Why I Love my Credit Card and Others Hate Them

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Why I love my Credit Card and others Hate them

First, you must define the term “debt”. There’s Good Debt and Bad Debt.

Your home mortgage is a good debt. You are building equity with your monthly payments.

You just have to be smart with your credit cards.

If I had a choice is paying cash or credit, I’d rather hold on to my cash and cash reserve.

Make money with credit cards

Pick and Choose your credit cards wisely.

Here are some of the benefits of credits cards (some with and without an annual fee):

some give 1% cash back. great for a small business, or even a small computer shop where you have to buy goods to build them
gives air miles points
extra $100K insurance if you book your flight with the credit card
decline car insurance when renting cars
offer extended warranty on the stuff you buy on top of the manufacturer’s warranty
Cash and credit cards get stolen. Bad things happens. With a credit card, you are protected.

Granted, some of these are Gold or Platinum cards, that can cost up to $120 per year. Just make sure the benefit you receive is worth more than he annual fee. Otherwise, go for the no-fee 1% cash back credit card!

There is really one catch to all of this.

You have to pay your balance in full.

Otherwise the interest, anywhere from 10-36% will ruin any of the savings outlined above.

If you can’t pay it in full, then the only option is a partial payment

If you are struggling to make that minimum payment, heaven forbid taking a cash advance from another credit card

I don’t understand why the government doesn’t crack down on credit card companies. It really is loan sharking at it’s finest.

It has to stop with you, the people who use them.

Report: Average credit card debt in Hawaii falls - Oregonian

26 Aug 2010 at 1:26pm
HONOLULU (AP) ? The credit reporting agency TransUnion says the average credit card debt in Hawaii in the second quarter was the third-highest in the nation at $5,594. The figure represents a 1.6 percent decline from ...

Credit Card Debt Drops to Lowest Level in 8 Years; Dakotas Have Lowest Delinq...

25 Aug 2010 at 8:34am
The amount consumers owed on their credit cards in this year`s second quarter dropped to the lowest level in more than eight years, as cardholders continued to pay off balances in the uncertain economy. The ...

Cuomo, SUNY Announce Credit Card Protection for Students - The Epoch Times

9 Sep 2010 at 12:52am
Cuomo?s office said in a statement that the probe ?revealed troubling practices that have contributed to the crushing credit card debt faced by many students.? SUNY is the first college in the nation to adopt a ...

Consumers cut back on credit card use for 23rd month in a row - St. Louis Pos...

8 Sep 2010 at 10:01pm
The Fed's credit report covers credit card debt, auto loans and other debt not secured by real estate. It does not cover home mortgages or home equity lines of credit.

Get Affordable Rates On Credit Card Debt Consolidation Loans - The Safest Way...

3 Sep 2010 at 3:01am
Credit card debt is a cause of serious concern today as it is rising day by day at an alarming rate. In case you feel that it is difficult for you to manage your credit card debt then the best option is to ...

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March 23 2009 08:50 pm | Cash Advance and Credit Card and Credit Card Rate

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