Asked & Answered
Credit Cards for Emergencies
Q -I have managed to avoid credit cards since I graduated college a few months ago, but I am thinking about getting a credit card for emergencies. Is this a good idea?
A - Most people get their first credit card with good intentions. While credit can be a tool, it can also be easily abused. The real danger is when you keep it in your wallet or purse. It makes it too easy to spend money you don’t have on spontaneous purchases.
If you really feel the need to get a credit card, but you only want to use it for emergencies, then keep it at home. Most expensive emergencies take place at home and do not require having your credit card with you, such as your refrigerator dying. Keep your debit card on you so you have access to money in your checking account for last minute needs while you are away from home.
While you are at it, start putting some money away so you will have cash for your next emergency. |
