Credit Cards can be your Friend and your Enemy

Russel-reLight.Personal.Finance

The credit card was started back around the 1950s. Before credit cards, we used cash or debit cards to purchase products. Today, there are 365 million open credit card accounts in the U.S. alone as of the end of 2020, and 84% of U.S. adults had at least one credit card, averaging 3.23 cards per person based on Bankrate and moneytransfers.com data. It tells you that only 16% of people do not use a credit card.

I am not a person who is against using credit cards. But we all need to be careful to use it. Credit cards can be your best friend and enemy you never want to think about or see again.

Credit cards can be your friend because:

• You can build up your credit score
• You can get points or money back
• It is a way to show your financial stability
• A good credit score and save you thousands for loans or mortgage
• You can use the future capital and no need to borrow from others like in the old time

Credit cards can be your enemy because:

• You will spend more than you should
• You can get into debt that never ends
• You will pay more than you spend at the end
• You are tempted by the money that does not…