Why You Shouldn’t Use Credit Cards

The assign shake companies and banks atomic number 18 getting richer, while more or less Americans be getting much in debt. The economy is in trouble, therefore, more(prenominal) and more pack are relying on course assent visiting add-in game. In todays society we are constantly nerve-racking to get out of debt, but in the crop of exhausting to get ourselves out of debt, we create more debt. One of the study problems that most of us are dealing with is assign bankers bill debt. virtually recognition card companies are non looking out for your better(p) interest group. They are constantly raising interest rates.Minimum defrayals are meet enough to cover the finance charges. about Americans should not use realisation cards for the following reasons it allow create bad spending habits you exit incur more debt affecting belief score rating and mayhap realize you a victim of indistinguishability theft. In my opinion, a credit card should be used for buys that you are able to pay absent in full upon receiving your statement, but most of us dont. Most people lack self control and run for to misuse the credit card. identification cards should mainly be used for emergencies, but we tend to use them for everyday purchases such as food, gas, clothing, etc. Some people are living in a borrowed lifestyle, because they purchase things they cant afford. People leave behind spend more on a buying using a credit card than they would with cash. People that use credit cards tend to spend 12%-18% more on legal proceeding than those who use cash (faithfitnessfinance. com). For example, if you are going to pay with a credit card in a fast food establishment, it is easier to get the magnanimous drink instead of the medium drink.When the statement arrives, most people testament make the minimum payment on his/her credit card. The minimum payment only covers the finance charges, which will increase the amount of time it will take to pay the deb t off. It will also increase the amount of interest you end up paying (about. com. ) Possessing these bad habits will lead to more debt. A credit card bill is an additional monthly expense. If you are already struggling with paying basic monthly bills, than creating a credit card bill will only add an additional pecuniary burden.Unlike a checkbook ledger, credit card balances are harder to keep open track of, because you mostly rely on the monthly statement. If not justly monitored, this will cause your credit card to reach its maximum go under or over the limit. If you are over the limit or at maximum limit, you will incur over the limit fees or higher(prenominal) monthly payments. When faced with additional charges or higher monthly payments, individuals sometimes put themselves in a bind. They are forced to make a decision whether to pay the bill or not.Most of us will opt not to pay, because we cant afford it. Once you opt not to pay, you set the wheels in motion for your c redit score to decline. If your card is at its maximum limit or close to the limit and you answer only to pay the minimum, you are still compromising your credit score. Credit rating is very important, because it is a deciding factor in majority of major purchases such as car, house, utilities and etc. A large constituent of your credit score considers the amount of debt you have (about. com).If your credit score is low, most likely you wouldnt be approved for whatever you are trying to purchase or your interest rate will be preposterously high. Credit card use can also lead to identity theft. We see on television almost on a reparation basis that they have arrested someone for identity theft. Everyday people are falling victim to identity theft. Anytime you book a trip, pay a bill or make a purchase online or in person, you are risking someone stealing your identity. We live in a cosmea that is filled with criminals and con artists.They are always larking to find their next v ictim. This is an user-friendly way for them to obtain sensitive information, make money and purchases that will gather them while making your life complicated. From a personal experience, someone take my credit card information and personal information. This person rented a U-Haul transport and kept it for months and decided to make purchases at Home Depot. I was stuck with the designate of contacting the credit card companies and the authorities. You are forced to prove that you are not the person that authorized payments and purchases.You are subject to denial while trying to obtain credit from other companies. Sometimes it isnt always a cut and dry situation to get through, but can be a very time consuming and expensive process. Credit cards arent bad when used properly, but could be if used improperly. We should make sure we realize the difference between what we imply and want. We sometimes loose a purchase by saying I really need it, but we should ask ourselves what w ill happen if I dont get it? Once you ask yourself that question, then at that point is when you rig whether or not it is orth using.Improper use of a credit card will lead you quickly into debt. It is better to make a purchase with cash or debit card than with a credit card. If you are unable to afford something you really want, it is trump out to save and buy it at a later time. Most of us arent equipped to know how to use a credit card properly therefore, it is in our best interest to keep it in our wallets. When thinking about getting that credit and using it, ask yourself, Do I know the rules of the credit card game?