Credit Card Watch

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Credit Cards are almost a necessity in this day and time. And they truly have their pluses and minuses.

If you are big into ordering via the internet it is pretty much a must to use a credit card for payment. Even if the site lets you pay by check and you mail it in, it will take you about six weeks to get your order. This kind of defeats the purpose of online ordering.

It is much more convenient to carry a credit card than a check book, or to always make sure you have enough cash available.

If you have children, especially in college, it is sometimes easier to allow them to use a credit card for all their purchases.

A lot of people like to use a credit card because they feel it will be easier to get a refund if they need to later on their purchase.

Credit cards can be a quick solution when one is short on cash or in case of an unexpected emergency which requires payment.

Credit cards are the easiest way to establish a good credit rating on your credit report. It is difficult to purchase a car or a house when you havent established a credit history of some kind. Three to Five credit cards that have been open for a couple of years with on-time payments will go a long way in helping to establish a good credit score on your credit report.

Credit cards are usually easy to come by and easy to use. However, this is what sometimes brings out the evil in credit cards. Before you know it one can be deeply in debt with no light at the end of the tunnel. Then you have severely damaged your credit rating.

If you are late on your credit card payments this has opened the door for the credit card companies to raise your interest rates and before you know it you are paying astronomical interest rates on a high balance. With a lot of people this just snowballs and leads to bankruptcy.

The flip side is that credit cards can be used to re-establish credit that has been damaged by collections, late payments, etc. There are credit cards available for those with bad credit. These are usually secured credit cards. This means that you deposit a sum of say $300 in an account with the credit card company and then they will issue you a new credit card with a $300 limit. High interest rates are usually charged for these cards also. People will often acquire 2 or 3 of these type cards in order to rebuild their credit rating more quickly.

People often use a secured card or cards for about 12 months in order to help rebuild their credit score and then are able to switch to a new unsecured card at a lower rate. At that time they would cancel their unsecured card and get their deposit back.

Like anything in life, credit cards are generally good to have when used in moderation and a healthy control over their use is exercised.

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