It has always been a habit to look at the door or window of a store before I enter. If they take credit cards, I will shop there. If not, I will go somewhere else. My reason for this is simple: I do not like carrying cash around with me. After I was robbed on the street in 1990, I have become adamant about my “no cash” policy.
While raising my three children, I was careful to pass down my knowledge of credit card usage. As I recall, I taught them everything I learned about the credit card industry.
I started with:
1. There is no need to carry large amounts of cash and it limits the monetary damage if there is a robbery. If your credit cards are stolen, you can always cancel them to minimize the damage.
2. I automatically have a receipt, just in case I need to return something.
3. It helps to build good credit if I meet my monthly payment obligations. Good credit is needed in today’s world, even to get a job.
4. In addition, they are convenient for internet orders. It broadens the possibilities of where I can shop.
The above reasons are, in my opinion, good reasons for using credit cards whenever possible. However, I sometimes wonder if the good out ways the bad when it comes to using plastic.
1. It is much harder to monitor my spending when using credit cards.
2. It is also easy for my interest charges to pile up if I do not pay attention to them.
3. Sometimes it is hard for me to tell my family NO when they need to borrow money because they simply suggest I get a cash advance from my credit card.
4. My magnetic strip getting de-magnetized is another reason why I have a problem with credit cards. My credit can easily become damaged if I have any unforeseen financial circumstances that affect my ability to pay on time. For me, my initial reason, however, out ways the bad, which brings us to:
Read about it here.
Using plastic to shop can be good, but you also have to be smart!