using credit card

[cafter]

i am studying in college, i was really excited to get my first credit card . i thought it will give me a sense of independence and allow me to buy things i could not afford with cash.

though, i quickly learned that credit cards can be a double edged sword. while they can be helpful in building credit, they can also lead to debt and financial trouble if not used responsibly.

at first, i used my credit card reasonably, only for like emergencies or small purchases that i knew i could pay off in full each month. but as time went on, i began using it more and more for larger purchases and impulse buys, without really thinking about how i would pay the balance off.

before i knew it, my credit card balance had  blown up to several thousand dollars, and i was struggling to make the minimum payments each month. the interest charges alone were eating up a significant portion of my income, and i felt like i was going under debt.

it was not until i sat down and made a budget that i realized just how much my credit card debt was affecting my overall financial health. i had to make some tough choices and cut back on some of my expenses , but finally,
i was able to pay off the balance and get back on track.

the lesson that i learned here is that credit cards can be a valuable tool for building credit points/scores and making purchases, but they should be used responsibly and with caution. it is important to keep track of your spending(like keeping a journal), pay off the balance in full, each month if possible, and avoid carrying a balance that will increase interest over time. by being mindful of your credit card usage, you can avoid debt and maintain your financial health.

i am weak at economy, is it wise decision to use credit card?

[1714279728]

1714279728

[1714279728]

1714279728

[1714279728]

1714279728

[1714279728]

1714279728

[1714279728]

1714279728

[Zlantann]

the lesson that i learned here is that credit cards can be a valuable tool for building credit points/scores and making purchases, but they should be used responsibly and with caution. it is important to keep track of your spending(like keeping a journal), pay off the balance in full, each month if possible, and avoid carrying a balance that will increase interest over time. by being mindful of your credit card usage, you can avoid debt and maintain your financial health.

i am weak at economy, is it wise decision to use a credit card?

I don't like buying things on credit so I have always avoided applying for credit cards. If you want to live a financially free life, you should avoid debt. The scariest part of these credit facilities is the interests. I don't want to be indebted at an old age that will make me keep working till death. I think I should have the opportunity to retire peacefully and debt free after my children have left home. That is why I only buy what I need and not what I want so that I can stay debt free and have extra money to invest
.
It's not bad to have credit cards but you should have the ability to control your expenses. Credit cards could be helpful especially if you have spent part or all of your income on investment or something important. You need it to keep life going. But it shouldn't be used to buy things that are not basic.

[Adbitco]

i am weak at economy, is it wise decision to use credit card?

Whatever that has advantage also has a disadvantages as well, using credit card is not bad but it all depends on how you used it that will matter in this scenario so you must learned to living within your income that comes within the month. To me i don't really buy the idea of using it because it may leads to uncontrollable spending since you had the mind of paying it back from your monthly salary or from any incomes that gets to your bank account. If you don't finds it favorable you may abandon it or possibly sets some limitation on the amount that could be totally spent within the period of a month, let say your income is $1k for the whole month always set a limitation of $300 that could be totally spent after which they may deny you access to spend from the card.

[Hispo]

I feel that credit card are kind of a trap for banks to profit off our effort.
I have talked to people how live in the United States and they agree that credit is a new kind of slavery, which of course depends on the context and personal situation of each person.

I would never use a credit card for big purchases, it would be preferable just to use it for small things like you did initially, nothing beyond 20$ per moth. In case of emergencies, instead using a credit card, it is better to go for a collateral-loan so one can get lower interest, that is another reason one is supposed to have gold, silver, Bitcoin or whatever, it can be used as collateral in other cases.


Have any of you checked the interests of loans backed by Bitcoin, there are quite competitive.  
Also, the fact one is giving BTC as collateral encourage us to be more careful with credit and money management.

[livingfree]

There are actually good things to benefit from owning and using a credit card but since I don't have it, I just look at those people that were saying that they're enjoying truly those benefits like in flights, accommodations, hotels and etc.

Banks have offered me credit card but I just don't want to have that thought that I can spend money that's not yet mine and I have to pay back in interest.

If you are for increasing your credit points, you do you. But honestly for me, I wouldn't take anything from a credit card company or even take loans.

As you've experienced, it's mentally draining and will affect you emotionally when you are about to think of it.

[bitzizzix]

Actually, credit cards can indeed make it easier and can. But on condition, we have the ability to pay and use wisely and we also have to know our limits, and we are disciplined in paying. If you can't, then don't expect much that a credit card will make it easier, what is there is even more difficult.
if income is only mediocre, it's better not to use a credit card, and credit cards only make it easier but also a trap that we indirectly borrow to buy what we want and have to pay it every month with interest.

[Frankolala]

If you have the ability to control your spending then you can use a credit card,but if you are the type that when you have access to whatever means of payment,you get carried away without considering if the interest is pilling up. You should avoid credit cards because they are tempting and can turn you to a slave even at old age.

Accumulation of interest on credit,is what makes me stay away from it. There can be a solution to a particular financial problem without using your credit card but just because we have access to credit,that is why we feel it is the best option.

