Is it Smart to Take Out a Credit Card Loan?The intelligent answer to this question is no. A recent report revealed that over 8 million individuals have stopped using credit cards – the highest number ever recorded. Here are 5 reasons why it is not smart to take out a credit card loan.
- The interest rates on credit cards have skyrocketed.
- The limit on most credit cards has been reduced, regardless of whether you pay on time.
- Why borrow from Peter to pay Paul? It’s counterproductive.
- If you miss even one payment, your credit rating takes a hit.
- Why pay high interest on a credit card loan when you can apply for a payday loan!