Most American Should Not Use Credit Cards

Most American should not use credit cards

Credit card debt is a major problem in America today. Many Americans do not understand the concept or even have the discipline of knowing when to use a credit card and will spend more money in the long run due to fees, over spending, and charges. All of this, with the possibility of becoming a victim of fraud, which can become a huge catastrophe. With interest rate on the rise, and the ease of fraudulent transactions becoming an everyday occurance, why would anyone want to have a credit card?

People will spend more when they are using credit cards then when using cash. According to creditcards.com American household has over $9,300 in credit card debt. The concerns are that many have bad spending habits and there are few people willing to own up to their balances. There are nine out of ten Americans that have no idea how long it would take to pay off a credit card bill if one were to make just the minimum payment.  When asked how long it would take to pay off a $1,000 bill, over half underestimated the actual time of seven to eight years. (creditcard.com 9/13/10) There are about three in four Americans that share that they do not read the terms and conditions and many others that have got no clue how long it would take to pay off one of their credit card bills with just a minimum payment. More than eight in ten Americans view their credit cards as "an easy way to get into debt," according to the new report Taking Charge: America’s Relationship with Credit Cards.  The benchmark report delves into every aspect of credit cards’ role in people’s lives:  how Americans uses, manage, understand, select, and feel about credit cards. (credit cards 9/13/10) There is a high probability that you will spend more using your credit cards and then borrow money from the credit card companies and then get hit with fees for exceeding your credit limit. Credit cards can make it difficult to budget, making it harder to save for retirement...