Are Credit cards wise?

[Rockstarguy]

The use of credit cards for me is unwise. You are spending money that’s not even yours yet. How sure are you that you can pay for everything you are buying now? No matter how good your source of income is, nothing is permanent. Credit cards only force you to spend more than what you can. Agreed?

I think it also has its advantages, but as individuals, at least one really needs to think if they truly want a credit card. If you believe it is not beneficial to you, then there is no point in using the credit card.

For some people who are not conscious of how they spend, having a credit card is an opportunity for them to spend unnecessarily. To some, credit is just there for them to get whatever they want and accumulate bills, while for others, it is just there as an opportunity to create value.

[Wind_FURY]

The use of credit cards for me is unwise. You are spending money that’s not even yours yet. How sure are you that you can pay for everything you are buying now? No matter how good your source of income is, nothing is permanent. Credit cards only force you to spend more than what you can. Agreed?

I think it also has its advantages, but as individuals, at least one really needs to think if they truly want a credit card. If you believe it is not beneficial to you, then there is no point in using the credit card.

As individuals, whether you believe that a credit card has an advantage or a disadvantage, will always give you an advantage because of the reasons given in previous posts.

But that's with the presumption that you use it responsibly, and pay your credit card bill every month.

For some people who are not conscious of how they spend, having a credit card is an opportunity for them to spend unnecessarily. To some, credit is just there for them to get whatever they want and accumulate bills, while for others, it is just there as an opportunity to create value.

You're talking about the the people using the credit card, not the credit card itself.

[gunhell16]

The use of credit cards for me is unwise. You are spending money that’s not even yours yet. How sure are you that you can pay for everything you are buying now? No matter how good your source of income is, nothing is permanent. Credit cards only force you to spend more than what you can. Agreed?

I don't really think it's good to use a credit card it's more like a luxury in my opinion. It only looks good because it's cashless and keeps you safe from snatching or theft. However, when the bill starts coming in, that's when we feel the suffering.

Also, it's not really good because it just puts us into debt, since we end up spending borrowed money on things that aren't really that important. And you'll always be vulnerable to tempting situations surely, in the end, it will lead to trouble.

[imthegreat]

The use of credit cards for me is unwise. You are spending money that’s not even yours yet. How sure are you that you can pay for everything you are buying now? No matter how good your source of income is, nothing is permanent. Credit cards only force you to spend more than what you can. Agreed?

I think it also has its advantages, but as individuals, at least one really needs to think if they truly want a credit card. If you believe it is not beneficial to you, then there is no point in using the credit card.

For some people who are not conscious of how they spend, having a credit card is an opportunity for them to spend unnecessarily. To some, credit is just there for them to get whatever they want and accumulate bills, while for others, it is just there as an opportunity to create value.

I also believe it's important to understand and have a variety of opportunities, because they may be needed to profit here and now. Many young people in the country where I live take out huge loans, but they don't buy cars or iPhones; they invest in businesses or develop their own. In my city, a guy started a food delivery business, and he couldn't have done it without loans. Similarly, some time ago, I invested in Bitcoin at 70,000 using borrowed money. It was a risk, but I believed in what I was doing and in Bitcoin's growth, and everything worked out. I sold the coins at 110,000 and am now waiting for the next opportunity.

[Mame89]

The use of credit cards for me is unwise. You are spending money that’s not even yours yet. How sure are you that you can pay for everything you are buying now? No matter how good your source of income is, nothing is permanent. Credit cards only force you to spend more than what you can. Agreed?

In response to this it all depends on your perspective on credit cards. Some people view credit cards like borrowing from a friend in real life. You lend them without question as long as you pay them back the next month or in installments.

But others see credit cards as a solution even though they're like debt because they're always paid off immediately after use nothing is forgotten no matter how small. The key to using credit cards is to always monitor your credit card usage and maintain a cash flow mindset.

[Mallampue]

The use of credit cards for me is unwise. You are spending money that’s not even yours yet. How sure are you that you can pay for everything you are buying now? No matter how good your source of income is, nothing is permanent. Credit cards only force you to spend more than what you can. Agreed?

I don't really think it's good to use a credit card it's more like a luxury in my opinion. It only looks good because it's cashless and keeps you safe from snatching or theft. However, when the bill starts coming in, that's when we feel the suffering.

Also, it's not really good because it just puts us into debt, since we end up spending borrowed money on things that aren't really that important. And you'll always be vulnerable to tempting situations surely, in the end, it will lead to trouble.

Almost everyone here believes that using a credit card is not a good thing for us because of the consequences that can be detrimental in the long term, especially if we shop impulsively, which has the potential to ruin our finances. I think credit cards are like marketing used by banks to always tie their customers' money and profit from the fees they charge. There are very few benefits to credit card users.
If you look at the references, this depends on personal financial management and the use of the credit card itself. If you are a wise person in shopping, you will certainly use it wisely for your needs and facilitate many transactions.

