March 2, 2012. Samuel Valero
However, humans as we are, a credit card is a temptation to overspend. Take the case of Tony, an impulsive shopper. He vowed not to acquire another credit card after he was made to pay thousands of unpaid bills with additional charges and penalties after a year of lavish spending and card swiping. He frequented the malls, coffee shops, restaurants and made a lot of travels with only his credit card on hand. This is the peril of overspending.
In any business undertaking, it is normal that business may suffer financial reverses. Individuals may also encounter sudden financial needs beyond available resources. When credit cards suffer, failure to pay bills on time and maintain the required card balance, credit cards may be zeroed down and accounts marked closed. At this instance, the risk to lose a good credit standing and denial of business opportunity in the future is greater. This would definitely result to poor or low credit score. Creditworthiness is measured based on how responsible you are in handling bills and spending attitude.
For businessmen, to avail of the best secured credit card is a good choice. It would help new entrants in the business community to establish business connections and build business reputation. Individuals may likewise enjoy the privilege and convenience of using credit cards. On the other side, those who were not fortunate enough to make the business work on the first attempt, may find solution by acquiring the best secured credit cards and rebuild his credit standing. In the business community where credit card is a stature, this will be your access to restore a damaged credit record.
Updated March 2, 2012. Published June 23, 2011. Samuel Valero