The Ultimate Personal Finance Dilemma: Should I Use Credit Cards?

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4 Responses

  1. Reading through this makes me think about how I disregarded the numbers in my account because I was using a credit card. I always said ‘I know I will have the money by the time the bill comes in even though I don’t right now’. High on my list of money mistakes. Strange how my out look has changed. Even if I am a dollar short, I no longer make the transaction. I treat a debit card as if I was holding the cash in my hand. Thanks for being a good influence on me. Although, I guess I didn’t have much choice in the matter, did I? 😉
    Love You,

    • Chris says:

      We’ve been doing much better. Thanks for working with me to make our financial situation better. I think it started with getting rid of our credit cards. We definitely are on the same page. 😎

  2. I agree with all of your points here! And… I’m still a HUGE advocate of using credit cards. With the appropriate guardrails in place (a long track record of living by a budget, tools that allow you to see exactly where every dollar is going, many times the balance of your credit card in cash, etc.) I think all of the dangers you call out can be mitigated. For us, cards actually allow much more granular budgeting, in fact (because we can track things so well).

    BUT, I bet only a small slice of the population can actually place those guardrails effectively. And for those folks, I say avoid cards at all costs (well, you say it… I affirm it!). Don’t let my caveat sound like I’m detracting from your points – they’re important and good.

    • Chris says:

      Haha, thanks. Like you mentioned, those guardrails are key. But knowing that most can’t setup the appropriate checks (or don’t want to), I couldn’t encourage CC usage.
      I’ve just heard and seen so many get into trouble.
      Thanks for the comment, and sharing your thoughts. 😀

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