[electronicash]

i am studying in college, i was really excited to get my first credit card . i thought it will give me a sense of independence and allow me to buy things i could not afford with cash.

though, i quickly learned that credit cards can be a double edged sword. while they can be helpful in building credit, they can also lead to debt and financial trouble if not used responsibly.

at first, i used my credit card reasonably, only for like emergencies or small purchases that i knew i could pay off in full each month. but as time went on, i began using it more and more for larger purchases and impulse buys, without really thinking about how i would pay the balance off.

before i knew it, my credit card balance had  blown up to several thousand dollars, and i was struggling to make the minimum payments each month. the interest charges alone were eating up a significant portion of my income, and i felt like i was going under debt.

it was not until i sat down and made a budget that i realized just how much my credit card debt was affecting my overall financial health. i had to make some tough choices and cut back on some of my expenses , but finally,
i was able to pay off the balance and get back on track.

the lesson that i learned here is that credit cards can be a valuable tool for building credit points/scores and making purchases, but they should be used responsibly and with caution. it is important to keep track of your spending(like keeping a journal), pay off the balance in full, each month if possible, and avoid carrying a balance that will increase interest over time. by being mindful of your credit card usage, you can avoid debt and maintain your financial health.

i am weak at economy, is it wise decision to use credit card?

you are lucky to have income while you are in college. you are earning, could have used your cash instead than using a credit card.  
everyone knows how high the interest is with credit cards and its addicting to use when you can get everything you want with just cards.

credit card companies are relentless in calling everyone on their database with debts, you sure will be hearing from them soon. if their bank and company is going to be one who would also collapse in the coming months due to the works of the FED, you're in luck still.  

[nimogsm]

The first thing to understand is that a credit card is a ticking time bomb. If there is no permanent source of income and you will only use the card, you will have debts, this is 100% To avoid this, setting a spending limit from the card and systematically replenishing the balance will help.You need to understand that the bank wants you to get into debt and systematically pay them interest and spend their money.The card must be used wisely.

[Cryptomultiplier]

Credit card could serve great benefits to entrepreneurs who need money for untimely runs and feedback because, the hope of making profits to payback is sure.
For an individual however, I see the usage of credit card as a waste of resources unless one has a business that make money daily to cover the cost is of a credit card.
I have tried applying for credit cards severally but to no avail, the banks has grown accustomed to debiting we the customers rather than securing financial security for its customers alike.
Unless one has a steady source of income, is disciplined enough to spend wisely and understand how credit affects financial growth, I see no reason why it should be abused or used if alternatives exist.

[coupable]

the lesson that i learned here is that credit cards can be a valuable tool for building credit points/scores and making purchases, but they should be used responsibly and with caution. it is important to keep track of your spending(like keeping a journal), pay off the balance in full, each month if possible, and avoid carrying a balance that will increase interest over time. by being mindful of your credit card usage, you can avoid debt and maintain your financial health.

i am weak at economy, is it wise decision to use credit card?

The lesson that you are supposed to be absorbing is that anything if used in excess will lead to problems. The way you use the card is wrong and not every use is wrong.
These cards are designed to make profits from every solution they offer, and for this reason, the system is not programmed to set a spending limit according to the financial situation of each person who will use them. And when you make random purchases, neither the card nor the bank that handed it to you bears responsibility for those decisions. It is better to completely stop using it and ask the bank to freeze it so that you can pay off all debts on it. Also, all banks provide a feature to set a limit for spending on cards, this will help you to use the card more wisely in the future.

[serveria.com]

i am studying in college, i was really excited to get my first credit card . i thought it will give me a sense of independence and allow me to buy things i could not afford with cash.

though, i quickly learned that credit cards can be a double edged sword. while they can be helpful in building credit, they can also lead to debt and financial trouble if not used responsibly.

at first, i used my credit card reasonably, only for like emergencies or small purchases that i knew i could pay off in full each month. but as time went on, i began using it more and more for larger purchases and impulse buys, without really thinking about how i would pay the balance off.

before i knew it, my credit card balance had  blown up to several thousand dollars, and i was struggling to make the minimum payments each month. the interest charges alone were eating up a significant portion of my income, and i felt like i was going under debt.

it was not until i sat down and made a budget that i realized just how much my credit card debt was affecting my overall financial health. i had to make some tough choices and cut back on some of my expenses , but finally,
i was able to pay off the balance and get back on track.

the lesson that i learned here is that credit cards can be a valuable tool for building credit points/scores and making purchases, but they should be used responsibly and with caution. it is important to keep track of your spending(like keeping a journal), pay off the balance in full, each month if possible, and avoid carrying a balance that will increase interest over time. by being mindful of your credit card usage, you can avoid debt and maintain your financial health.

i am weak at economy, is it wise decision to use credit card?

Yeah, using a credit card can be tricky, especially for young people like OP (most of whom haven't accumulated enough funds for big purchases). On the other hand, it's a great lesson of financial discipline. If you'll pass this test - consider yourself ready for independent life.

