It's not uncommon for people who've had credit or debt problems before to steer away from credit cards. While using cash for purchases has some benefits, there are many good reasons to use credit cards.
If you fear credit and its uses, allow these reasons to open your eyes.
Convenience and peace of mind.
Forgetfulness is a common catalyst of credit repair. If you constantly ask yourself, “Did I pay the bills this month?” then credit and/or debit payments are your best bet. Paying electronically provides you with a record of recent and past payments.
Spending Ability
With cash, your spending is limited to what you have in your possession. Credit cards, on the other hand, allow you to spend what you have available, providing you with additional purchasing power without the risks that come with carrying the same amount of cash.
Rewards
Lots of credit cards offer rewards on your purchases. You can earn points to use toward merchandise, hotel stays, airline miles, and cashback. If you have the funds available, using your credit card for purchases may be worth earning the reward points—especially if you use the cash you would've used for the purchase to pay on your credit card.
Building Good Credit and Savings
Unfortunately, using cash for all your purchases won't help you build your credit score.
With the latest news in rising credit card fees, you may be wondering how credit can save you money.
The simple answer is credit repair. When you use credit wisely, your credit score grows, thereby illustrating your level of responsibility.
A high credit score allows lenders to provide you with better deals, lower interest rates, and big savings over time. While credit vs. cash won’t bring you instant savings, the long-term benefits could save you thousands on mortgages, car loans, insurance premiums, personal loans, and more.
Why waste a free opportunity? Repair your credit now and save thousands of bucks in the future.
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