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11 • What are the pros and cons
facing people using Credit Cards ?

Credit Card Advantages

credit card happy
  • Plastic Identification as a credit worthy buyer.
  • Payment method Personally Safer than carrying cash.
  • Convenience of having buying power with you.
  • Emergency access to purchasing power
  • Instant ATM cash available anywhere needed.
  • Record Keeping to remember where your money went.
  • Security of card company provided loss protection.
  • Purchase protection as Cards can handle disputes.
  • Short term loan when cash to pay is within weeks.

Credit Card Disadvantages

credit card unhappy
  • Credit cards are built to maintain lower credit rates.
  • People don’t understand credit card use.
  • Using more than 30% of credit limit lowers credit rating.
  • People misuse credit cards as long term loan accounts.
  • Illusion of available cash is too easy to misuse.
  • Credit tempts overspending for unneeded items.
  • Bargain purchases cost far more with interest over time.
  • People don't recognize the risk of credit card debt.
  • There is a “doubling” High Cost on Carried Balances.
  • Credit Cards make it too easy to Grow Deep into Debt.
  • Credit ties up your future income when its needed.
  • Enslaved to pay because large balance is hard to pay off.
  • Carrying a larger card balance ruins credit ratings.
  • Rating cause higher costs, even on auto insurance.
  • Unable to obtain car loan or mortgage or even a job.
  • Credit Cards create financial hardship.

When you Understand Credit, You will have Great Credit!