Every financial expert gives the same piece of advice: Get out of the credit card rat race! But many of us forget or have never quiet realized that the purchases we make with plastic will have to be paid for with real dollars.
Studies show that shoppers and diners spend at least 30 percent more when they use a credit card than when they pay in cash!
When you use a credit card, you are really borrowing money taking out a loan on which a high interest must be paid.
With offers of credit cards in the mail almost everyday even to students and kids some people have wound up owing a wallet full of cards, with outstanding amounts on every one . It’s madness.
There are several real, practical uses for credit cards. One is as I.D. in cashing checks. Another is to rent cards it’s impossible now to do this for cash because car rental agencies demand to see a credit card.
You can use them for telephone transactions and internet purchases. Also it is convenient to use one for hotels and meals when in travel.
You are in an ideal spot when you can own a credit card to use in emergencies, but pay off debt when it comes.
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