Pros and Cons Of Credit Cards

01 August 2012 22:30 - Phoebe Robinson

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Pros and Cons Of Credit Cards

As easy as it is swiping your plastic, you must remember that there are disadvantages where there are advantages.  If you are financially organised and you pay your bills on time each month and do not carry over a balance a credit card can be convenient. However it can also bring you into deep debt if you are not careful. This is why both pros and cons should be considered.

The great thing about credit cards is that they can be used overseas. Also they boost your purchasing power because they can be used to buy goods and services over the phone, through the mail and online. They provide financial backup in the event of emergencies like unexpected healthcare. Some credit cards offer cash back as incentives and there are numerous reward schemes that come with certain credit cards. 

However there are drawbacks, for example some consumers feel like they need to speed more than they have, and this leads often to people rolling over their monthly balances for several months which will get you into serious financial trouble.   On top of this when you default on credit card payments, you are charged with late fees and interest which will increase your debt load. And this could lead to carrying a load of debt which would add to your credit score and give you a bad credit rating.  Studies have shown that credit card debt is a significant factor in consumer bankruptcy.

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