Financial Facts Friday! Credit Cards, Pt. 6: Pros and Cons of Credit Cards

Welcome to Financial Facts Friday!

Credit Cards, Pt. 6: Pros and Cons of Using Credit Cards!

Cons:
1. Predatory and variable interest rates.
2. Destructive tool in the hands of those who lack impulse control (which seems to be who credit card companies primarily target with credit card offers and advertising).
3. Overspending, leading to debt.
4. Potential to destroy a credit score, if used irresponsibly.

Pros:
1. Fraud protection-your personal money not at risk.
2. Potential for use of someone else’s money, especially in the case of entrepreneurs.
3. Build or rehabilitate a credit score.
4. Credit card rewards.
5. Convenience.

Credit cards are not good or bad, like most things, it really depends on the person using it. This information is not advice, just some things to consider before making a decision for yourself.

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