[Hypnosis00]

If you are a person who likes spending your funds like a one day millionaire, having a credit card is very unwise. You will only hit your highest credit limit in less than a month and then you will struggle after on how to pay your bills which you didn't imagine that it would reach that far.

However, having a credit card is wise if you are the type of a person who likes to spend that is always based on a budget, who likes to set limits in budgeting, and who likes to track expenses and minimize unnecessary spending. With that, you can be sure that you are using your card only on your needs, not your wants. And the good thing is, its an installment basis so you still have time to save before hitting the due date for paying.

[justdimin]

I also believe it's important to understand and have a variety of opportunities, because they may be needed to profit here and now. Many young people in the country where I live take out huge loans, but they don't buy cars or iPhones; they invest in businesses or develop their own. In my city, a guy started a food delivery business, and he couldn't have done it without loans. Similarly, some time ago, I invested in Bitcoin at 70,000 using borrowed money. It was a risk, but I believed in what I was doing and in Bitcoin's growth, and everything worked out. I sold the coins at 110,000 and am now waiting for the next opportunity.

While it is true that credit cards and loans could help a business a lot, when it comes to personal life I am not sure if that's the case. Don't get me wrong I have mountain of debt on both loans and credit cards, and I made them smaller now, but I also think that it is something for urgent situations. You get sick and need to be taken to hospital?

Great to have a credit card if you do not have the money. Want to buy the new iphone coming out? Horrible way of spending with credit card. As long as you know the difference, it's good. All loans are bad when you go for depreciating asset and credit card is not an exception but unfortunately most credit card users are going for such thing most of the time.

[Wind_FURY]

If you are a person who likes spending your funds like a one day millionaire, having a credit card is very unwise. You will only hit your highest credit limit in less than a month and then you will struggle after on how to pay your bills which you didn't imagine that it would reach that far.

If you're talking about the PERSON using the credit card, then there are probably people who shouldn't use it because they're high-risk for the entity lending the credit.

But because OP is asking if it's wise to have/use a credit card, the answer is YES because of the reason that I have already posted.

[Fakhrulenclix]

The use of credit cards for me is unwise. You are spending money that’s not even yours yet. How sure are you that you can pay for everything you are buying now? No matter how good your source of income is, nothing is permanent. Credit cards only force you to spend more than what you can. Agreed?

In response to this it all depends on your perspective on credit cards. Some people view credit cards like borrowing from a friend in real life. You lend them without question as long as you pay them back the next month or in installments.

But others see credit cards as a solution even though they're like debt because they're always paid off immediately after use nothing is forgotten no matter how small. The key to using credit cards is to always monitor your credit card usage and maintain a cash flow mindset.

Typically, all credit card holders have a monthly or fixed income, making it more likely they can afford to pay their bills.

Credit card use is actually effective, but it depends on how you manage and limit your spending. It all comes down to personal preference. If someone can't manage their finances effectively, even if they don't use a credit card, they'll still have financial problems.

Credit cards are meant to make things easier, so we should use them positively.

[bubilas]

If you are a person who likes spending your funds like a one day millionaire, having a credit card is very unwise. You will only hit your highest credit limit in less than a month and then you will struggle after on how to pay your bills which you didn't imagine that it would reach that far.

However, having a credit card is wise if you are the type of a person who likes to spend that is always based on a budget, who likes to set limits in budgeting, and who likes to track expenses and minimize unnecessary spending. With that, you can be sure that you are using your card only on your needs, not your wants. And the good thing is, its an installment basis so you still have time to save before hitting the due date for paying.

I also set limits for my budget. After all, I also love the track app, where I track all my expenses and income. But I eventually realized that wasn't entirely accurate. There are months when you need to allocate certain amounts of money so that you can have more later, for example, to start a business or to buy materials for selling the next craft to fulfill an order. And because of these expenses, your expenses increase, but your profits will increase later.
And it's precisely at times like these that a credit card saves me, because I can withdraw a certain amount of money for a month or two, which will help me survive until the next payday. Or I can withdraw funds and earn cryptocurrency, and then I can return the money to the credit card.

[qwertyup23]

The use of credit cards for me is unwise. You are spending money that’s not even yours yet. How sure are you that you can pay for everything you are buying now? No matter how good your source of income is, nothing is permanent. Credit cards only force you to spend more than what you can. Agreed?

This is exactly the reason on why credit cards are not for everyone.

The use of credit cards entail that you fulfill your obligation of paying you dues when they fall on a specific date. Additionally, credit card companies will screen each and every person before they issue such cards. If they see that someone is not financially capable of paying their dues, then they will not issue anything to them. Also, if the person applying for the credit card earns a relatively amount of money monthly, then only a small amount of credit limit will be granted.

