Credit cards can be great financial tools if used properly, and for some types of debt, they may offer the best option available to you. However, there are a few things that should never be charged and financed with your credit card because there are likely better alternatives.
College tuition: The best option is to use lower cost student or parent loans or perhaps even a home equity loan. Also consider a less expensive college, work study and other ways to lower the cost of college.
Taxes: The IRS repayment plan may offer a much lower cost than your credit card and you might be able to avoid additional credit card processing fees.
A big wedding: It is never good to start your married live together by financing a wedding with high rate credit cards. Plan a more conservative wedding and use other means to borrow a lesser amount.
Vacations: Going on trips are supposed to stress reducing and help you feel better when you return. Financing all of your vacation with credit card debt you can’t repay quickly will only add to the stress and cost of the vacation when you return.
Medical bills: Using credit to pay for any type of doctor bill should be the last resort. Attempt to discuss with the provider alternatives including payment plans and asking for better terms.
Credit cards are a great tool and provide rewards and temporary financing options but should never be used to finance long term debt. It is just too cumbersome of debt that can become overwhelming if you attempt to finance larger purchases or needs with a credit card.
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