February 17, 2015

A credit card can be your friend or your enemy. What defines the difference? Behaviors? Habits?

4 thoughts on “February 17, 2015”

  1. Garrett Haag says:

    Your credit card becomes your enemy once you no longer pay the balance off in full every month. A credit card can really help you through building your credit but it can also ruin your credit and drive you in to debt. It all matters how you use it. If you make all your necessary purchases on your credit card and pay it off in full every month you will be building good credit. If your someone who is responsible and can remember to pay off the card every month and doesnt over spend on the card you can get some perks from the card such as cash back and purchase protections on many cards. You just need to pay off the card every month and never take a cash advance or treat the credit card like a debt card to get cash out fast. You want to be able to use the grace period and avoid paying interest. The interest rate on a card doesnt matter if you never pay interest.

  2. Elizabeth Barske says:

    A credit card can be your friend or your enemy; it all depends on how you use it. You have to remember that when you use a credit card, you are using someone else’s money. So, if you don’t pay it all back when it’s due, you will be paying interest on the amount that is still loaned out to you and it’s an incredibly high rate of interest.
    Paying off you bill in full each month will allow you to use your credit card to its full potential. You won’t have to worry about paying extra in interest and you may even be able to receive benefits from the credit card company, depending on the type of card you hold. In short, it is in your best interest to pay off your credit card bill in full every month.

  3. Mike Dunlop says:

    the difference is defined by whether or not you have the discipline to pay the card off every month in order to avoid paying the outrageously high interest charges and late fees. If you cannot pay the card in full every month, then credit cards are your enemy and you should not use them. If you are able to pay the card off every month, then a credit CAN be your friend. In addition to having the capabilities of paying it off you must realize and plan for what you are purchasing. Just because you can pay for something does not mean you should buy it. Plan and budget, save, then spend and track.

  4. Mike Finley says:

    Great answers everyone. Let’s recap.

    (1) The stupid piece of plastic means nothing. It is the person using it that means everything.

    (2) Use it wisely, buy only what you need, and pay it off every month and it could be your friend.

    (3) Buy whatever floats your boat, pay the minimum amount, and it could be your enemy.

    (4) The choice is yours. The choice is always yours.

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