Is having bad credit the end of the world?
Emma Miller
Updated on January 29, 2026
Having a bad credit score isn’t the end of the world, as long as you work toward improving it. While bad credit may make it more difficult to achieve financial milestones, such as being approved for an auto loan or mortgage, there are steps you can take to repair your credit score.
Is it bad to have a credit card and not use?
Yes. As long as you continue to make all your payments on time and are careful not to over-extend yourself, those open credit card accounts will likely have a positive impact on your credit scores.
What are the advantages and disadvantages of a credit card?
Balance transfer credit cards allow you to move existing high-interest debts to a new account with a low or 0% promotional interest rate. This can save you money on interest charges and help you pay down your debt faster. The downsides of spending with a credit card include: Paying high interest rates.
What are the risks of taking out a credit card?
The possibility of debt: the main risk of taking out a credit card is that you could put yourself in rising debt if you aren’t able to pay back what you borrow. Your credit score: letting your credit card debt build up, or missing payments, can influence your credit rating.
What are the drawbacks of an American Express credit card?
Drawbacks of American Express include the notorious annual fees. Although an annual fee is almost expected, the actual fee itself varies. In some instances, the annual fee is waived for the first year, or sometimes two years, for simply signing up or agreeing to spend a certain amount each year, according to 100 Best Credit Card Reports.
Why are so many people against credit cards?
But for those who are on the fence, it’s worth taking a closer look at the arguments on both sides – against credit card use, and in favor of it – to see just how well they hold water. One reason so many people are so strongly anti-credit card is that they’ve seen how much trouble people can get themselves into by using credit cards irresponsibly.
