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Credit Cards Are Only Tools In Your Financial Toolbox

Happy Friday everyone.  As you know, Debt Roundup’s first birthday was Monday.  If you haven’t done so already, head over to the post and check it out.

$100 Giveaway!

That’s right, I have a $100 cash giveaway going on right now.  It is going on until 9/9 and it is really easy to enter.  All you have to do is sign up for the Debt Roundup Digest weekly newsletter.  You can do it in the sidebar or use the form at the bottom of this post.  Either way, you will be entered to win $100 along with the monthly $25 raffle.

Your Toolbox

I am super excited about creating video posts.  In lieu of that, I decided to create a post about how credit cards are just tools.  I went into detail about how you can use the credit card in the right way and earn rewards.  If you don’t know how to use the credit card appropriately, then you need to put it away and learn the right way.  It is the same thing as a tool.  If you don’t use it correctly, then you can cause damage.  I hope you enjoy the video and leave me some comments about what you want to see in the next video.  Yes, I do take requests.

Image courtesy of digitalart / FreeDigitalPhotos.net


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Do you have a lot of debt that you need to consolidate? Have you thought about using a credit card to reduce your rate? This is what I did and saved over $5,000 in interest fees by using balance transfer credit cards. It does work if you plan it right!

About the Author Grayson Bell

I'm a business owner, blogger, father, and husband. I used credit cards too much and found myself in over $75,000 in debt ($50,000 in just credit cards). I paid it off, started this blog, and my financial life has changed. I now talk about fighting debt and growing wealth here. I run a WordPress maintenance and support company, along with another blog, Eyes on the Dollar, which is another great personal finance blog.

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22 comments
Matt Becker says August 30

I don’t get all of the “credit cards are evil” rhetoric. I mean, I understand where the sentiment is coming from, but as you say it all comes down to how you personally use them. Credit cards are incredibly useful when used properly and incredibly dangerous when used improperly. Kind of like a car. Or a chainsaw. Or almost anything else you can imagine.

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    Grayson says September 1

    I don’t get it either. Yes, I have been in a lot of credit card debt, but it wasn’t the card or banks fault. It was my own. Once you realize that, you can really use the card for good.

    Reply
DC @ Young Adult Money says August 30

Very cool you are doing video posts! I don’t think I’ll ever make video content, but I would love to have some on my site. Would probably have to pay someone to do it for me tho haha.

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    Grayson says September 1

    Thanks DC. I figured I would try something new and even if it doesn’t work out, I can always say that I did it.

    Reply
Brian @ Luke1428 says August 30

Love the video Grayson! I don’t think credit cards are evil…it’s all about the behavior of the person. My wife and I used credit cards for the longest time and exercised poor behavior because we spent way too much money. We switched to solely using a debit card and cash and that helped us develop the discipline to spend less.

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    Grayson says September 1

    Thanks Brian. I don’t think they are evil either, but many people do. I think they can be a great tool.

    Reply
John S @ Frugal Rules says August 30

Great video Grayson and you’re spot on in my opinion. I think it’s easy for some to say that credit cards are evil or bad, bat at the end of the day it’s how you use it that matters. If you have a spending problem, then you shouldn’t use them but if you handle it wisely then go for it.

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    Grayson says September 1

    I appreciate that John. I think it is easier for people to blame the tool instead of how they used it.

    Reply
Thomas | Your Daily Finance says August 30

Yep they are tools and its up to you how you use them. Credit cards are good if used properly and it doesnt really matter which credit card you have. Screw drivers are meant to be use to help fix and repair things no stab someone. I would say get rid of the credit card until you know how to use it.

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    Grayson says September 1

    I certainly agree with you Thomas. I hope people wouldn’t use the screwdriver like that, but I am sure it has happened before. It is the same thing as the credit card.

    Reply
Marissa @ Thirty Six Months says August 30

I love that you did a video post this time. I definitely enjoyed watching it and learned a lot from viewing it. So excited watch your next video post.

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Marissa @ Finance Triggers says August 30

It’s an awesome giveaway, Grayson. I’m so excited to know who the winner is. Ha!

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    Grayson says September 1

    Thank you. The winner will be announced a day or two after the end of the giveaway.

    Reply
Edward Antrobus says August 30

Unless you are a firm Dave Ramsey follower, the fact of life is that it is extraordinarily difficult to get anywhere in this life anymore without good credit. And the easiest credit to receive is going to be credit cards.

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    Grayson says September 1

    I agree Edward. I don’t really understand why he preaches to not use credit cards at all. I mean, I was in a lot of debt, but I understood that is was me that caused it. Learn how to use the tool properly and you will succeed.

    Reply
SuburbanFInance says August 31

I quite like credit cards. I use them for everything. They are definitely a tool, and you can do a lot with them.

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    Grayson says September 1

    I agree with you. I use them for everything as well.

    Reply
moneystepper says September 1

Yep, they can be dangerous if used in the wrong way. But so can a current account that has an overdraft.

There are many many benefits to credit cards, which greatly outweigh the negatives if managed properly.

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    Grayson says September 1

    I certainly agree. I see the benefits of the credit card every day. It also makes my budgeting life much easier!

    Reply
Sam @ iknowwhyyourebroke.com says May 1

I’m all for the individual making good micro choices; however, credit card companies have spent years and billions to understand human behavior and to exploit it. To just blame the individual may be a little unrealistic. I agree it’s a tool and there is a lot of gain to be had by properly managing and taking advantage of offers; however, the average consumer doesn’t have the time of day to fully understand what is out there and the credit card companies know it.

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    Grayson Bell says May 1

    I replied to your other comment Sam, but pretty much, I find your comment sad. Not that you made the comment, but that you are giving an excuse for the average consumer. You are the one that gets the credit card, uses it, and then is supposed to pay it off. No one forces you to use it or even get one. There is no one pointing a gun to your head forcing you to use one. Come on!

    Reply
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