Credit Cards: Bad Or Good?

There is always a debate among financial gurus, online and offline, as to whether credit cards are good or bad.

Like many things in life, the answer depends on how people go about using credit cards . Think of any common tool around the house. The tool is classified as good when it helps you do a job or save time, but the same tool is classified as bad if someone uses to harm themselves or someone else.

Let’s look at some specific credit card examples. Some people sign up for every credit card offer they get in the mail. Clearly, this is not a good use of credit. A better approach would be to use the sales letters in the mail as research until you find the one offer that comes from the issuer with the best credit card rewards program.

Another example is seen with balance transfers. If you use a balance transfer to lower your monthly payments because you transferred to a card with a lower interest rate, then that is a good thing. However, if you use a balance transfer to simply move the debt from the first card so you can fill it up again with additional debt, then that would be a bad use of a transfer balance.balance transfers, credit, credit card rewards, credit cards, creditc ard reward programs

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