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Credit cards continue to be one of the sharpest tools in the financial drawer. When used properly, they make your every day life much easier. While I’ve been no angel with my credit card, struggling with keeping it in check, it has been there to simplify complicated situations for me. Take online buying. If you’re not paying with a credit card, that’s going to be a pain. You’re going to have to go get money orders which will delay your order until the money arrives or use a personal cheque which will delay it even further since it will have to clear.
Even if you’re shopping in a bricks and mortar store, you can make a major purchase with credit cards without walking around with great big wads of cash on you.
With all of utility they have, they are a very sharp tool indeed. The ease of use tends to entice people to abuse it, even if just a little. The problem with that lies in the following:
Annual income twenty pounds, annual expenditure nineteen nineteen six, result happiness.
Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.
It’s so easy to overspend that we tend not to think much of it. We just assume we’ll make up for it next payday. Toss in high interest rates and it can be a recipe for disaster. At the end of the day, anything that makes it easier to spend money is going to be a very sharp knife. Use it carefully.
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