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Do you NEED a Credit Card? Are Credit Cards Good or Bad?
16:51

Do you NEED a Credit Card? Are Credit Cards Good or Bad?

Do you need a Credit Card? Are Credit Cards Good or Bad? These questions and more will be answered in the video. Moreover, I will talk about 3 types of individuals depending on their behavior and if they should, or shouldn't use a credit card. With credit card debt reaching the 1 trillion dollar mark (That is trillion, with a T) by the end of 2019, it is very common for people to want to avoid credit cards at all costs. However, let's take an objective approach and look at the pros and cons of a credit card. Ultimately, the goal for everyone should be to become financially responsible in everything related to personal finance, credit cards are no exception. The video is long since it also covers the basics of a credit card, such as the credit card statement and some of its components. Please be aware that debt is one of the major causes for divorce in the United States, second only to infidelity. Being educated in personal finance will not only help your pocket, but also your relationships. Everybody is unique and behaves differently. Nonetheless, proper money management can be learned by anyone. It doesn't matter if you are a high school student, a college student, a young adult recently graduated or are supporting a family. Learning how to properly use a credit card is imperative for your (and your partners) well-being. - Oscar. New videos every Wednesday! 0:00 Context 0:54 Important terms related to Credit Cards 2:58 Benefits of Credit Cards 8:38 Drawbacks of Credit Cards 11:10 The three behavioral groups 13:41 My opinion on 'Do you NEED a Credit Card?' 13:49 Changing the question and Key Takeaway Links Utilization rate information 1. https://www.nerdwallet.com/article/finance/credit-utilization-ratio-high-hurt-score 2. https://www.transunion.com/blog/credit-advice/why-did-my-credit-score-drop A bit of credit card debt information 1. https://www.debt.org/faqs/americans-in-debt/ 2. https://www.cnbc.com/2019/05/17/55-percent-of-americans-have-credit-card-debt.html 3. https://www.cnbc.com/2020/05/04/almost-half-of-america-now-carrying-credit-card-debt-and-more-of-it.html I am not a Certified Financial Planner. The content explained is based on my life experience and should not be taken as professional advice.
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