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My Ten Sense: When to use credit cards and charge cards
Credit cards are fun to use. But you’re not dealing with monopoly money. Although you use plastic instead of green, you’re still using real money that can be detrimental to your credit rating, and your credit rating dictates the kind of car you drive and the home you can buy or rent.
If you can’t afford to pay off your entire credit card balance within 3-6 months, you shouldn’t be using a credit card.
In fact, if you don’t have an emergency fund, you shouldn’t even have a credit card because you will be tempted to use it and you won’t have the money to quickly pay off your balance. I know this is contrary to what you know. Credit cards are supposed to be used for emergencies, right? Wrong.
Watch my video to learn why an emergency is the worst time to use a credit card, why you shouldn’t be suckered into making just the minimum monthly payment on a credit card, why you shouldn’t use credit for going to the movies and out to eat at restaurants and how a charge card can help you manage your credit better than with a credit card at http://mytensense.com/2012/04/when-to-use-credit-cards-and-charge-cards/.
If you can’t afford to pay off your entire credit card balance within 3-6 months, you shouldn’t be using a credit card.
In fact, if you don’t have an emergency fund, you shouldn’t even have a credit card because you will be tempted to use it and you won’t have the money to quickly pay off your balance. I know this is contrary to what you know. Credit cards are supposed to be used for emergencies, right? Wrong.
Watch my video to learn why an emergency is the worst time to use a credit card, why you shouldn’t be suckered into making just the minimum monthly payment on a credit card, why you shouldn’t use credit for going to the movies and out to eat at restaurants and how a charge card can help you manage your credit better than with a credit card at http://mytensense.com/2012/04/when-to-use-credit-cards-and-charge-cards/.
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- clark_howard,
- emergency,
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