What Are The Disadvantages Of Owning A Credit Card?

A credit card can be a great help in certain situations, when needing to purchase something that we cannot immediately pay for or something that we want to get additional insurance on or useful for paying for emergency purchases such as car parts, a plumber ( I don't mean that extra pair of shoes).

However, there are a number of disadvantages.  Unless you have excellent personal financial management, you will not make repayments on time and it can be easy to forget that this is one of the most costly ways of buying anything since the interest rates are so high.  Eventually they add up and end up costing you a lot more than you would have paid for them.  

Even if you do manage to make the monthly repayments, the interest added is quite high.   If you manage to clear you balance every month, they will often raise your credit limit to a high amount that is temptingly high.