Make Your Credit Cards Work for You

There is a belief out there that credit cards are bad.  While it is true that having outstanding credit card debt is not a good thing since you’ll have to eliminate your credit card debt, it is also true that credit is extremely important to your financial health.  Having access to credit and making payments on time helps establish a foundation of responsibility, which in turn helps your credit score and makes buying a home or a car more attainable.

One scenario in which having credit card debt makes sense is trying to secure a credit card with a 0% introductory APR.  These credit cards charge no interest but usually only last for a limited time.  Why is this a good thing?   Instead of going into your savings account for a big purchase, you can use the no interest credit card for a big money purchase such as for an engagement ring or laptop computer.  The key however, is to make sure to only use the credit card for that certain purchase, and pay it off in time before the 0% introductory APR period expires.  In deciding where to obtain a 0% introductory APR credit card, there are many lending institutions that offer these credit cards.

Bottom line, while credit cards can become overwhelming, it doesn’t mean that credit cards are bad.  The key is to practice financial discipline, and only spend money that you have while paying off your credit card statement on time, and for the full amount. If you have a big purchase coming up, make sure to take advantage of the 0% introductory APR.

For more information on this, check out how to be smart about credit card debt.

 

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Kevin Fallon McCarthy is the McCarthy Law PLC’s managing attorney and an experienced Phoenix debt attorney. Mr. McCarthy has also worked as general counsel for a large corporation. He has corporate counsel experience in human resource matters, general corporate governance, and union class action litigation.