Credit Cards: Friend or Foe?

Even before you apply for a credit card, and certainly before you use it, ask yourself this question: Is a credit card your friend or your foe? Perhaps it’s your friend when you need or want to make a purchase and it’s your foe when you struggle to pay the bill. True, but this sort of situational logic isn’t really helpful if you’re trying to develop a healthy perspective on paying with plastic.

Friend:
– Synonyms

  1. comrade, chum, confidant
  2. backer, advocate
  3. ally, associate, confrere, compatriot

– Antonyms

  1. enemy
  2. foe

In truth, a credit card is neither friend nor foe, it’s simply a tool: useful for some jobs, ill-suited for others. An electric saw is a great tool for cutting wood, but not so great for mixing cement. And, if you’re not careful when using the saw, you could hurt yourself quite seriously.

Basically, your credit card is a line of credit that allows you to borrow money instantly. It’s a tool that makes borrowing very convenient. Let’s consider how to use this tool effectively and responsibly without loosing an arm and a leg in the process.