Redd and 4H, I love and ya and I hear ya,
But I think it's how we use the credit card that causes the problem. I've pretty much been on my own since 17/18, and was taught fiscal responsibility at a very early age. I had a good job, car....blah blah, and back then it wasn't so much Visa/MC and Discover. It was the Store Credit, Marshall Fields, Household Finance, JC Penney, etc.
Well, I found myself in trouble with those cards by the time I was about 21, but found a way to pay them off and just kept them to maintain a good credit rating. As most of you know, you don't have to apply for Major Cards, if you've got good credit they will just send them to you, hoping you'll be foolish.
Well, this is how I leveraged a lot of my real estate transactions, but I always paid off any balance between 30 - 60 days period. But I ran into a buzz saw of a relationship..... won't elaborate, but found myself going from Platinum Credit to being severely in debt that's taken many years to rebound from.
Credit card interest accrues swiftly at 18-21% and on a large balance OMG. (And we don't want to give God only 10%.... 'nother thread, 'nother time)
I say don't get caught up in revolving credit, make wise decisions and use the card for business, emergencies, major car and house repairs, renting cars, hotel reservations, etc.
If you find yourself pulling it out at Mickey D's, or just have to have that new blouse or pair of slacks in all 13 colors, or any trivial non-essential purchase, then I'd say cut it up quick!
But, The key word is WISDOM!
