Credit Cards

The Pros, the Cons & the FAQS of Credit Cards

Credit cards have their good points and their bad points. It all depends on what choices you make when you use them.

The upside of credit cards.....

When you pull that card out and say "Charge it" you are borrowing money that you will have to pay back. That means you have just taken out a loan. As long as you pay your bills on time there is no problem. You can truly say, "having credit is a good thing". Good cards allows you to do things without having to carry around a lot of cash and gives you additional time to pay.

Now the downside.....

Credit cards become a problem when you can't pay back your loan because you don't have the money. In other words, you are living beyond your means. To make matters worse, the credit companies charge interest on unpaid balances.  The interest rate can be 21% or more on top of the original loan. Even if you make the required payment on time you may only be paying off the interest and not the loan. At that rate, it could take years to pay off those cards! In the meantime, the credit card companies are making millions of dollars by collecting the interest rate on our unpaid loans and late fees.

Remember….You Control Your Money!

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