Credit Card Pros/Cons

CREDIT CARD PROS AND CONS

Jan doe

PD 101

January 06, 2011

CREDIT CARD PROS AND CONS

In this paper, I will be discussing the pros and cons of a credit card. “You no longer have to carry a lot of currency in your wallet and fear of losing it” (www.creditloan.com, 2006). One small plastic card is all it takes this is one the pros of having a credit card no need to carry cash or a check with you (www.creditloan.com, 2006) .We can sit at home and shop online or buy anything you wish, you can pay for it at a later date (www.creditloan.com, 2006). Keep in mind you have to pay on time to get good credit rating that has been my experience with credit cards.

“A credit card is also a convenient option for frequent travelers”(www.ezlion.com, 2010) .No matter where in the world you are in the world you can always rely on a piece of plastic to buy you whatever you want without the hassle changing currency (www.ezlion.com, 2010).

Another upside to owning a credit card is you can use a reward system. I personally experience this myself. American express is one example of this reward system (www.American express.com, 2011) .You can use it to buy airline tickets, gift cards and so much more if you own an American express credit card (www.American Express.com, 2011) .You can do so much more when you have established credit in your name (www.msn.com, 2011) .

The cons of owning a credit card is you can get into debt really fast and you’ve got plenty of company (www.ezilon.com, 2010). There are more than 30 million people in the United States with credit debt in the United States of America (www.msn.com, 2011) .“If you default on payments, you will be charged late fees and the interest rates also keep mounting” (www.creditloans.com, 2006).

“Eventually the amount can inflate to a huge amount that is almost double the original amount that you borrowed” (www.creditloan.com, 2006). It is very crucial that you only spend as much as you can afford with...