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Hi my name is Lawrence Jonathan and I am on my way to become a 100% debt free man. On this site I will share with you my experience of debt enslavement and how I systematically cleared my debt one by one. If I can do it then you can do it also. It does not matter in what financial situation you find yourself in. You can clear all of your debt and live a debt free lifestyle. How to Manage your Debt - Learn how to become DEBT free today!


Home Category Blog The Pros and Cons of Credit Cards - Credit Card Debt
The Pros and Cons of Credit Cards - Credit Card Debt PDF Print E-mail
Saturday, 12 December 2009 06:20

There are lots of debates about the good, the bad and the ugly of credit cards and credit card debt.

Some of the debt free topics that I will talk about:

  • how to become 100% debt free

  • how to clear credit card debt

  • how not to live beyond your means

  • how to to manage and reduce your debt

You will learn how to become 100% debt free in easy steps.

 

I have lots of personal experience with having multiple credit cards.

* The Pros and Cons of Credit Cards

So I have decided to list the good things and the bad things of credit cards that I have personally experienced.

The good things about credit cards (Pros)

  • It is convenient (You don't have to carry cash around with you)
  • Handy in emergencies
  • You can use credit cards internationally and can use them with thousands of merchants worldwide
  • Some banks give you interest free loans if you pay back your credit card in 55 days for example (If you pay whatever you used on your credit card back in one payment then it is interest free)
  • Can help you build a good credit history
  • Can help you repair a damaged credit record
  • You use someone else's money
  • Can give your rewards e.g. cash back, voyager miles,  points, gifts etc.

The bad things about credit cards (Cons)

  • If you keep on using your credit card your monthly repayment will increase
  • You can damage your credit record if you cannot keep up with monthly repayments
  • You might put yourself deeper in debt hole or bondage
  • Paying to much transaction and service fees with credit card providers
  • You can easily overspend on a credit card and when the bill comes get a shock
  • If you pay the minimum then it can take a long time to pay of credit card and you will end up paying lots of interest

So there you have it in a nutshell the pros and the cons of credit cards (positives and negatives).

Credit cards can be very useful and handy if you are disciplined and committed to manage it well.

* You can become DEBT FREE

It is definitely possible for you to clear all of your debt. I will share with you my personal experiences of how to strategically clear all of your debt. Read all the articles on the site and you will be on your way to become a 100% debt free man / debt free child / debt free teenager / debt free woman

If I can do it then you can do it also. Enjoy :)

Last Updated on Tuesday, 15 March 2011 19:40
 

Comments  

 
0 # Keith 2010-02-20 08:54
Pros and cons having credit card
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0 # Debt Free Man 2010-02-20 08:57
There are lots of pros and cons of having or using credit cards. Read my article at the top a couple of times.

Pro - You have easy money to spend

Con - You have to pay it back
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