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The Wife’s Confusing View on Credit Cards

by My Journey to Millions

Post by The Wife

I am not a huge fan of credit cards, but I am aware that sometimes they are necessary.  It has been trying but I have learned over time that a credit card doesn’t always have to equate to an uncontrolled amount of debt.  Credit cards can provide security in an emergency, and better yet they can get you free stuff! But all the good stuff credit cards can bring get voided if you abuse them. And I am sad to say I think one reason America is where it is today is because of the misuse of credit.

I am a huge believer that if you can’t pay for something in full, you can’t afford it (minus things like houses or cars). It is way too easy to keep buying and spending, then only paying the minimum. But that adds up quick, and soon you are in over your head.

But there is a way to use credit cards correctly. Credit card companies probably hate people like me who always pay their balance in full, but they just have to deal with that. We use our card to buy everything, and while doing so we are racking up the rewards points that credit cards offer. Mind you, it takes forever to actually save up enough points to get anything worth while, but if you do your research and get the right card, you can get some great rewards.

I could go on for days about my disdain for credit cards, but I will save you the reading time. My little PSA is this: Use credit cards, but be smart. Don’t buy what you can’t afford, and don’t get over your head. The debt is really not worth it.

Evan’s Note: This post was inspired by the folks at Money Expert.  I asked The Wife if her views on Credit Cards have changed at all since we got married and entered into and succeeded in Operation Eradicate Credit Card Debt.  It seems like she has moved from I hate credit cards, to if I can find the right one and not abuse the card they may be ‘alright.’  I actually find this post very funny because you can sense her anger through the post about the little plastic, but I am rubbing off on her that the card isn’t the evil item but rather the person using it. Point for Evan.

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LH 06/17/2011 - 8:48 am

I have to say that I never thought credit cards themselves were evil; but they can open up a can of irresponsibility – quite easily. So maybe that in itself is evil.;) However, I think they can be great if the person using them understands how they work and pays them off in full each month. The user benefits the most in this scenario.

Jeff 06/17/2011 - 11:10 am

I’ve never thought credit cards were bad – though I do hate carrying balances on them. I’ve began to leverage them more for free things, but have toned down the “buy things I cant afford” with them.

krantcents 06/17/2011 - 11:52 am

I love credit cards because I earn frequent flier miles which I use for vacations. I pay my entire balance off every month because I hate paying interest or fees.

Brian 06/17/2011 - 11:20 am

My wife and I use our cards for everything and pay them off every month. A couple times a year we earn enough rewards for nice cash back. I’m a big fan of free money.

I do have to disagree on your statement that you count cars as something you finance. I’m a big fan of self financing. I make a car payment to my bank account every month, that way when I want a new car I can pay cash. I know that doesn’t work for everyone, but it was some of the best advice my dad every gave me.

Don 06/17/2011 - 8:01 pm

Credit Cards (especially reward credit cards) have always been a friend to me and my frugal ways.

If it weren’t for reward credit cards though, I’d only use credit cards once or twice a year (Christmas and Vacation)…

Sunil 06/19/2011 - 9:02 pm

i take advantage of all major CC promos like AA’s 75k mile and BA’s 100k mile giveaway. i love the fact you can spend now and pay later with no interest (i pay in full). great to have in the arsenal if used responsibly and “properly”

retirebyforty 06/20/2011 - 10:47 am

You know the credit card companies call people like you – dead beats. You’re just using their service for free! How dare you?

Phindm 06/22/2011 - 12:12 pm

99% of my spending is done on credit cards each one is paid off at the end of each month (except 0% cards that I pay off before the promotion ends). Why do I do all my spending on credit cards. I get cash back on all my cards and a small amount of interest on the funds I do not use for every day purchases. Cash payments do nothing for my bottom line, credit cards add a small to my yearly income.

Max 06/24/2011 - 10:21 am

“I am a huge believer that if you can’t pay for something in full, you can’t afford it” I agree. This is why people fall into so much debt and have so many problems financially.


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