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Do you have a good understanding of the ins and outs of having a credit card?

Do you have a good understanding of the ins and outs of having a credit card?

7 Reasons Not to Get a Credit Card

Not having a credit card could make it harder to build a good credit score, but there are sometimes very good reasons not to get a credit card or to at least put it off for another time.

You Already Have Enough Debt

For the first time in history, student loan debt has outpaced credit card debt. Recent graduates leave college strapped with tens of thousands of dollars in debt. With monthly debt payments well into the hundreds, it doesn’t make good financial sense to take on extra monthly bills. Likewise, people with mortgage or auto loan debt may also decide to forgo credit cards until they’ve reduced their current debt obligations.

You Think You May Overspend

People with bad spending habits put themselves at risk of serious financial trouble by getting a credit card. Studies have shown that people spend more with credit than with cash. If you already know you have a tendency to go overboard with spending, it’s wiser to hold off on getting a credit card rather than get into debt troubles.

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