Beware the Credit Card Monster

How I made peace with my plastic - MarketWatch

Now's not the time to start relying on credit cards.

In reality, it is never a good time to rely on credit cards. These financial instruments are not friends to the consumer — quite the opposite! They only server one master: the card issuer. And it is an evil master — yes, that is correct … evil.

I have one credit card in my wallet and I use it mostly as a tool to prevent fraudulent access to my funds. Here is how I handle my credit card:

• At the end of every week, I total all purchases made on the card and I schedule a payment from my bank account to the card issuer (in this case, my credit union).
• I never charge a purchase on the card that I cannot immediately pay from either checking or savings accounts.

If you treat a credit card as a short-term (no more than weekly) financial instrument, then you will avoid the finance charge trap that can sink you into financial disaster.

Here is some more credit card information we all can use:

Five Credit Card Traps Everyone Should Know About - MarketWatch