From the course: Build Sustainable Wealth and Get Out of Debt
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Should you use credit cards?
From the course: Build Sustainable Wealth and Get Out of Debt
Should you use credit cards?
- So now on the subject of credit cards. When should you use them, or should you use them at all? You're the one who gets to answer that question. If you can use credit cards in a responsible manner and pay the credit card off each month when the payment is due, why shouldn't you enjoy the convenience of having more of your expenses paid all at once on a credit card? If there's no annual fee, why shouldn't you enjoy the cash back, miles, or other incentives offered by these cards? Consider these to be extra perks for wise purchases made within your budget. You may want to limit the number of credit cards you have. Department stores push credit cards to help you save on today's purchases, but having a surplus of credit cards in your name could go against your credit score, which is not favorable when looking to obtain the best interest rate on a home mortgage or other types of good debt. Car loans, should you finance a car…
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