2007-02-18 16:40:35 · 11 answers · asked by Mark 1 in Business & Finance ➔ Personal Finance
No, I don't. They make it too easy for people to spend more than they make. For the past year or so, i've only used cash or debit cards. I am in more control of my finances and can easily track my expenses. It's much harder to shell out the actual cash to make a purchase than it is to use the card.
2007-02-18 17:05:15 · answer #1 · answered by aku_aku78 2 · 1⤊ 0⤋
I agree with Laisez Faire and Aku, above. However, you have to be insightful and honest with your self. Self discipline might be a problem or you would not have asked this question.
Remember historically, charge cards were originally like American Express or Diner's Card. You had to pay them off each month in full, so you didn't really suffer as to interest. Now with every sort of Visa/Mastercard out there and every interest rate imagineable, you can really get yourself into trouble, if you don't pay them timely. In addition, the small minimum payment that most cards allow, 2% or so, will turn a full credit limit balance into almost a house mortgage term.......Not a pleasant thought. HOWEVER, if you can truly control your spending, they can be a great convenience. If paid off each month, they are an interest free loan for 20-30 days, depending upon your grace period. They provide a safety feature; you don't have to carry as much cash. Also, if you have a rewards feature, you can earn airline tickets or cash back. I use the cash back feature and pay my cards off each month. I have earned about $400 the last couple of years on those cards, with no annual fee, and no interest accrued. Not a bad deal.
2007-02-19 14:43:45 · answer #2 · answered by MJ 4 · 0⤊ 0⤋
Credit cards can be a blessing or a curse, depending on how you handle them.
For instance, I pay off my cards completely every month, while reaping the rewards programs. There is one exception. I have two cards that offered me 0% loans, one for a year and one for 6 months. I maxed those out and took the money and put it into an online savings account for 5.35% interest. The result is I'm making almost $200 per month in interest, on the credit card's money. All I do is take out a little every month to use to make the minimum payments each month.
When the term comes due, I'll do a 0% balance transfer from another card, or just pay them off and keep the resulting interest.
2007-02-18 16:59:49 · answer #3 · answered by Uncle Pennybags 7 · 0⤊ 0⤋
I used credit cards as an emergency tool when I was younger. (and boy, it better be a real emergency) Now that I'm older and I have the medical care the federal government feels I should have, I use the credit card more frequently for medicine and doctors visits. That is very helpful to my life.
2007-02-18 16:50:26 · answer #4 · answered by Terry Z 4 · 0⤊ 0⤋
Only, and I mean ONLY!!!!!! if you pay them off totally and completely every single month. Drawing a payment out only over a two to three month period at the MAX. Do not use them to buy things that will be gone before you pay for them if at all possible. Also use them ONLY if you have the self discipline to not try to keep up with the Jones' and buy every thing in sight just cause you 'want' it.
Took me two times to find out how freaking dangerous the darn things are. The second time I finely dug my way free I swore never again. Heck, I don't even really like the idea of my debit card. Way too easy to use.
2007-02-18 16:55:16 · answer #5 · answered by Sulkahlee 3 · 0⤊ 0⤋
Yes Credit cards are great as your transactions are relatively safe when compared to Debit card. I consider it better than cash because I can keep track of all my expenses by looking at my credit card statements, which I can use to analyze and control my expenditure for future.
2007-02-18 16:44:58 · answer #6 · answered by maveric_neo 1 · 1⤊ 0⤋
Absolutely not!! I have managed to live over a decade without any credit cards. The only thing that I make payments on, is my house. For all other items, I pay cash.
2007-02-18 16:45:26 · answer #7 · answered by pnk517 4 · 2⤊ 0⤋
No I don't like them. I pay everything with cash that way I can keep track of how much I'm spending. I like the idea of cash as I won't get myself into debt. I think credit cards are good for people who know they can afford to pay it off.
2007-02-18 16:56:42 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Yes, if you understand the compound interest and using credit wisely, the credit card can be your best friend. I think CCs are beneficial to my life.
2007-02-18 16:52:21 · answer #9 · answered by Muga Wa Kabbz 5 · 0⤊ 0⤋
They can be helpful but they can also be bad for you, You have to watch what you spend it on, Don't get carried away it will get you in trouble
2007-02-18 16:49:36 · answer #10 · answered by ebabybrown 2 · 2⤊ 0⤋