How to Start Using Credit Cards the Right Way
The Benefits of Credit Cards
Credit cards can be a bit of a slippery slope. Many swear by them, while many others despise them. If you’re in serious credit card debt, stop here and immediately read 6 Take-Action Steps to Get Out of Credit Card Debt. The truth is if you’re a responsible adult, credit cards can actually be very useful for a few reasons:
- Credit cards eliminate the need to carry cash
- Credit cards make your purchases easy to track
- Credit cards can help you raise your credit score
- Credit cards can offer lucrative reward programs
All of those things are possible as long as you insert [the responsible use of] in front of the above sentences. Credit cards can be a great thing, but they can also be your worst enemy. Here are a few of the downfalls…
The Downfalls of Credit Cards
- Credit cards allow you to spend money you don’t have
- Credit cards come with a high percentage rate for revolving balances
- Credit cards make spending money easier, which often leads to overspending
You could just as easily insert [the irresponsible use of] in front of those sentences. The bottom line is this: if you use credit cards responsibly, they can make your life better. If you use credit cards irresponsibly, they can make your life hell.
If you’re not sure whether you should be using credit cards or cash, read this.
How to Raise Your Credit Score
Identity theft is prevalent, so you need to know how to keep from being a victim. Here are 10 things you need to know about identity theft right now. One of the most common ways for people to steal your identity is to steal your wallet. Here’s a guide on what to do if your wallet is stolen.
There are all kinds of credit myths out there (here are 10 busted), but you need to know what’s correct and what’s not. For example, contrary to popular belief, cell phone companies don’t report to credit bureaus, and department stores cards aren’t going to help your credit. You’ve likely heard differently.
If you’re ready to improve your credit score, read this: How to Improve Your Credit Score (No Matter What it is Now)
Finally, learn about the different types of credit checks and use these 5 tricks for managing your credit. You also need to know what affects your credit score and what doesn’t. Here are some answers to a few common questions…
What Affects Your Credit Score?
Most Recent Articles on Credit Cards
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A credit score is a valuable number that you should take care to improve or maintain.
The amount of choice out there, particularly when it comes to credit cards, is astounding.
An IVA (Individual Voluntary Arrangement) is the route some people take after struggling to make repayments on a substantial amount of debt and requiring outside help.
Americans are in a lot of debt.
Between credit card debt, the rise of student loans, and the ever-in-flux real estate market, it’s harder and harder for people to live without some form of debt.
Exact figures are hard to come by, as credit card debt, also known as “revolving” debt and consumer debt, is measured separately from debt like student loans and mortgages.
That makes sense, as they are very different, but that separation often disappears when financial advice is given.