Do I Need A Credit Card?
Type the phrase “Do I Need A Credit Card” into any search engine and you get as many conflicting answers as there are articles.
The inability to get a credit card is probably one of the biggest fears my bankruptcy practice clients have.
For the most part, since the introduction of the Debit Card, there are very few times where you might really need a credit card. They act for all intents and purposes the same, with of course one big exception:
You are not spending money that you don’t have!
I have only noticed two situations recently where the lack of a credit card would have been a problem: Car rentals and paying for Hotel rooms.
I have noticed with more and more frequently that while rental car companies and hotel chains will accept debit cards, they do place a hold on more funds than the “purchase” will actually cost which has the potential result of your not having all of the funds in your bank account available to you for other purchases.
I think it is helpful to have a low limit credit card for the few occasions where a debit card would be a problem, or another solution would be a secured credit card, which Atlanta Bankruptcy Attorney Jonathan Ginsberg addresses in detail in another article on the Credit Law Network site.
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