Credit Card Powers Like A Super Hero
You can either love them or loathe them but having a credit card is actually a good thing
. The other thing is that if you have credit card with wisdom, the sky is virtually the limit on purchases or borrowing money. Let's face it folks, the days of cash and go is almost a thing of the past. It is not a good idea to carry around wads of bills in your pockets these days. It may feel great carrying around all this loot, but should an unfortunate event that you lose your money, well, it will suck big time. Once you decide to make big purchases, renting or buying, the one of the top questions asked is whether or not you have a good credit standing.
Unfortunately, there are many people out there who do not have a great credit score or on the road to getting themselves in credit hot water. We are all searching for a better credit score and a credit card is very often the best way to build good credit, but take heed: misuse it and they suddenly become your most hated financial burdens. This will bring us to the meat of this article: The Pros' and Con's of having a credit card.
We shall start on a positive note, because we wanted to not scare folks of having a credit card or thinking about applying for one.
The very first positive is that it just really feels great, if this is your first credit card. Congratulations on having your own credit card. Just please don't go crazy with it. Really guys, the sky is the limit when you build a good credit history. The limits are almost endless where you may be able to purchase your dream home, car etc further down the road. Think of having this credit card as gaining some sort of super power. Use it only for good. If this is not your first card, you obviously are extending your super powers.
By owning credit cards, and with the proper uses of it, you most certainly can improve your Credit Status as long as your use is controlled and you don't run into problems your improved credit status will make it easier to gain loans for cars etc. With diligence, you can indulge in make life more pleasant. Again we will use the analogy of your super powers: let the credit card be not your kryptonite.
Sometimes life throws us for a curve ball, and you really need cash fast. This is where having a credit card can be used (provided that you are in good standing) as an emergency financial aid. A credit card can be used, as is the case by many users, as an emergency source of funds. But again, according to the credit bureau, this grace period is very limited and should be used wisely.
When you make purchases, having a credit card can mean a free insurance when it is used to purchase items. Many if not most many cards offer the security of free purchase insurance. If your card doesn't perhaps you may want to investigate this option.
Now that we have shown you some of the countless benefits of having a credit card, we have to give a dose of reality. With the use of the super power analogy, we are going to introduce possible enemies that could seriously damage you and your credit score where it can be a very hard situation to get out of.
Another thing that is a sneaky nemesis is missing payments on the credit card. For every time you miss a payment (even the minimum payment) will have a negative effect on your credit. If you show that you have missed payments over a period of time, not only will you be at risk for a higher interest rate, but your credit score will start to go down the tubes.
There are many more mistakes that people make, but we just wanted to give you the 2 top evils of having a credit card, and where it could go very wrong.
Perhaps this is common knowledge, and may sound preachy, but folks are getting themselves into a whole heap of trouble when it comes to owning a credit card. Like we have said time and time again, that having a credit card is a privilege and not a right.If you have a credit card or many, consider it as having super powers that should really only be used for your good. Be mindful of the big evils out there, but really it could be YOU. Yes we have said it; you are the one who could be your worst villain, so consider this thought as a serious warning.
by: Teeny solomon
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