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Appropriate Use of Credit

Credit is a very important tool used in virtually everyone’s personal financial activities. There are a number of reasons for the use of credit, not least of which are:

• Using credit reduces the need for carrying large amounts of cash which is not only more convenience, but much safer as well.

• Emergencies and unexpected situations when cash is not at hand

• Opportunity – when a bargain presents itself and cash is not available.

• Ease of purchase - transaction  can make by phone or internet

• Identification – credit cards can be used as  a form of identification for other transactions such as cashing a check; applying for credit and so on.

The Dangers of Credit

They say too much of a good thing can be harmful and the potential for abuse of credit can lead to over-indebtedness and financial problems and can derail your financial goals...

• Overspending is the biggest problem with credit,  

• A rule of thumb is monthly debt repayment should not exceed 20% of monthly take-home pay.

• High interest costs on unpaid balances can accumulate rapidly.

The Availability  of Credit

Credit is extended in many different ways. There may be significant differences in methods of calculation of interest, ancillary charges and limitations.

• Bank Cards – Are issued by banks and other financial institutions and can generally be used at a wide range of facilities to purchase goods and services. Credit is usually on a revolving basis with a minimum payment due monthly. Credit limits and terms vary.

• Travel and Entertainment Cards – Are cards such as American Express or Diners Club, which must usually be paid in full each month.

• Retail Credit Cards – Are cards are issued by retail merchants for exclusive use in purchasing their goods or services. These accounts are subject to a credit limit and periodic payments. Some issuers of this type credit are major department stores, gas companies. In many cases the interest rates are higher then bank cards.

• Secured Credit Cards – Are cards are issued to people with  credit problems or who do not have a credit history. A deposit is required to "secure:" any charges made on these cards. Limits are usually lower than regular bankcards (not to exceed amount on "deposit").

• Affinity Cards – Are cards are issued jointly by a lending institution and some organization (charitable, professional, educational) and purchases made on these cards will benefit the named institution. These cards may also enable the user to acquire promotional rewards such as "frequent flyer" miles, purchase credits or rebates, etc.).

• Prestige Cards – Are cards that offer higher limits; more services and features than other credit cards. There are often higher fees associated with these cards ("Platinum" or "Gold" cards).

• Revolving Line of Credit – This is a credit facility which does not utilize credit cards. Consumers may charge or write checks against a pre-determined credit limit. Some typical uses of this type account are unsecured personal lines of credit or home equity lines.

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