What do you think about it?
By Explorer
@ExplorewtMe (6333)
Nairobi, Kenya
February 4, 2022 2:43pm CST
It is good to use a credit card or it is a bad idea?
Different people think differently about this. I have seen a lot of people supporting this.
1. you can get a grace period to settle your bill.
2. You can handle some emergencies at times.
3. help maintain your credit score.
4. You can use the loyalty program or other perks like lounge access while traveling.
On the flip side, some people think this is a bad thing for your financial health.
1. you start some bad spending habits as you are not paying real money while purchasing random things.
2. If you are not settling your credit card bill timely you attract high penalties as interest and other charges.
3. Missed payment can hamper your credit score.
4. overspending, high interest, other charges, fraud etc.
There can be many other advantages and disadvantages of credit cards. So what do you think about it?
Do share your thoughts.
6 people like this
7 responses
@DianneN (247216)
• United States
7 Feb 22
@ExplorewtMe It’s frustrating, but they never expire, thank goodness.
1 person likes this
@ExplorewtMe (6333)
• Nairobi, Kenya
6 Feb 22
Ohh that's so sad. Are those air miles are going to expire?
1 person likes this
@ExplorewtMe (6333)
• Nairobi, Kenya
7 Feb 22
@DianneN Ok, That's good. You can use it in the near furure.
1 person likes this
@sweetashoney (3594)
• United States
4 Feb 22
I'm like Sophie, I use a bank card. I made sure to have the over draft taken off, I didn't want to be charged an over draft fee if spend more then what I have in the bank. Years ago my boy friend was having to pay over draft fees about evey pay day, after while that starts to add up. I thing that some people don't understand to is about their credit score. When my son went to buy his house, his credit score had dropped down because he owed to much on his credit cards. They told him he would have to lower the amount owed so it would raise his credit score. They also told him that sometimes you can have to much credit and it will lower your credit score.
2 people like this
@ExplorewtMe (6333)
• Nairobi, Kenya
4 Feb 22
Ok. Thanks for sharing your experience with different bank products. One needs to have control over spending habits.
@louievill (28851)
• Philippines
4 Feb 22
I have both a credit card and a debit card but I seldom or never use it at all, it's only for linking to my paypal or for extreme emergencies and I pay the full amount instead of minimum when it's time to pay.
Credit card is debt, people who do not know how to use it would be setback one step and towards living paycheck to paycheck. Credit cards are so designed by banks to get the unsuspecting into a trap. There's nothing wrong with CC for people who are financially literate, they don't get ensnared because they know how to use CC to their advantage in business, in acquiring assets, as leverage, or as good debt.
1 person likes this
@ExplorewtMe (6333)
• Nairobi, Kenya
6 Feb 22
thanks for sharing your thought with us. Big corporate most of the time use debt to expand their operation.
1 person likes this
@RebeccasFarm (86976)
• United States
4 Feb 22
Well here in my place, it is a necessity to have a credit card ...say for car rentals.
If you have no restraint, do not get a credit card.
1 person likes this
@choijungeun (2550)
• Hangzhou, China
5 Feb 22
When you can have the chance to use the extra money,will you use it or not?I guess most of people will use it even they know they'll take on debt.So i don't think Credit Card is a good choice.Meantime,it maybe will leak your trace and privacy,that's very dangerous.
1 person likes this
@choijungeun (2550)
• Hangzhou, China
7 Feb 22
@ExplorewtMe I don't know the Foreign situation,but under the high-tech totalitarianism of CCP,they can easily track your credit record.How many debts do you have?What kinda things do you buy?Where did you go?They can know it all.Surely,it's not just credit,they have Sky-Eyes system that use the countless camera to supervise their poeple,and many gestapo to test those dissidents and rat those dissidents out to CCP.That's a very scary country.That's why i never use credit,i only use the cash to buy things everywhere.
1 person likes this
@ExplorewtMe (6333)
• Nairobi, Kenya
6 Feb 22
Ok, you have provided a new prospect her of leaking of privacy can you tell us more about in detail?
@ExplorewtMe (6333)
• Nairobi, Kenya
6 Feb 22
That's good. it is straight use what you have. So you are not tacking any debt that you have o payback.
1 person likes this
@healerWitch (417)
• Portugal
4 Feb 22
I only use a debit card. Seeing my parents' credit card debt and the stress that came with it I decided that was not my cup of tea.
1 person likes this
@ExplorewtMe (6333)
• Nairobi, Kenya
4 Feb 22
ok. Thanks for sharing your thought. It is wise to stay away from stress.
1 person likes this
