Reply to I feel like I am doing money management wrong

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[quote=Anonymous]We use credit cards for almost everything but carry no debt because we pay them off each month. The main reasons are rewards (cash back, travel, etc), convenience and consumer/fraud protection. You are generally protected if your card or number is lost or stolen. Credit card companies are very good about notifying you about fraudulent activity and shutting it down quickly. It's good to have more than one card for this reason in case one card needs to be closed quickly.

Are you using debit cards or how do you make most consumer purchases? If that's the case, the obvious risk is that if there is fraud or illegal activity, it's your money and your bank account that can be drained, which can contribute to other issues like a rent check bouncing. That's not the case with credit cards.

It's true you have to be responsible and if you have a spending problem or a history of bankruptcy, your approach might make sense, but I think the average person is far more protected using credit cards.

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