The pros and cons of credit cards examined (Credit Cards in general)

Member Name: stephanieasmith

Product:	Credit Cards in general
Date:	25/02/07 (92 review reads)
Rating:

Advantages: qiuck but, dont have to keep cash on hand

Disadvantages: too many to count

Pros of the credit card:

1)Makes it easy to shop,just swipe your card,and your item(s) is(are) paid for-much easier than counting out bills or writing out that check.

2)Many credit card companies offer an introductory period where you have no fees and/or interest-or a lower interest rate, usually one year or 18 months.

3)Emergencies-like when your car breaks down and you have to get it fixed-are easily taken care of in a pinch.

4)If you don't have the money now-but will have it soon-you can use the card for needed purchases like gas.

Cons of the credit card:

1)when your introduction period ends fees can be incredibly high,for ex. my soon-to-be father-in-law has a credit card where the interest is 20%.

2)Very easy to loose track of what you spend. I don't know about most people, but i have enough trouble trying to keep track of my checkbook!

3)Everything-and I mean everything-is more expensive in the long run using a credit card-due to fees and interest

4)Miss a payment,and things get repossessed.

5)Pay the minimum, and that $800 computer costs $4,000 and you are paying on it for 5 years.

Overall, I would not recommend anyone with an income under $100,000 a year to get a credit card for anything but emergencies.And when you use it, pay the balance off as soon as you can.

copywrite Stephanie A. Smith, 2007

Summary: A qiuck and easy list to help decide whether a credit card is right for you