Credit card

Credit Card - Owning a credit card has become more and more popular since the credit card was first introduced in 1958. Today, on the average, most people have at least 2 credit cards per household. There are many reasons why owning a credit card is so popular today. For one thing, by using a credit card a person does not have to carry around allot of cash and if they lose their credit card or have it 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).

A credit card also offers 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). A credit card will also allow you to make a cash withdrawal. 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, as well as building your credit.

The down side of owning a credit card, however, is that many people often run their credit card limits up to the maximum and then find it difficult to pay the premiums every month. Missing payments on a credit card will have a seriously adverse effect on a person’s credit report. Credit cards have been the financial ruin of more then one person, due to mismanaged money. Owning a credit card brings allot of responsibility to the credit card holder.

While a credit card 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 card wisely, you’ll find that there are definitely more pros then cons when it comes to owning a credit card.

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