Credit Cards - Owning credit cards has become more and more popular since credit cards were first introduced in 1958. Today, on the average, most people have at least 2 credit cards per household. There are many reasons credit cards are so popular today. For one thing, by using credit cards a person does not have to carry around allot of cash and if they lose their credit cards or have them stolen, they can immediately put a stop on any purchases made on the credit card, and suffer little or no loss, other then the minor hassle of having to wait for a new credit card to be issued (with a new number).
Credit cards also offer the convenience of paying for a large purchase over several payments, much like obtaining a small loan. Many credit cards even offer a loan program to their card holders, with a lower rate then most bank loans (depending on how much credit you have with them, and how long you have been with them). Most credit cards will also allow you to make a cash withdrawal on the card. The cash withdrawal will be deducted from your credit card just as if you had made a purchase. Basically, having a credit card in good standing means you are never far from emergency funds, in a pinch.
The down side of owning credit cards, however, is that many people often run their credit cards limits up to the maximum and then find it difficult to pay the premiums every month. Missing payments on credit cards will have a seriously adverse effect on a persons credit report. Credit cards have been the financial ruin of more then one person, due to mismanaged money. If you only pay the minimum monthly payment on your credit card each month, and keep running up the charges, you’ll find yourself over your head in credit card debt. This is why it’s always good to pay your balance off at the end of each month, so that you can keep yourself from going into debt.
Owning credit cards brings allot of responsibility to the credit card holder. While credit cards can be very useful and beneficial in a tight pinch, you should be very careful to only use your credit card for purchases you know you can afford, and to pay off your balance at the end of each month. As long as you are careful, and use your credit cards wisely, you’ll find that there are definitely more pros then cons when it comes to owning credit cards.
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