(Credit.com) Credit cards are powerful financial instruments, but cardholders must use them carefully to avoid becoming trapped in a cycle of debt. At the same time, it can be difficult for cardholders to contemplate a huge expense knowing that a bank has already extended them sufficient credit to just charge it.
Yet a credit card is often the worst means of finance. Credit card debt is unsecured and typically carries a higher interest rate than a car or home loan. And unlike a home mortgage or student loan, credit card debt is never tax deductible.
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Of all the things financed with credit cards, here are the five worst.