Thursday, March 1, 2007

10 Reasons NOT to get a credit card

After yesterday's post about why you should get a credit card and what benefits it could provide, here are 10 reasons NOT to get one and how it can harm you in the long, and sometimes even the short run.

1. They can damage your credit score
2. They can come with universal default
3. They charge huge interest rates
4. They come with numerous fees
5. Many cards have a hidden rule in the fine print
6. They have deceiving minimum payments
7. They encourage impulse purchases
8. They increase your spending
9. They encourage you to spend more money than you have
10. Credit cards will bait and switch
Details here.

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