Truth or Myth? It’s better to never get a credit card?

Myth, There is a common misconception that carrying a credit card will ultimately lead to damaging credit card debt. Sure, some people don’t understand how to handle credit cards, and end up overspending and getting into deep, unmanageable debt.

Reality check: For the responsible individual, however, a credit card offers one of the easiest ways to establish and build a credit history.

Instead of just listening to scare tactics, consider your time perspective (which you can test here), responsibility levels and history with debt. If you’re the kind of person who understands how to budget and manage your finances, you can probably handle a credit card. After all, having a credit card in your wallet doesn’t just mysteriously incur debt, but it can help you improve your credit score.

And remember: Having no debt or payment history at all, which means you will have no credit score, can be just as damaging when you are trying to get a loan as having a low credit score.