While credit cards can be great, there are also several compelling reasons not to apply for one. Here are what we feel are the top reasons not to get a credit card…

• Adding monthly interest charges means you pay more for the goods and services.
• Consumers often have more than one credit card and each one has a credit limit. When the credit limits for all cards are added up, the total can be in the thousands of dollars. Consumers can fall into the habit of using credit cards to extend their income.
• Credit cards are easier to use than applying for loans even when a loan from a credit union, bank or other financial institution may provide the funds at a lower interest rate.
• Some people have been swindled by giving their credit card numbers to dishonest salespeople over the phone.