- Posted April 14, 2012 by
This iReport is part of an assignment:
In need of a Money Coach?
- My Ten Sense: What to do when your money is low
- My Ten Sense: Making more money isn’t the answer
- My Ten Sense: 6 keys to couples happily managing their money
- My Ten Sense: Prepare your children so they don’t ask for handouts
- My Ten Sense: 10 things college students should know from student loans to landing their dream job
My Ten Sense: 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/.