I’m a Smart Money Squad contributor for GOBankingRates.com – “a personal finance resource designed to make learning about money and managing your finances more fun and less intimidating.” Here’s my latest contribution, or see all of my Smart Money Squad Articles.
As an advocate for debt-free living, you might guess that I would be totally against credit cards. You would be correct — I am. But only if you can’t use one responsibly.
For people who can’t handle a credit card, it can become a major money leak. In fact, in a recent GOBankingRates survey, it was shown that 50 percent of respondents had credit card debt. Credit card debt, in general, is on the rise nationwide by the billions.
My anti-credit card sentiment isn’t to scare you, either. I speak from personal experience. Here is how my credit card became a problem, and what I did to dig myself out of the hole it put me in.