3 Reasons Why Credit Cards are Bad For Your Health!

Credit cards are convenient, easy way to make a pass at all things, including having free dinner, free gadgets or free appliances, free payments and all - but only up until your due. When you finally realize, you've made a lot of purchases without even planning how to handle your finances well - credit cards become a nightmare and might actually haunt you with different types of debts that become worse by the minute.

Here are some of the reasons why you should avoid credit cards and you'll be left thinking about it for sure.

Risk of Debt

Do not risk you and your family's future! When you use these credit cards as method of payment, they deliver convenience, security and spending records - there are even some with potentially valuable rewards! However, if you use it as an additional source of income that's where the disaster comes in. Credit card holders may find it very easy to charge large spending on your account for a small interest fee. But as they continue to add up, you will be shocked to find out it is very hard to maintain and pay the balance. Credit card spending can be very addictive so before you get high, avoid it entirely.

Increased Interest Rates

Credit cards must be taken with caution. Holders must be able to maintain their debt control and manage their spending. If it is possible, pay the balance off your credit cards monthly. Never miss a due date. The disaster comes when you don't have money to pay for your monthly balances, interest payments increase outright. When holders make late payments or go over the spending limit, increased rates and penalties may be imposed.

Identity Theft Risk

There is a huge risk of identity theft as people who do not have credit cards have reduced risk of having their identities stolen. There are very classified information in your credit card application and accounts that can be accessed by hackers and bad minds who can use your identity for a specific purpose, without your knowledge.

So there you have it, reasons why Credit Cards are Bad for Your Financial Health!

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