You probably have at least one credit card in your wallet. Having an emergency credit card that is only used for situations where you need extra money but do not have it, such as a car repair, and which you pay off in full when the bill comes is a good use of a credit card. This is not how most people use them, though. According to Time, credit cards are a dangerous option for most people.
The issue is most borrowers do not pay off their bill in full when it comes, which is considered the responsible way to use credit cards. Instead, they keep charging and make the minimum payment. This leads to astronomical costs in the long term. The average amount of credit card debt for people between the ages of 18 and 65 is $4,717.
People end up in credit card debt because it is rather easy to get one. There are many options, most of which provide rewards, which makes them even more enticing. People may get a card due to a special promotion, such as zero interest for the first year, or to earn the rewards, such as air miles or money back. Once they start using the card, they begin to live outside their means, spending money they do not really have. This can be a tough habit to break. Eventually, they are unable to pay the balance in full, leading to credit card debt that is very difficult to pay back. This information is only intended to educate and should not be interpreted as legal advice.