10 Reasons That You Should Avoid Credit Cards
After writing 10 Reasons You Should Have a Credit Card, I figured it was just as important balance the topic and highlight the 10 Reasons to Avoid Credit Cards:
1. They can damage your credit score
2. They can come with universal default
3. They charge huge interest rates
4. They come with numerous fees
5. Many cards have a hidden rule in the fine print
6. They have deceiving minimum payments
7. They encourage impulse purchases
8. They increase your spending
9. They encourage you to spend more money than you have
10. Credit cards will bait and switch
What it comes down to is that credit cards can be an asset or a liability depending on how you use them. You need to have self discipline and not fall for the credit card company’s tactics of trying to get you to spend money when you shouldn’t.
It seems to me that there are more reasons to avoid them than to get them.