The pros and cons of credit cards.

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.

Previous Articles Highlighter:

Credit Check (1)
...A credit check offers a credit score that can determine how high of an interest rate you will be charged for the credit you have requested. If you have a good credit score you may be able to ge...

Credit Repair (2)
...be able to help you with removing anything from your credit that is not yours. Occasionally things may be reported on your credit report that belong to someone else who has a similar name as yo...

Credit Reporting Agencies (3)
...in the future. Anyone with your approval can access your credit from a credit-reporting agency such as banks, car dealers, and phone companies. The decisions made from the credit reporting agenc...

Credit Wizard (4)
...to obtain a loan and if not, the credit wizard will help you to see which areas need work. Each credit wizard works a bit differently, however, and you probably will want to check out sever...

Current Mortgage Rates (5)
...rates, however and one of the easiest ways is by using a website dedicated to keeping track of current mortgage rates. There are many different websites dedicated to this function, each with...

Debt Collector Law (6)
...or engaging any person in telephone conversation repeatedly or continuously with intent to annoy, abuse, or harass any person at the called number.” Next time your debtors start harass...

Debt Consolidation (7)
...to use plan. When you get a debt consolidation you will also be able to get counseling to help you with handling your bills that you have. If you are ready to be debt free consider planning fo...

Debt Equity Ratio Tutorial (8)
...hard, as there are several debt equity ration tutorial sites available. Debt equity ratio indicates how much in debt a company or individual is by comparing what is owed to what is owned. A debt...

Direct Loans (9)
...service that allows you to not only apply and get your loan but also to manage your direct loans online. act now to take advantage of historically low interest rates! A Direct loan for consolida...

Discharging Student Loans Bankruptcy (10)
...student loans bankruptcy laws require hardship. You will also find that many courts have allowed for discharging part of the student loan due to hardships, rather then actually discharging the w...

Fair Credit Reporting Act (11)
...set up procedures that require the consumer reporting agencies use reasonable procedures for meeting the needs of commerce for consumer credit, personnel, insurance, and other information in a ...

Fair Debt Collection Practices Act (12)
...act. The fair debt collection practices act site is free. At this site you can learn in-depth coverage of state and federal fair debt collection laws and learn about your rights. Plus, you get...

Fair Debt Collections Act (13)
...fight back against nasty bill collection tactics! If debt collectors or creditors are demanding payments and you have told them to stop calling but the continue to call and harass you even aft...

Finance Loan Refinance (14)
...term finance loan refinances means to get financial assistance in order to refinance a loan you already have. Many times a person will seek a finance loan refinance in order to borrow against...

Financial Problems And Bankruptcy And Debt Consolidation (15)
...service centres that can be of great benefit when trying to find the best program to suit your financial needs. A Debt consolidation solution would include finding companies that will help...

First Horizon Home Loans (16)
...dream, and first horizon home loans can help you make that dream into a reality by providing you with a loan plan that fitst your budget. At first horizon home loans if you are interested in pu...

Fleet Credit Card (17)
...if you have been turned down before for a credit card, by depositing however much you wish for your credit line to be. You can deposit as little as two hundred dollars or as much as five thou...

Free Bankruptcy Forms (18)
...error as possible. These companion guides can often mean the difference between a successful bankruptcy and an unsuccessful bankruptcy. In many cases the free bankruptcy forms are written in wa...

Free Chapter 7 Bankruptcy Forms (19)
...and send it back to them. This is much cheaper then going through a lawyer or attorney, which, although highly recommended, is often too costly for the average person. By having your...

Free Credit Check (20)
...credit based upon your credit payment history. A credit report is a report generated from your credit file (a database maintained by a credit bureau containing your credit history). Most compan...

Free Credit Checks (21)
...your credit history. Most companies will do free credit checks prior to allowing you the credit you are asking for. The credit checks help you and the lender. More than 205 million people in th...

Free Credit Report.Com (22)
...protects the consumer against stolen identity. When attempting to choose one of the many free credit report om companies it is important to find out what credit report they obtain and follow i...

Fair Debt Collection Practice Act (23)
...and it also protects the debtor to make sure that they are not harassed or intimidated by the creditor. This is highly important, and can definitely help you out if you’re in a lot of de...

Federal Bankruptcy Laws And Inheritances (24)
...money that they can save. Unfortunately for people who are trying to save their inheritances, or for people who want to be able to get interest on their inheritance and life insurance plans migh...

Florida Debt Consolidation Loan (25)
...don’t live in a major city – or if they do, it’s not necessarily one of the top five or six cities in the state. If this is the case, you may have a little more trouble looking...

Freebie Bankruptcy Forms (26)
...proceedings. Therefore, if you can prevent declaring bankruptcy, then you should. Freebie bankruptcy forms can make it easier for you if you find that you need to declare bankruptcy no matter ...

Mortgage Interest Rates (27)
...the lowest mortgage interest rates available. They will also be able to look at your credit history and let you know what you can do that will help in getting a mortgage loan and getting the l...

Mortgage Leads (28)
...mortgage leads from firms that deal exclusively in generating mortgage leads for banks and mortgage firms. These mortgage leads houses (or firms) get their mortgage leads from a variety of sou...

Mortgage Payment Calculator (29)
...house will actually cost you after 30 years of payments. You can also see how making only $100 per month paid directly on the principal could save you thousands of dollars over a 30year term. Wi...