Is it advisable to take loan on Credit Card?

What can we do if we are in a very dire situation on finances? There are several options available these days for securing loan, but the question is which one is a safer bet. I am not much in favor of taking loans but still I had to take loans for a couple of times in my life for big expenses. After that I felt like I was paying the installments forever. But in all the loans that I have taken the most burden I have felt paying on was the loan that I took on my Credit Card. The amount was not very big but yet I felt a lot of stress paying it up. The rate of interest was very high and I missed paying 2 installments so on that the penalty was extraordinary high charge. I must have paid a little less then double on that loan.

These days the bank keeps luring us to get credit cards and then they continuously keep flashing out the different usages that you can make from it, of which loans on Credit card are very common. Our Financial needs never get over and when there are some sources we feel all the more lured to make higher expenses then what we actually can. I always feel that this is a trap. Unless one is very disciplined on the payment part and also the usage part one must not get a credit card. Of course now I have changed my ways and become lot more mindful on my spending. These silly things I did in my 20s and early 30s but after that I learned my lessons.

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Now I have a simple formula, spend only what is available in actuals and no excess spending on Credit Cards. I do keep a credit card since it's handy and also I accumulate points on the usage, which I can redeem on various things. 3 years back I had accumulated a good amount of points over the years on my card and I managed to pay almost 75% for a Mac, which was a super deal for me. I gained some benefit from my card. Also on usage of a certain amount you get bonus points, which I try to gain by using my card on almost everything that I can. That way I can increase my rewards benefit. But yes, come may whatever the spending is only on what is necessary and always in the budget.

I know sometimes circumstances are such that we may not have any other way but to go for such things, which may not be very beneficial for us but we must try to keep as much as possible away from these offers.

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