You certainly can’t live off your credit card as it will not help you make money and pay for your day to day expenses. But, if you are thinking of living on the money that you borrow using your credit card then this certainly does not sound like one judicious idea. You might be able to live by off the credit card for a few months or a year at the maximum but what you are doing is not looking at the bigger picture and in turn going on to jeopardise your family’s future. By trying to live off your credit card you are ruining your financial health and it is bound to have repercussions of the worst kind.
Now, at the same time if you are a financial wizard and know how to deal with the use of the credit card in the right manner so that you do not get entrapped in the horrifying cycle of debt then the borrowing from credit card will work for you. One of the most important questions before taking a credit card is to ask yourself for what purpose you are going to use it and then compare credit cards that would satisfy your needs.
If you have a business dream and want to make it come true but for that you need money then borrowing from your credit cards makes sense. But, if you want to go on a shopping spree in order to get out of your depression then that surely does not make a whole lot of sense.
On the other hand when you consider borrowing money on the several credit cards that you might own and ensuring that you are able to pay the rent, bills and grocery expenses does not make sense. Very soon, the high interest rates is going to burden you so much that you will be in no situation to be able to repay it. This will certainly not work in your favour and you will find yourself spiralling down the financial hardship lane. If you do befall this trap an easy way to give yourself a break is with balance transfer credit cards. These financial instruments often come with interest free periods up to 12 months and will allow you to roll all of your credit cards into one. Just be sure to do a credit card comparison beforehand to ensure you’re not compounding issues and making them worse.
Also, if you use the credit card without thorough knowledge of its usage and the right amount of discipline about it, you will find yourself in great financial trouble.
If you look at all the reasons cited above you will understand that going by borrowing from your credit card to run your kitchen is not a good idea at all. Rather, what you should bank on is to learn to fend for yourself and ensure that you make a living.