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Substituting credit for cash
Substituting credit for cash | Lucky Business/Shutterstock.com

Substituting credit for cash

The rationale: You're between paychecks — or jobs — and your cash flow is clogged. Or maybe you just prefer the convenience of whipping out the plastic.

The rebuttal: Form a habit of making everyday purchases like groceries, gasoline and restaurant meals on credit, and you could still be paying off those debts long after you've consumed the goods.

Lisa Ray, a former financial education specialist for the Consumer Credit Counseling Service of Greater Atlanta, now known as Clearpoint, suggests using a debit card if convenience is your goal.

And if you're constantly using credit cards because you find yourself low on cash, it's time to make some lifestyle changes.

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Editorial Disclaimer: The editorial content is not provided or commissioned by the credit card issuers. Opinions expressed here are author’s alone, not those of the credit card issuers, and have not been reviewed, approved or otherwise endorsed by the credit card issuers.

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