When it comes to having credit cards, there’s a lot of malarkey and misinformation floating around. Peddled by well-meaning people who think they are looking out for your best interests, the lines of reality quickly get blurred. Their heart is definitely in the right place, and I’m not saying that they don’t have reason for concern. After all, the average American’s household credit card balance (for those carrying balances) is over $15,000. So clearly, there is a credit card debt issue in this country.
Still, credit cards tend to get a pretty tough rap. I would never want you to open a credit card if you’ve had credit addiction problems in the past, nor would I ever encourage you to pile up credit card debt. Frankly, consumer debt is a prison sentence and I want you to avoid it at all costs. Yet, using credit cards can be an advantageous financial pursuit when it is done properly. That’s why I’m slipping on my white jumpsuit, strapping on my proton pack, and heading out to bust these 8 common credit card myths! [Read more…]