When To Not Use Your Credit Card

Americans are borrowing and spending less as they face widespread unemployment and uncertainty about their financial futures. Credit card debt dropped in August for the 24th straight month.{} When to pull out the credit card and when to just step away from the swiper is not always easy to know.{} came up with 15 times you should leave your card tucked away.{}{} Some of them are pretty obvious, like when you're near your credit limit.{} But others you might not think about. They include:

  • We've all heard it before, "nothing good happens after midnight".{} says you might think twice about pulling out your card at a time you're more likely to get into trouble and not make a sound financial decision.
  • Flea markets used to be cash only, but now as Money Management International's Catherine Williams puts it, "Through the magic of technology, some guy selling rickety, old wagon wheels can take your credit card. Convenience doesn't always outweigh the risk, she says, so bring the cash."
  • And we love those reward points to finance that vacation, but don't use the credit card to buy something just to get more points. That tends to lead to overspending.

{} "15 Times When You Shouldn't Use Your Credit Card"