The Pros and Cons of Credit Cards and How to Use Them Wisely

The Pros and Cons of Credit Cards and How to Use Them Wisely
  • Opening Intro -

    Like many things in life, there are pros and cons to everything that we choose. When considering getting a credit card, these options must be weighed out to ensure that you are making the correct decision.


If you overlook or misjudge a detail, it can have a devastating effect on your credit score. Let’s look at some basic pros and cons of credit cards.

Convenience and Access

When you’re in a pinch and need the money, a credit card will comes in handy. It’s incredibly convenient to have one in an emergency, such as sudden home or car troubles. Sometimes, you will need to make a payment online or over the phone as well, which would require a credit card.


It is easier to compose a budget when you have an itemized list of exactly what you’re spending your money on. With a credit card statement, you’re given that list and your spending becomes clearer than “how much cash was spent at the store?”

Improving Your Credit

Obviously, if you use your credit card and pay your bills on time, your credit score can increase. This can lead to you getting that home loan you want. Be careful though, because neglecting payments will have the opposite effect on your credit score.

Consolidating Bills

Most bills can be paid through an automatic billing option that is charged to your credit card. With that being said, it is possible to never be late on a bill again. This will give you less to worry about when it comes to finances.

Interest Rates

Credit card companies are in the business to make money. Therefore, you will be paying interest on whatever you charge. If you get behind on your payments, you can easily be facing a lot of debt before you know it.

Receiving a Limit You Can’t Afford

When you pay your credit card bills on time your credit score will gradually increase. With the increase comes new offers for larger limits. Be diligent in choosing the correct limits so you don’t start spending more than you can afford.

Losing Track of Your Spending

Sometimes, receiving an itemized statement at the end of the month has a negative effect. It can become very easy to lose track of how much you’re spending when you only pay attention to your purchases once a month.

Destroying Your Credit Score

As stated above, when you don’t pay your bills you will inevitably destroy your credit score. This is a hole that is incredibly hard to dig your way out of.

Every person’s motives and finances are different. It’s recommended that you weigh out your options accordingly to avoid a mistake. If you find yourself in too much debt from credit card use, seek the help of financial experts to get back on track again.

Informational credit to A C Waring and Associates Inc.


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