Why might it be a good idea to use credit to buy durable goods? Why might it be a bad idea

Why it might be a good idea to use a credit card -

• Credit cards are a great way for people to build credit.

• Credit cards are more secure than cash, because if you lose it or get your information stolen the company can place a hold on it.

• Many credit cards offer reward points.

• If an emergency happens (medical bills, car repairs, house repairs, or appliances breaking and having to buy new,) and you don’t have the money for it at the time you can pay for it with a credit card. Instead of having a huge bill at one time, you can pay it over time with interest.

Why it might be a bad idea to use a credit card -

• Applying for too many credit cards can damage your credit score.

• If you don’t pay off you credit card each month, you have to pay interest each payment the following months.

• People typically end up borrowing more money and buy more stuff. It’s very easy to overspend and put yourself in a lot of debt.

• If you overspend too much you can end up paying it off for years.

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