Question

In one to two paragraphs, describe some of the advantages and disadvantages of using credit cards.

PLEASE HELP

Answer 1

Pros: Credit cards allow you to begin build credit, something that will be very valuable when trying to buy a house or car. Most hotels only accept credit cards and many businesses are cash free now. They also allow you to buy now and pay later.

Cons: You can acquire debt quickly if you overspend, also interest rates can be very high. Failure to pay on time can result in a decreasing credit score.

Answer 2

pros: Credit cards build credit score, Buy now pay later, help in an emergency, and allow you to save money if you use your credit card wisely

cons: Credit cards cause debt, can lower credit score, can cause you to spend more than 20% of monthly income which can put you in debt, and end up paying more if you only make minimum payments