When using a credit card it should be done wisely and only if you really need to use it. Some advantages and disadvantages of using a credit card are as follows:

Advantages:

1. You can purchase items on the spot and pay later
2. You do not have to use cash
3. No need to write a check

Disadvantages:

1. You pay a high cost to borrow money which is your finance charges and interest rates
2. You debt load is increased and so is your debt to income ratio
3. You decrease the amount that you should be saving in the bank cause you are paying interest and financial charges.
4. Have less money each month for household expenses
5. You can easily overspend and create real bad financial difficulties.

Credit cards can be very costly if you do not watch what you spend. A rule that you should follow is if you don't need it don't use it. If you buy items using you credit cards you will have to pay the lend era finance charge for the use of their money. The finance charge is the total amount you will pay which includes interest rate costs and other cost such as services charges and possible other charges.

If you are having a credit card debt problem one way to get out is to consolidate your debt. To get started just fill out our debt form and one of our counselors will call you to discuss how they can assist you.

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