[Lorence.xD]

Credit card could serve great benefits to entrepreneurs who need money for untimely runs and feedback because, the hope of making profits to payback is sure.

That's why even rich people still use their credit card to any purchase for their credits to increase. Not only they afford to pay the debt incase they used the credits, but also they know how it works so they can circulate the money without losing funds. Well in my case, I have a good credit since whenever I'm buying something I always use my card like to groceries, bills and shopping. Then I decided to buy iPhone for me as a payoff to my hard work, that's the time I used my credit card and I didn't even used any money that day. Of course it will be deducted to your monthly salary but it's amazing that you could bought something that pricey without using fiat money. Therefore I think it's not applicable to people who doesn't afford to budget their income plus the debt incase they use credit card, it will only benefit the banks as they increase the interest of your loans.

[philipma1957]

i am studying in college, i was really excited to get my first credit card . i thought it will give me a sense of independence and allow me to buy things i could not afford with cash.

though, i quickly learned that credit cards can be a double edged sword. while they can be helpful in building credit, they can also lead to debt and financial trouble if not used responsibly.

at first, i used my credit card reasonably, only for like emergencies or small purchases that i knew i could pay off in full each month. but as time went on, i began using it more and more for larger purchases and impulse buys, without really thinking about how i would pay the balance off.

before i knew it, my credit card balance had  blown up to several thousand dollars, and i was struggling to make the minimum payments each month. the interest charges alone were eating up a significant portion of my income, and i felt like i was going under debt.

it was not until i sat down and made a budget that i realized just how much my credit card debt was affecting my overall financial health. i had to make some tough choices and cut back on some of my expenses , but finally,
i was able to pay off the balance and get back on track.

the lesson that i learned here is that credit cards can be a valuable tool for building credit points/scores and making purchases, but they should be used responsibly and with caution. it is important to keep track of your spending(like keeping a journal), pay off the balance in full, each month if possible, and avoid carrying a balance that will increase interest over time. by being mindful of your credit card usage, you can avoid debt and maintain your financial health.

i am weak at economy, is it wise decision to use credit card?

Let me ask you:

 I have a compulsive gambling is it okay to bet 1 dollar on a weekly lottery ticket?

The answer for me would be no.

The answer for you is very likely no for at least six months until you pay the card off.

Maybe it is okay after six months and you won't tap it out again.

[Oasisman]

i am weak at economy, is it wise decision to use credit card?

Well, you have answered most of the vital points on whether or not getting a credit card is a good decision. Not only you that have experienced struggling in using their credit card properly, especially those who have just got approved by the bank.
One thing that we must understand is that, those credit scores are also a trap, because it will make you think that you need to make a credit to increase your credit limit as much as possible in a short period of time.
Good for you that you have learned a valuable lesson regarding the proper usage of credit cards at the early stage of your life.

[Darker45]

I cannot speak for everyone else, but I really hate credit, so while I received some offers for a credit card, I refused all of them. My bank would still contact me every now and then convincing me to grab their limited offer for a credit card that doesn't ask for any requirement and that doesn't charge any annual fee for life, but I remain decided not to get one. I never really liked credit cards as I hate debts. I transact in cash most of the time. But as an alternative option, I also have a debit card. Those are the most reasonable options for me.

And with the advent of digital banking, another option would be to pay through mobile apps.

[libert19]

I stick with debit cards for same reason. Only purchase a thing if there is enough balance in first place, doing thus keeps head free as well for you have nothing to keep track off.

[Poker Player]

i am weak at economy, is it wise decision to use credit card?

No, it is not. The build up credit score thing is another hoax. Credit cards are the product most aggressively marketed by the industry because it is the one that benefits them the most. Starting with you when you are young, financial institutions hope to have you hooked on credit for life, ideally spending beyond your means and paying interest on late fees and the like.

[Dickiy]

i am weak at economy, is it wise decision to use credit card?

My view is that whether you are wise or not in having a credit card is not the main thing because being able to say whether you are wise or not depends on how you use it, if you use it excessively so that your bills swell it's not because you have a credit card but because you are using something excessive function, if you use a credit card to taste like at the beginning of use there may not be financial swelling, like you use a vehicle even though it is beneficial for your activities easier and more efficient but you use it excessively it could just make you miserable if outside your limits, I think so is the credit card.

[bangjoe]

i am weak at economy, is it wise decision to use credit card?

No, it is not. The build up credit score thing is another hoax. Credit cards are the product most aggressively marketed by the industry because it is the one that benefits them the most. Starting with you when you are young, financial institutions hope to have you hooked on credit for life, ideally spending beyond your means and paying interest on late fees and the like.

I think that's also their goal in terms of marketing, so that it's easier for us to spend our money, to be honest when using a credit card it's as if we don't feel like we're losing anything with our money even though at the end of the month it will be a disaster with bills piling up and we have to pay if not the interest will go crazy from what we use and can multiply so that we have difficulty paying interest, and that is what they sincerely hope that the circulation of money will be better in society so that it grows the economy but behind it will make us lulled by the convenience of cards credit and if we can't control ourselves then we are already in their trap.