I kid you not, almost all banks have a specific ledger where they see the spending habits of a person. They can permanently tag a person as a BAD CREDIT and you wouldn't be able to use the privilege of that card to all banks.

In conclusion, using a credit card is an excellent method of budgeting your expenses. It somehow forces you to become financially responsible because failure to pay your dues will be faced with consequences that you will regret financially.

[bitLeap]

The use of credit cards for me is unwise. You are spending money that’s not even yours yet. How sure are you that you can pay for everything you are buying now? No matter how good your source of income is, nothing is permanent. Credit cards only force you to spend more than what you can. Agreed?

I rarely use credit cards anymore, but now that there are so many payment methods available via ewallet, that's what I use. I'm not against credit cards, but I just don't like the system of having to maintain a minimum balance and then being taxed every month.

[9ja Amaka]

The use of credit cards for me is unwise. You are spending money that’s not even yours yet. How sure are you that you can pay for everything you are buying now? No matter how good your source of income is, nothing is permanent. Credit cards only force you to spend more than what you can. Agreed?

Agreed. The purpose of a credit card is to allow someone spend money on things that they need at the moment, but dont have the cash to pay for. It should be on valuable things, most importantly. The reverse is the case in our world today. Because they can purchase whatever they want until they reach their limit. What access to credit cards cause to many people is to put them into more debt as time goes on. It will be better if there were no credit cards at all, because the disadvantages supersede the advantages it does to people.

[Roseline492]

The use of credit cards for me is unwise. You are spending money that’s not even yours yet. How sure are you that you can pay for everything you are buying now? No matter how good your source of income is, nothing is permanent. Credit cards only force you to spend more than what you can. Agreed?

Any good and realistic means of helping people while they do not have money is not unwise because it save them from going to someone to borrow, credit card is also borrowing but is only between you and the bank. If they have giving you the credit card it belongs to you from that time because you are already on agreement of paying back. If your salary does not force you into buying anything you see definitely credit card will not also force you. If I was meant to use credit card and the money I needed on that urgent is not much, I will make sure is the only amount I would put on the credit card so that it doesn't go above the way I want to spend.

[Coyster]

It should be on valuable things, most importantly. The reverse is the case in our world today.

I don't know what you regard as valuable things, but the truth is that you can spend it on anything, from travel to groceries or even a change of wardrobe, i don't know if that passes for valuable to you. It is only essential that you stay within your credit limit and do not make purchases on things that you'd struggle to repay. In short, just being responsible with your credit card.

[DrBeer]

The use of credit cards for me is unwise. You are spending money that’s not even yours yet. How sure are you that you can pay for everything you are buying now? No matter how good your source of income is, nothing is permanent. Credit cards only force you to spend more than what you can. Agreed?

On the one hand, it is impossible to disagree with you.
On the other hand, there are nuances! The main nuance is how and why you use them.
If a person thoughtlessly uses  CREDIT money to buy all sorts of useless things, especially if they have limited income, that is utter idiocy. With their unhealthy consumerism, they are taking on new debts that will be extremely difficult to repay.
On the other hand, sometimes it is PROFITABLE. For example, I use them to my advantage. I have a good credit history, and I have access to some convenient banking services. For example, at one bank (opening a bank account for individuals is free, and there are no restrictions on the number of accounts that can be opened at different banks), I can use funds interest-free for up to 60 days.
At another bank, I can buy goods on installment plans with no interest for up to 36 months, in equal installments. For example, if something costs $36,000, I can pay $1,000 per month, but without paying a cent in fees! With today's inflation, this is ECONOMICALLY ADVANTAGEOUS for me! So my answer is yes, I use it, but with certain features.

[maknyos]

As long as we have the money, why use a credit card? That's the question on my mind.

Usually when we have a credit card then we will find it difficult to control our spending. I'm not saying that because I have a credit card, but I have a credit on a shopping app that allows me to pay later. Honestly, it's hard for me to control it, because when I see something and I want it, then I will buy it even though it's not important. From there I realized that it was not good for my finances.

[Rikafip]

I don't know what you regard as valuable things, but the truth is that you can spend it on anything, from travel to groceries or even a change of wardrobe, i don't know if that passes for valuable to you. It is only essential that you stay within your credit limit and do not make purchases on things that you'd struggle to repay. In short, just being responsible with your credit card.

The bold part is the problem for like 99% of the people that are using credit cards, and banks count on that.

I do have a family member that is using credit cards on the regular basis, but they are extremely disciplined about it and haven't missed a single payment in like 20 years. They mostly use it to buy something that they need now, and can't wait for like a year to save enough for it, and always interest free.