using credit card

[Iroh]

While owning and using credit cards would definitely have some advantages, the disadvantages far exceed the benefits of having and using them. That’s my opinion.

Unlike debit cards, with credit cards, you are spending money you do not yet own nor have in your account therefore the user is literally borrowing money from the bank to pay at a later date. And the banks in most cases, always collects what it’s owed.

I think using a credit card gives the user a false sense of security as the holder could purchase whatever items at a whim without having to worry about paying at that time. That quickly fades off and reality sets in when you’re neck deep in credit card debts.

[o48o]

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

It depends on your attitude and how are you using it. Technically you should avoid using it but if you are keeping track of your budged and you have a solid payback plan, there's no harm using it as sort of buffer money. Better way would be that you had savings as a buffer money as you can get to all sorts of trouble depending how good you are with your money.

I would say that most people don't need credit card and most of those who want it want it for wrong reasons. Future can get pretty dark if you are spending faster then you are earning.

[isaac_clarke22]

~

It's common than what other people think. I am quite amazed to those who are able to handle the tempt to buy things that they don't even need. People mentioned various things that could be beneficial from it such as being able to get a house with mortgage easily due assuming you have a good credit score. I ain't taking the risk though.

5 credit cards? Damn, I salute you on that.

~

Well a friend of mine long time ago that I accompany before kinda did that. It backfired on him, lol.

[Twentyonepaylots]

While owning and using credit cards would definitely have some advantages, the disadvantages far exceed the benefits of having and using them. That’s my opinion.

Unlike debit cards, with credit cards, you are spending money you do not yet own nor have in your account therefore the user is literally borrowing money from the bank to pay at a later date. And the banks in most cases, always collects what it’s owed.

I think using a credit card gives the user a false sense of security as the holder could purchase whatever items at a whim without having to worry about paying at that time. That quickly fades off and reality sets in when you’re neck deep in credit card debts.

I agree that credit card has its own advantages and disadvantages. But, I think it boils down to the person using it whether they are responsible enough to pay. Also, building credit is also important in today if you are planning to have your business. A good credit score would make you be able to loan money that you can use to start a business. Another is that you should know how to maximize the perks of using it since there are many promos and cashbacks that you can take when using credit card. So, all in all, I think it really depends on how responsible you are as a person to know your limit and also be responsible in paying it.

[Obari]

Credit card makes things easier in the sense that it makes you buy things according to your budget
Most people are not good in keeping cash as a result of carelessness because of the kind of job they do that takes your attention mostly I know of a man that always complain of his missing money after asking him where he kept it he will say he kept it where he normally keeps money this has been happening only to realize he has been misplacing his money and it was not stolen
In the western world where card is  usually used there will no much result of losing money or fake currency

[BIT-BENDER]

First I am very surprised how you feel having a credit card gives you any form of independence and helps you get anything you want? Really they aren’t helping you get anything.

Credit card is a financial slavery if you ask me. Having money to spend at your finger tips that would still be required of you to refund is dangerous and many times can be misused. I have never made use of any card that gives me funds that isn’t already In my account.

[uneng]

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

It depends. You have to weight on each transaction what is more worthful: to pay with your debt card having access to a sweet discount or to pay with your credit card acquiring points that can be redeemed later for more purchases and rewards. Sometimes it will be more interesting to use a credit card, especially nowadays with so many advantages and promotions for its customers.

However, if we are talking about someone who can't manage his expenses properly, I would say credit cards are a big no and should be totally discouraged, because it's going to become a snowball of debt after a while... A hint I can give is that always you open your bank account, you immediately subtract the next credit card's bill amount from your total balance. That will be the real sum of amount you have to spend, and nothing else.

[Gyfts]

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 wouldn't say credit scores are a hoax. I don't think most people need to rely on credit cards for monthly purchases -- but loans for larger purchases are almost always necessary at some point in peoples' lives. Credit score becomes important in that regard.

To your point -- all credit card companies make their money off of late fees and interest. If people aren't responsible to limit their purchases to within their means, a credit card isn't worth it.

[Fortify]

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 definitely should avoid credit cards unless you're in good control of your finances and spending, because they are designed to be very expensive forms of debt if you don't use them correctly. They can be very useful to extend you credit, but you should only use them if you can pay the debt off every single month and not keep a rolling balance. Compared to loans they can often charge in excess of 20% per year, versus loans which you might be able to get in the 5-10% range. The people who use them sensibly are basically borrowing short term and paying it off without interest, the people who don't pay it off make these credit card companies vast amounts of profits.

[yohananaomi]

actually credit cards are two sides of a knife, if used correctly and paying in full for every bill that comes, obviously this will have a good impact. but if each bill is only paid with a partial value, then you can be sure that the interest that occurs will be greater than the actual loan at the bank.
using it in the right way can be sure that a credit card is very helpful, because every transaction made in every transaction will be easier and more reliable than a debit card which is actually paid in cash (for example: hotels, transportation etc.) no authorization is required anymore because the credit card has been authorization through the issuing bank.

[dansus021]

I do agree with you about two sides of blade credit card can be helpful if you can control it but also can be dangerous if you can't control it.

But personally, I need to stay away from credit when Im low on budget or at least I don't really need to buy useful things. So it is always good to use regular debit card with your own money than loan to someone else.

