Credit cards are one of the best financial tools you can have, but they can also be dangerous and leave you with lots of debt. If you are thinking about getting a credit card, then it important that you know the downsides as well as the benefits. This will help you to use your credit card more wisely and avoid getting into debt. Here is some advice what a credit card cannot do for you.
It cannot make you richer
Although having a credit card will improve your cash flow and financial independence, it does not make you richer. Many people who get into credit card debt do so because they see their credit limit as their own money. In fact, that credit limit is simply the amount that you can borrow from your card issuer. Instead of making you richer, every time you spend on your card you are pushing yourself into debt. The only way to stay out of this debt is to make sure you can afford to pay back what you spend.
It cannot stop your debt problems
Many people get hold of credit cards because they think a credit card will help them solve their current debt problems. If you are spending more than your income then using a credit card is not a good idea....
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