Article  A Credit Card is a Part of Financial Life One of the most readily available financial tools to the common person in the United States is the credit card.  They get a bad reputation because they are often abused. However, these cards can be a productive instrument that can both improve your credit rating and help cover emergency costs in a pinch.  The trick is managing them correctly.   There has been a bit of a backlash against banks and credit cards in general. Additionally, there is a growing movement of people who seek to go through life without using personal credit.  Many people already live this “cash only” lifestyle and are better off for doing so.  Despite all of these facts, having a card can be a positive tool in your life and lifestyle.   Many parents go to great lengths to ensure the education of their children in all matters of subjects in addition to reading, writing, and arithmetic.  Interestingly, in a day and age when educating your children about controversial topics like sex and money is a fairly straightforward affair, instructing your children about finances is still difficult.  Some would rightfully argue that instructing children about money early on is a very good idea.  Toddlers are fascinated by money.  Why would they not be?  They see adults handling it all the time.  A simple piggy bank and your pocket change can begin your child's financial education.  In time, the importance of saving and not spending outside what you can effectively pay will become more and more understandable to them.  When they are finally old enough to have a personal credit of their own, they will be in a much better position to use it responsibly.   What about those of us who never received a good financial education from our parents?  As much as you may not like it, it is probably a good idea to go back to the basics.  There are numerous books and website available which will help you improve your spending and saving.  Perhaps you are picking up the pieces after a personal financial meltdown.  If your credit is so bad that most banks will not issue you a card, you are in a bit of a pickle as it is even more difficult for you to rebuild your credit rating.  Thankfully, there are some cards that are secured by a deposit. These cards are much easier to get and they will allow you to rebuild your credit rating.   Most people are responsible when it comes to their money.  If you have a healthy relationship with money, you are in a better position to shop around for a credit card that offers perks that will benefit you.  Cards that offer cash back and airline miles can be found.  With the recent changes in the law, banks will be changing many of the features of their cards in an attempt to make them more competitive.  It will be interesting to see what kind of bonus programs develop as a result.   If you do find your self in a tough spot in your life, a credit card can go a long way in helping you out.  However, it is very important to remember that by using it you are taking out a loan.  You will have to repay it so do not spend as if you are receiving free money.  That is to say do not use a card as an alternative source of income. Use it responsibly when you’re in a bind. That’s what this tool is for. Category Finance Author Anonymous Add To Favorites Print This Article Email Article To A Friend Post Comments   Rate This Article (0) 1 - Poor2345 - Good678910 - Excellent Added On 03-18-2010