One thing is for sure: Between the one sided horror stories we get from the media, and the "poor me" tales propagated by the legions of people that mis-use and abuse their credit and overall financial situation, today's view of credit cards is very slanted and,quite frankly, unfair! Anyone that moves forward in a haphazard, irresponsible way with their finances is bound to get into trouble.
But I must ask the question:Is this the fault of the creditors or the individuals that have over-stretched themselves?I emphatically answer that it is the latter! In fact, credit cards can be the best way to fix and /or rebuild a person's credit!If someone has bad credit, rebuilding through an auto or other loan or mortgage is at the very least cost prohibitive and in a lot of cases impossible.
With credit cards, however, there is an abundance of both secured and unsecured options out there to start getting on the right track!These programs are tailored for those with credit issues and designed to get them on the right track! For people that have overextended themselves and are getting eaten alive with interest, there again is a multitude of balance transfer cards out there, many offering no interest for a limited amount of time!Not only will these cards save people money in the long run, in the short term they will lower their monthly payments and give some much needed breathing room each month.
This is an outstanding help to those with the foresight to stop before plunging into the abyss, and fix their problems! Finally, the convenience of having a credit card gives people a cushion in the event of an emergency.
Car break down? Unexpected house repairs?Medical bills?Any of these or dozens of other unforeseen expenses can result in litigation, high late fees, inordinate interest, and a black mark on a persons credit.
Having a credit card in these instances can be a lifesaver! In closing, I want to highlight the most important factors involving the procurement and use of credit cards.
First of all, a person should read all print regarding a credit card offer (interest, balance transfer fees, etc.
) and shop around for the best offer for them.
Secondly, responsibility rules the day-if you use credit cards simply to live way beyond your means, you will get in trouble!Be responsible at all times-remember, you are the one that is paying for everything you charge!