While parents offer credit cards to their children who have not totally learned how to delay gratification, the American society induce to their consumers the tendency to buy excessively without paying attention whether they will be able or not to pay the debt accumulated when purchasing with credit cards. In turn, this make lot of Americans to increase in debt and finally to be unable to repay, causing problems with the economic balance and with personal credit too.
The real problem with credit cards is that the owed amounts must be paid back, this way the higher costs accumulated since the initial purchase could be avoided as well as the high interest rates of credit cards.

Credit cards eliminate the need to carry large sums of cash

If you are away from home without cash, you often can receive a cash advance or have the option of buying traveler's checks with a credit card

Places that are suspicious of personal checks often take credit cards.

Credit cards act as a short-term loan if you find something that is a bargain and haven't the cash or balance in your checking account to pay for it.

If you move to a new place, credit cards give you purchasing power until you establish yourself as a good risk in a new community.

If you charge an item or service that costs $50 or more in Colorado (or within 100 miles of your home) and later discover it doesn't work or has other problems, you can withhold payment from the credit card company if you have attempted to resolve the problem with the merchant.

You often get the best rates of exchange when traveling in foreign countries if you use your credit card for purchases and your ATM card to get cash. Check with your card issuers about surcharges before you leave on your trip. A two to three percent surcharge may eliminate this advantage.

Credit cards can help coordinate receipts for tax purposes.

Bookkeeping is reduced to one monthly bill as opposed to checks.

Disadvantages

Some people have been swindled by giving their credit card numbers to dishonest salespeople over the phone.

It becomes a loan when the credit becomes due and you do not pay for it.

Adding monthly interest charges means you pay more for the goods and services.

Consumers often have more than one credit card and each one has a credit limit. When the credit limits for all cards are added up, the total can be in the thousands of dollars. Consumers can fall into the habit of using credit cards to extend their income.

Credit cards are easier to use than applying for loans even when a loan from a credit union, bank or other financial institution may provide the funds at a lower interest rate.

Due to easily availability of credit card you tend to spend more than you earn. Interest rates on credit cards are typically much higher as compared to other investment. credit card debt keeps on increasing month by month because you have to pay for the current month as well as previous pending dues.

These debt can be taken care of by proper credit card management. If you are in huge debt and want to get out of it fast, we suggest two programs, with the help of which your debts will either be converted into single reduced monthly payment OR we will negotiate with the your creditors and possibly eliminate your late fees and interest charges.

Since both programs provide free quotes, we suggest you to apply for both programs and then opt for the best one. Just fill out one of our FREE applications and one of our debt counseling experts will contact you shortly.

Using a credit card may be a quick and easy way to pay for stuff but this may come at a cost for some. For example:

* Credit card spending is essentially borrowing. Interest will be charged on any purchases made that aren’t paid off when the interest free period runs out.
* Interest charges on these products are often a lot higher than those given by other loan products. This can make even a small debt grow relatively quickly.
* Being given a credit limit to spend often encourages users to spend beyond their means/ability to repay. This leads some into significant debt difficulties and can create an impaired credit history.

It is possible to use a credit card sensibly and not have any difficulties. Responsibility for this, however, is down to the card holder and not the credit card company.