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Things That Should Never be Bought with a Credit Card

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Credit cards can be beneficial and helpful when they are used correctly and responsibly. When abused, credit cards can create a hefty debt which can exponentially grow overtime. The average credit card debt for Americans is around $7,300. To avoid any type of credit card debt there are a few guidelines and tips to follow.

The first tip is to never use credit cards to pay off hospital bills. Medical bills can be very expensive on their own. Paying with a credit card can add high interest fees as well. Interest rates can range from 10% to 30%. With that being said payment plans to pay off medical bills over time can give a much better and affordable rate.

Federal student loan debt is the next thing that should never be charged to credit cards, whether it's a portion or the whole expense. These days student debt is one of the highest debt types in the United States. Student tuition and loans are much better off being paid through payment plans. Which turns out to be much cheaper method in the long run.

Lastly one of the biggest milestones in life, dream weddings should never be charged. Unless starting marriage with unmanageable debt seems ideal, it's best to stick to something more reasonable. Scaling back on open bars and honey moons can help keep interest rates down. Therefore helping in the future when it comes to buying a house or even saving for retirement.

By avoiding using credit cards for the purchases above, along with other smart financial decisions, people can help steer away from credit card debt and lead a more stress free life.

We at Timothy J. Sierra Attorney at Law would like to state that our blog posts and links, on our web page or any other social media outlet, to any other web pages are not intended for legal advice. We are not responsible for third party website information. If one is in need of legal advice please contact an attorney directly.

Source: Time Magazine | Money

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