Acceptable Uses Of Credit
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Acceptable Uses Of Credit:

Written by Paul S. Richard - Institute of Consumer Financial Education, Executive Director
bullet Home mortgage
bullet Automobile
bullet The purchase of an item that will long outlast the period of debt incurred to buy it, and that in addition lowers other costs. Example: using credit to install storm windows and insulation in your home, which in turn lowers heating and cooling costs.
bullet When the purchase is a necessityand not a luxury.
bullet When it costs no more money to charge.
bullet When it helps your income tax return.
bullet When you may need protection on a repair or a purchase (auto, appliances, mail order).

When Credit Cards Are Bad:

bullet Constant temptation to OVERSPEND.
bullet Nonessential items purchased.
bullet Impulsive spending increases.
bullet Payments are late or only partially made
bullet Facing bankruptcy.

When Credit Cards Are Good:

bullet Good identification (required for cashing checks and most car rentals))..
bullet Safe substitute for cash.
bullet Automatic record keeping.
bullet Consolidates many purchases into one payment.
bullet Saves money when you can take advantage of a good sale.
bullet Orders can be placed easily by mail or phone.
bullet You have leverage against the merchant when a problem arises. Your dispute/claim will get prompt attention when the merchant knows your payment can be delayed or disputed.

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Institute of Consumer Financial Education
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San Diego, Ca 92163
Paul S. Richard, Executive Director
Phone (619) 239-1401 Mon - Fri 9am to 6pm

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