Americans are getting used to buying everything they want with all kinds of credit cards. Although people always have many excuses for purchasing with credit, there are reasons to persuade you not to do so.

No self-control can be taught

Using credit cards can discourage you to control yourself. You just keep buying things without considering whether you can really afford them or not. This impulsive attitude towards purchasing may damage your financial security. Worse still, it can even affect your life. Spending your money blindly can have a negative impact on your self-esteem and interpersonal relationships.

High interest rates make no sense

The interest rates of credit cards are usually high. This means your purchases can only become more expensive rather than more affordable. It doesn’t make sense to buy something you cannot afford at first place and later repay a higher price with interest added.

Poor credit scores suck

Low credit scores can bring you much trouble. If you fail to repay the credit card in time, your credit score will begin to diminish. This can lead to an unexpected rate increase on the insurance bill because the insurance companies can check your credit scores when premiums are being calculated. Some employers may not hire you due to your poor credit score, and you are likely to be viewed as an irresponsible person. You may also find it hard to apply a mortgage if the score is too low.

Bankruptcy is easy to happen

If you spend money with credit cards blindly without plans to pay off the bills, you may find yourself hopelessly in debt. In that case, you are highly likely to declare bankruptcy, which can severely damage your credit history for up to 10 years. After the report goes away, you will have to start from scratch and build your credit again.

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