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 n

...

[Continue Reading at SavingAdvice.com]

This entry was posted in Credit Cards, Debt. Bookmark the permalink.

4 Responses to 10 Reasons That You Should Avoid Credit Cards

  1. abe says:

    It seems to me that there are more reasons to avoid them than to get them.

  2. RM says:

    11.Your wife spits with co-applicant credit card and proceeds to max it out to the tune of 14,000 from app. the 2000 when you were together. And, the credit card company says you can not do a darn thing about it. And, yeah you can request that she be liable for the debt if she will sign a form (ha ha!),but even so she must be credit worthy to assume the debt.
    In other words the credit card company wants their money and just to bad for you you sucker!

  3. The biggest problem with credit cards is the abuse of treating them as cash in the bank.

    For those without disciplined use of credit cards yet have legitimate reasons for needing one, I recommend a prepaid debit card with a Visa or MasterCard logo.

    Prepay and use the card everywhere that credit cards are accepted. The only difference with this, it is cash in the bank versus accumulating more debt.

  4. maany says:

    I dont think you should avoid them it is a very useful peice of plastic,if used responsibily.you have to choose them acording to your needs,compare the interest rates,there are lots of them with no annual fees and low interest rates.sometimes there is no choice left other than carrying debt to get through certain situations.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>