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#MoneyMondays “Keeping A Credit Card For Emergencies”

Question: Why are you so against having a credit card for emergencies?

Short answer: It’s just a silly idea!!

Long answer: Ask yourself this question: Do I really want to go into debt right in the middle of an emergency? I mean do you REALLY want to make a bad situation even worse by adding owed interest?

Sounds silly when you think about it, huh? Well that’s exactly what you’re doing by relying on credit cards to bail you out during an emergency!

When I hear this, what I immediately think of is a lack of discipline. Building an emergency fund with up to 6 months of expenses requires a lot of that and just as much focus.

It’s hard! But wouldn’t you rather have the peace of mind during the emergency than the few extra spicy chicken sandwiches right now?

Figure out what number would make you comfortable enough to ditch the credit cards and get there. You’ll want to start this process by, first, creating a budget and then working diligently to get out of all consumer debt.

For individuals looking for a more detailed plan, take some time to reserve a session with one of our financial coaches at the link below.

If you have a question you’d like an answer to, submit it to our inbox here.

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4 thoughts on “#MoneyMondays “Keeping A Credit Card For Emergencies”

  • Oh gosh, I waited until I was 29 to get my first credit card and I’m 30 lol. The reason why I waited so long was because I didn’t want to be in debt. I saw family and friends around me go into debt because of credit cards. It’s so easy to use to spend and yet it’s so hard to pay off. Because of what I saw, I didn’t want to ever be in their position.

    But then, just recently, my coworker and I had a conversation about credit cards and she made a very good point. She said that I’m losing money if I don’t get a credit card. She said that if I’m so serious about staying out of debt, then I would have no problem with a credit card because I’ll have the cash to pay it off and I have the discipline to not over spend.

    She was right and I got my Costco credit card lol.

    Great post!

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