Welcome to another installment of our financial wellness series. Last time we looked at the importance of having an emergency fund, a foundational step to building financial stability. This time, we will discuss another important topic that can’t be ignored, credit cards. The goal isn’t to become an expert but to be an informed consumer, which can help us make responsible choices that fit our needs.
One of the most ever-present features of our complex, fast-paced economic lives is the credit card. It seems like every day we are bombarded with offers for the newest cards that have more features, points, and enticing rewards programs than the next. To complicate matters, personal finance experts are divided on the topic. Some will say they are evil, cut them up and don’t fall into their trap. Others say that all you have to do is ‘x, y, z,’ and you can beat the companies at their own game and reap the rewards. On an individual level, you probably know someone struggling with credit card debt, and chances are, someone else you know took a great vacation “just using points.” Given all that, it is perfectly understandable to feel bewildered.
Here are a few important considerations that can help you decide what approach is right for you>>