Although credit cards are considered an absolute necessity nowadays, many are questioning whether having this system of payment is indeed an obligation.
Bethy Hardeman of CreditKarma.com and John Ulzheimer of SmartCredit.com have thus broken down the reasons for and against credit cards in a recent article by Jill Krasny published on Dailyfinance.com.
For arguments in favor of having a credit card, Ulzheimer referenced the ability to finance a home or car due to the credit report one acquires. Also, she cited the impracticality of carrying cash as well as the greater security against loss and identity theft credit cards offer as opposed to debit cards.
On the other hand, Hardeman advises against getting a credit card simply for the reason to have one. Moreover, he clarifies that if one does not have plans for purchasing a home or a car, credit cards would not be deemed essential. Finally, he does not recommend credit cards for individuals with a tendency to engage in “impulse shopping”.