Credit Cards and Credit Lines

Retail credit cards- Have you ever stood behind someone in line at the store and watched him shuffle through a stack of what must be at least 10 credit cards? Consumers with this many cards are still in the minority, but experts say that the majority of of people in the United States still have at least one credit card — or maybe 2 - 3.
It’s true that credit cards have become important sources of identification — if you want to rent a car, for example, you really need a major credit card.

And used wisely, a credit card can provide convenience and allow you to make purchases with nearly a month to pay for them before finance charges kick in.

That sounds good, in theory. But in reality, many consumers are unable to take advantage of these benefits because they carry a balance on their credit card from month to month, paying finance charges that can go up to a whopping 23-33 percent. Many find it hard to resist using the old “plastic” for impulse purchases or buying things they really can’t afford.   More about retail credit cards is coming up.