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June 1, 2010
The prevailing wisdom tells us that the best way to prepare for an emergency is to make sure you have an emergency fund. That would mean having a certain amount of cash parked in a high-yield savings account that you break open only as a last resort. But there are people who've decided they would rather go against the grain and take the risk of using a credit card for emergency purposes. When you have no savings tucked away for a rainy day, a credit card can certainly be a useful tool to have around. But bear in mind that there is a right and a wrong way to use plastic for emergencies. By following these steps, you can avoid experiencing any pitfalls when using your credit line in this manner.