The Danger of Credit Cards

When using credit, you have to be careful. If you have a tendency to just spend freely, and overspend more than you want too, then I would advise that you get a debit card that you use on every day transactions instead of a credit card.

With a debit card, you can only spend money that you have in your checking account, where a credit card you can spend up to your credit limit, which is a number that the card company decides. Many people don’t keep up with how much they spend and end up accumulating massive credit card debt. You won’t do this with a debit card. A good place to get a debit card is Wachovia, especially with their $50 bonus promotion **edit- promotion ended** going on right now.

While credit cards are not bad, they can be if you do not use them properly. Most Americans today have credit card debt, and many college students do as well. When you are in college, you have enough debt without credit card debt. You need to know when to stop spending money because you don’t have anymore, and how to save money to make it last longer. Hopefully this site will help you make your money go further and if you’re in college graduate with less debt.

Of course, the best way to avoid debt is to pay cash for everything, but I don't like to do that because I can't keep track of how much I spend. I like using a debit card because I can see online what I spend money on and how much I spend, and then I can develop a more accurate budget based on that. By analyzing how much money you spend in different areas, you can decide if you need to cut back on how much you spend on different things. Many times I will start to spend a lot of money on something, like eating out, and not even realize it. But when I see my account online, I realize that I have been eating out too much and need to cut back.

The key to using credit or even debit is to just be responsible. Keep track of how much money you spend, and do not go into debt.