Can someone explain.......why credit cards may or may not be a financial solution for you?

Answer 1

credit cards have become my financial nightmare... they may be great for someone with self-control - unfortunately i have a hard time telling myself "no" when i have convinced myself that i need something that is not necessary to live and spend money i don't have... i am working to get away from credit card enslavement caused by my lack of discipline and am starting to succeed, but i still won't experience the joy of my ultimate goal of debt free living for another 5 years **it takes a little longer to pay off a mortgage that a lender was brave enough to provide to me but I can't get to the mortgage until i get through the credit cards -- i can only dream of the wasted money i have paid to interest

Answer 2

Credit cards are great for building a credit rating...which is used to determine what rate of interest you'll be paying later when you buy a car, home, etc. The better the credit rating, the lower interest typically you'll have to pay.

Unfortunately people begin to live off the credit cards, and get into trouble when the amount they owe is greater than it should be, and the end up missing payments. it may not even be the persons fault..they lose thier job, have a pay cut, something like that..and your in trouble.

Answer 3

For me personally I don't think they are necessarily a 'solution' but they are helpful during times when I need a little more $. For example right now I am putting a lot of holiday gifts, etc. on the credit card because I don't have a lot of extra cash. I anticipate getting $ for christmas gifts and will be able to pay off my credit card with the money. So as long as you know you will be able to pay on the card or pay it off it is okay to use.

Answer 4

Credit cards are convenient and I make it a rule never to charge anything that I don't have money in the bank to cover.