• Jeff Michael: Repair Your Credit and Knock Out Your Debt

    Jeff Michael: Repair Your Credit and Knock Out Your Debt
    I highly recommend this book because I wrote it.

  • Edie Milligan: Tips from the Top: Targeted Advice from America's Top Money Minds

    Edie Milligan: Tips from the Top: Targeted Advice from America's Top Money Minds
    I have about a dozen entries in this book.

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I'm pretty much an ANTI credit card guy. But putting that aside for a minute, I have some thoughts about store cards.

1.)If your going to pay your balance in full every month, just find yourself a good rewards bank card and use it instead of the store card. The reward throughout the year might be better than the one time savings with the store card.

2.)Many retailers are becoming credit card companies with a few items out front. I haven't seen recent figures but there have been times the credit divisions make more than the retail divisions of the companies.

3.) I think having bank cards PLUS store cards would be, for many, too much debt to carry. It's so easy to get in trouble, the store cards might be the last straw for many consumers.

With that said ,I don't believe it should be legislated. It should be a matter of free market economics.

I'm not so much anti-credit cards as I am anti-borrowing. Credit cards are okay to use as a convenience item; they allow you to shop without having to carry around lots of cash. But when credit card users begin carrying over balances and turning those credit purchases into long-term loans, they've got a problem.

Here's another article with some of the positives of credit card use:

Store cards can be great, if used correctly. Keeping your balances around 30% is the way to go, as well as making your payments on time, of course.

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