Q&A: What are the positive and negative sides of credit card’s usage?

Question by uk_emmigrant: What are the positive and negative sides of credit card’s usage?
Please,list me some of the positive and negative effects of using credit cards.

Thanks in advance !

Best answer:

Answer by Paul R
Negative:
People who lack self-discipline spend money they can’t pay back before the due date, and run up huge debts (kind of like Congress). Then, the atrocious interest rates make them very hard to pay off.

Positives:
1) You can establish good credit so that when you want to buy a car or house, you can get a loan on better terms.
2) You can buy stuff online and if someone manages to steal your info and run up a huge bill on your card, your loss is limited to $ 50 by law.

Edit 1:
Yes Rebecca, I DO know that, hence I don’t need to do any work or research on it to convince myself, but many people don’t. What is your point? Are you saying that 13% to 23% interest is not atrocious? Or, that the concept of usury is outdated?

The following sources are for you, to show that there are many people who do not know what they are getting into. Maybe they should, but the fact is, many don’t.

Know better? Leave your own answer in the comments!