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Financial Responsibility
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Current Level:
Fundamentals
Measuring Finances
Credit Cards
Assets vs. Liabilities
Investments
Conclusion

 

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This and That:
Learning Financial Responsibility

A Word About Credit Cards

Some people think that credit cards are evil. They really arenít. I happen to think that the invention of non-cash financial transaction systems including Debit and Credit cards is one of humanity's greatest advances. Yes, there are risks. One, for example is, that you literally carry around a token that is worth more than just your account balance. Think about it. If your credit card is stolen, what have you really lost? The risk is that whoever stole you card can use it for whatever you were able to use it for. That being said, think about the largest transaction you are able to put on your credit card. Hint: - Whatís your credit limit and is it tied to the amount of money in your account?

Sure, there is risk associated with credit cards, but it is my firm belief that the biggest risk with them is lack of education of their users. No, Iím not trying to insult you. Nor am I trying to diminish the education millions of Americans received. But there is a reason why credit card debt spans educational levels from the underprivileged with no significant schooling to the academically advanced and even doctor and professor levels. Why? Ė Because they were never trained on how to use this payment method correctly. And the credit card companies want you to have a certain amount of a card balance from month to month because thatís how they make money. 

So why, then, do I think they are good?

Truthfully: because they increase your security. Think about how many things you buy even throughout an individual week and how much money you spend and then think about the risk of everybody carrying around that amount of money in cash. Ė Doesnít that sound like it would be a lot more attractive to muggers to immediately walk away from a robbery with a few hundred dollars of untraceable cash in their pocket than to have to jump through hoops to liquidate a protected credit card? And finally, it is not the amount of money that could be stolen, in this case, which increases the risk; it is the risk of someone being injured or killed that tips the balance.

(read on ...) 

Copyright (c) 2008 by In Scope-Solutions, Inc. 

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