But recently CNBC made a video about - Why You Should Buy Everything With Credit Cards - https://www.youtube.com/watch?v=SnBu2_l_sZ0

[Inwestour]

You definitely should avoid credit cards unless you're in good control of your finances and spending, because they are designed to be very expensive forms of debt if you don't use them correctly. They can be very useful to extend you credit, but you should only use them if you can pay the debt off every single month and not keep a rolling balance. Compared to loans they can often charge in excess of 20% per year, versus loans which you might be able to get in the 5-10% range. The people who use them sensibly are basically borrowing short term and paying it off without interest, the people who don't pay it off make these credit card companies vast amounts of profits.

Not everyone is able to use credit cards correctly, my mate used a credit card to buy expensive shoes for his wife as a sign of reconciliation, since they were in a quarrel, but later his salary was reduced and he could not repay this loan as he expected. As a result, he could not pay the loan on time and he began to accrue debts, this story dragged on for several years and cost him a very large amount, I don’t know if he still uses credit cards now.

[Joshapat]

I haven't used a credit card for almost 5 years, this is because now I don't want to be tempted by credit offers that mess up my finances, especially now that I'm at home a lot of time so a credit card isn't needed, just bring cash or an ATM and already make I'm comfortable.

[molsewid]

I do agree with you about two sides of blade credit card can be helpful if you can control it but also can be dangerous if you can't control it.

But personally, I need to stay away from credit when Im low on budget or at least I don't really need to buy useful things. So it is always good to use regular debit card with your own money than loan to someone else.

But recently CNBC made a video about - Why You Should Buy Everything With Credit Cards - https://www.youtube.com/watch?v=SnBu2_l_sZ0

Yes some credits are good as long as you can pay for it. I have a someone I knew that her addiction is to take out a loan, she even uses our name just for her to take a loan, and those sharks are invading our privacy. If money from credit or loans are being used to investment or to repay other credits then I think there's no wrong about it. Again, it is okay to have credit card as long as you can for it and you are a good credit payer.

[dansus021]

Yes some credits are good as long as you can pay for it. I have a someone I knew that her addiction is to take out a loan, she even uses our name just for her to take a loan, and those sharks are invading our privacy. If money from credit or loans are being used to investment or to repay other credits then I think there's no wrong about it. Again, it is okay to have credit card as long as you can for it and you are a good credit payer.

Yes I actually hear this a lot and some of it becomes trouble. Friend of mine or family of mine had the same issue too one of them ask me to loan some money by using my name but I only help the closes friend and limited amount because it will be dangerous if person run away

[leonair]

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.

A credit card is an effective way to purchase anything internationally even if you don't have any money of your own.  This means that when we buy something with a credit card, the bank lends us that money and it has to pay the money back to the bank at the time of instruction. But in this case we have many advantages but also disadvantages because if we can not return the money to the bank on time then the bank charges us high interest and what is the delay they take compound interest.

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

I don't think it's wise to use credit cards.  Because it takes loan from our bank  And if you fail to repay it on time, you have to pay a high amount of interest.  In this case I think it is better to use visa/master card instead of credit card as you can spend your personal money without being accountable to anyone or paying interest. Using credit card can increase our unnecessary expenses but when you go to spend your personal money through debit / visa / master card your unnecessary expenses can be reduced.

[Chainsmokers]

Yes some credits are good as long as you can pay for it. I have a someone I knew that her addiction is to take out a loan, she even uses our name just for her to take a loan, and those sharks are invading our privacy. If money from credit or loans are being used to investment or to repay other credits then I think there's no wrong about it. Again, it is okay to have credit card as long as you can for it and you are a good credit payer.

Yes I actually hear this a lot and some of it becomes trouble. Friend of mine or family of mine had the same issue too one of them ask me to loan some money by using my name but I only help the closes friend and limited amount because it will be dangerous if person run away

Habits like that in terms of making loans are certainly worrying, especially for yourself,
just imagine if it uses our name and they run away then what will be searched or billed is us,
what is clear is that things like that often happen so we need to be careful.

[Poker Player]

To your point -- all credit card companies make their money off of late fees and interest. If people aren't responsible to limit their purchases to within their means, a credit card isn't worth it.

People who spend more than they should, paying high interest on credit cards I'm sure are tremendously profitable for companies. I can't find data on how many people defer payment with credit cards and it seems to me that it is not by chance, it seems to me that the companies for some very good reason for them don't want to make it public.

We live in a credit-addicted economy, just look at how states spend. So it is not so strange that many citizens do the same, what happens is that these citizens do not have the power of the printer that many states have and they put a noose around their necks.

[gunhell16]

You are lucky and you are free of your credit card debt. Because usually, others who have a credit card are irresponsible in using it, the end result is that they end up in debt and others take 3-5 years to pay off the debt.

That's fine in the beginning, but once you use the amount and start paying every month, you'll feel the ordeal of paying it. So it is better not to try to apply for a credit card if in doubt.

[Z390]

I have had bad experiences using credit cards to shop or buy stuff online, the charges and interest are killing me, and also they can turn to debit too. Today I don't use a credit card anymore since I found all this out, and now I used transfer for almost everything I want to purchase anything online and offline and if the store is accepting Bitcoin it's even better, I have used Bitcoin to buy some phone data and Gift card and I wish that I can buy many more things with Bitcoin someday but now it's limited to buying Gift cards and online subscription.