Credit Pitfalls

It’s no doubt plastic can be a great convenience. It’s easier to shop online, by mail order, and by telephone. Credit cards remove the need to carry much cash and are actually more secure than paper money; offering more guarantees should you receive faulty goods or bad service paid for with the card.

However, it's also widely accepted that credit cards have a dark side, although you probably wouldn’t know that by looking at credit card advertising and marketing. It's all too easy to rack up debts on your credit account and interest rates on these debts are typically among the highest in the credit industry! And, with irresponsible use, you can get into some serious financial problems, including bankruptcy.

Having bad credit affects your ability to do many things. It may mean being unable to purchase a car or home—or having to pay extremely high interest rates to do so. It may mean being unable to open a checking account, or being unable to rent an apartment. Some employers even reject job applications if a potential hire has poor credit.

Excessive debt can cost you a lot more than just money! It not only has the power to affect you today, but it can also severely damage your future!