Saturday, May 16, 2009

Financial Literacy and Credit Cards 101...

The Pros and Cons of Credit Cards

Even though President Barack Obama and Lawmakers at Capitol Hill have been working recently on a project intended (already discussed on this blog) to protect credit card holders from possible abuses from credit card companies, on the other hand, this serious problem also involves deeply other key players: cardholders themselves and the banks that have been planning how to limit those credit card protections.

Beyond political, business and financial considerations, our basic goal is to disseminate all those aspects involving the possibility to contribute to educate the public; in this regard, Ms. Ashley Brooks who is a committed educational advocate, has created a brief yet complete summary about some key basic aspects the public should ALWAYS keep in mind in order to become a more financial educated and responsible consumer after buying goods and services using a credit card.

A credit card means debt, an installment plan, an interest rate and... the risk of not paying on a timely basis and therefore, credit collection agencies, legal problems (and probably abuses), bankruptcy, etc...

I'm absolutely convinced that it's far less risky learning how to use a credit card wisely... let's read what Ms. Brooks thinks about this subject... Shall we?

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Financial Culture / Cultura Financiera
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