Did you know that getting a credit card for emergencies is one of the most common credit card mistakes you can make?
Sadly, I found that out the hard way, leaving me frustrated and discouraged.
Here’s what happened — plus what you can do to avoid falling into the same trap. (Or what you can do to fix things and escape that trap quickly if you’ve already fallen in.)
How it started: Making one of those common credit card mistakes…
Shortly after my first husband and I got married, we got a credit card to use “strictly for emergencies”. We were really clear on that up front, and believed that having the card would also benefit us by building credit. We felt a little bit nervous, but also smart.
The problem was – or so I thought – that we kept having emergencies.
One of us “had” to fly out of state for a funeral. Twice. We also “had” to replace the clutch and the brakes on my lemon of a car. Three or four times!
So of course, we used the emergency credit card to do so. That’s what it was for, right? There was just one huge problem…