Disadvantages of Using a Credit Card?

[kerryjoy]

My first thought on this was, theft, someone can steal your credit card and probably might know your personal information.

 

[wiseman]

Even though a credit card is only a means of payment issued by a bank, the credit card holder can purchase goods without having to pay with cash, but is paid by the credit card issuer, and the credit card holder will be billed monthly. However, not all credit card holders can use credit cards smartly and wisely. So in general, what are the disadvantages of using a credit card?

Credit cards make you spend more than you had budget to spend.Then you have to pay back with interest.It is profitable to the credit card company not the consumer.

 

[eLdavis]

Another disadvantage is the number of fees you will have to pay as you use it. Annual feels, late payment fees and so on.

 

[Springtime]

If you do not have self-discipline, better not use a credit card. You'll get into the debt trap. I use credit card for cash back. I always pay my credit card bill on time. Never paid any interest.

 

[Kross]

A credit card is an easy way to engage in impulsive spending if one is not really disciplined financially.