People often have a love-hate relationship with credit cards. They love them when they really need money in a pinch: for example, for a big purchase or a medical emergency. However, they hate them when they get the credit card statements in the mail each month. Having credit card debt that is beyond one's ability to pay can cause duress and even embarrassment for individuals in Pennsylvania. The question remains as to whether having a credit card is really a good or bad thing.
Credit cards certainly are convenient for making purchases, but they can quickly trap people. A person may use a credit card to pay the current month's bills. If one has insufficient funds to pay off the balance, the debt continues to accrue interest. The person may quickly end up being thousands of dollars in the hole if he or she continues to use the credit card as a crutch.
Not having a credit card certainly can make a person feel free. However, credit cards are useful for making online purchases or when traveling, as car rental companies and hotels typically require credit cards. In addition, credit cards help a person to establish a stronger credit history.
Although credit cards offer valuable benefits, they also can cause significant amounts of stress when credit card debt gets out of hand. Consumers who feel overcome with debt reserve the right to seek legal protection via personal bankruptcy. Doing so can help the person in Pennsylvania to escape what may feel like a hopeless financial situation and be free once again.
Source: The Motley Fool, Should You Avoid Credit Cards Altogether?, Sally Herigstad, Feb. 8, 2014