Do I really need a credit card? I am a divorced mother of two and wanted to get rid of some debt. Does it make sense for me to have a credit card? I'm wanting to close my credit card and just put money into a savings account.
By Cheryl
Add your voice! Click below to answer. ThriftyFun is powered by your wisdom!
I think it would be prudent to keep the credit card. There are so many things that a credit card is required for reservations. Case in point: My parents do not have a credit card. My mom recently had a health problem that required equipment to be reserved with a credit card. Had I not been there when the equipment company called, I don't know what they would've done. Airlines and hotels also require a credit card for reservations, even if you're going to pay cash.
Even if you only use it for a small item once a month, it helps your credit score also. The trick is not to continually keep a balance on it or use it to spend beyond your means. That's where most people get into trouble.
I agree. Just because you have a credit card doesn't mean that you have to use it constantly. A credit card is a tool, and does not open the door to foolish spending unless you allow it to. Keep it for emergencies; you may never need it, but if you do, you'll be glad it is there.
Google Dave Ramsey. He has a national radio show all about cutting up your credit cards and becoming debt free. It will change your life!
I would keep it. You never know when you might need a new fridge, stove or something that you just don't have the money for and they won't set it up on payments. You never know when an emergency will come up. Just don't use it otherwise.
If an emergency does come up and you use it, pay it off as soon as possible, preferably pay it in full when the credit card bill comes in. Always pay as much as you can on the credit card bill. Do not pay only what the monthly payment is.
Add your voice! Click below to answer. ThriftyFun is powered by your wisdom!
