,T KNOW HOW TO USE A BUDGET AND THOSE WHO SPEND MONEY ON CREDIT CARD FOOLISHLY NOT THINKING HOW THEY GOING TO PAY IT BACK BOTTOM LINE CREDIT CARD S ARE LIFE SAVER IF YOU KNOW HOW TO MANAGE THEM THEY ARE GREAT PS, IF THEY ARE DANGER FOR YOU USE CASH ONLY
2006-09-24 22:52:34 · answer #4 · answered by jay 3 · 2⤊ 0⤋
If you don't think of them as money and overspend you could end up owing an incredible amount of money. At that point you would keep paying interest that is more than your original purchase and might end up ruining your credit rating.
2006-09-24 22:43:23 · answer #5 · answered by Rich Z 7 · 2⤊ 0⤋
Because you dont see the money,just a plastic card.
2006-09-25 00:18:50 · answer #6 · answered by colorado 3 · 0⤊ 0⤋
because they are so easy to use. if you are short a couple of dollars you can always charge it. it's easy to pay ten dollars a month verses three hundred at one time.
2006-09-24 23:09:19 · answer #7 · answered by bella_4624_19 4 · 0⤊ 0⤋
Because they are so easy to use and then the fees and interest charges get you!
2006-09-24 23:09:47 · answer #8 · answered by Crazy Mama 5 · 0⤊ 0⤋
its the user thats dangerious
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http://www.bestcreditrates.net
2006-09-25 01:18:14 · answer #9 · answered by Anonymous · 0⤊ 0⤋