Live With Credit Cards

Essay by PaperNerd ContributorUniversity, Master's October 2001

download word file, 1 pages 0.0

The ability to buy on credit is an important thing, but no matter how good this all looks, credit has its advantages and disadvantages. It can help you but it can also hurt you.

Buying on credit can be a convenient thing for anyone. Establishing and having good credit makes anyone a credible person. In addition credit cards help track the way you spend your money. One of the greatest advantages of a credit card is that it can help whenever you face financial emergencies.

As good as it may look, credit cards also have disadvantages. Every time you buy on credit you can end up paying more than the original price of the item. In a like matter they have hidden fees such as: monthly fees, annual rates, and interest rates. Credit cards can also be an addictive thing that can get anyone into an immense amount of debt.

Another disadvantage is that any late or missed payments can affect your credit rating.

The misuse of credit cards has serious consequences. If you don't manage credit cards well they can take over your life. Also too much debt brought on to you by credit cards could make you lose all of your monetary savings. Another consequence of misusing credit cards is that you have the risk of having it stolen. If you don't pay any of the bills being sued by the companies is a chance you'll have to take. In the end you might end up having to return many of the stuff that you might have bought with your credit card.

In conclusion buying on credit has advantages and disadvantages and if you abuse them you might have to pay sever consequences. Credit cards might help us at times but they can ruin us if we let...



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