SOUTHFIELD, MICH (WXYZ) — Michiganders struggling with credit card debt after the holidays can join a free webinar on Wednesday Jan. 18 at 11 a.m. offered by Gesher Human Services, one of the largest human services agencies in metro Detroit, to learn how to get the best from their credit cards. With US credit card debt heading for $1 trillion dollars [fool.com], the virtual program called “The Advantages of Credit Cards” will give tips and advice on making credit cards work for you in 2023, especially for those who have been struggling with holiday costs and inflation. To register for the program go to the events page at geshermi.org [geshermi.org] or click here.
“People often talk about the negative sides of credit cards but there are also some advantages to using them, when used responsibly, and the truth is we live in a credit-driven world so most people need to use them,” said Financial Capabilities Manager Laltsha Cunningham.
Some of Cunningham’s top benefits of credit cards include:
- Using credit cards to build and improve your credit scores, which can make it easier for future credit and loans.
- Protecting your purchases against unauthorized use; it is often easier to dispute unauthorized purchases on credit cards versus debt cards and it will help to protect your money in the bank.
- Cash back offers and rewards offered by many credit cards, just for making normal daily purchases, and these can help your budget.
- Keeping track of expenses; credit cards statements provide detailed information on every purchase made and assist with monthly budgeting.
- Making travel easier, allowing you to book and plan travel and the eliminate the worry of money exchange rates. Some credit cards charge a fee for foreign transactions and others do not, so if you are planning to travel it is worth checking.
- Safety reasons, eliminating the need for carrying too much cash.
Cunningham does have some warnings, though, for wise credit card usage. “You need to be responsible – use cards for needs not wants – and pay on time,” she says. “Also, we advise people to follow the 15/3 credit card payment rule: make one payment 15 days before statement due date and another one three days before the due date. This is a great way to stay on top of credit card payments and minimize paying high interest fees.”
For those who are struggling with credit card debit, and who need more individualized financial counseling, Gesher Human Services offers one-on-one free counseling. To learn more, email financialhelp@geshermi.org or call 248-233-4299.
