The quick answer is no. But so many people still fall into this unnecessary circumstance. It seems to be a common assumption that credit cards are good since they can provide you with some spending capacity when push comes to shove.
Emergencies do happen and for those who do not have emergency funds, credit cards do provide that critical life line. But the thing is, having to rely on money you don’t have to save your butt is just plain sad. You’re basically a charity case of some loanshark that’s bound to kick you while you’re down.
If you don’t have an emergency fund, then sure, by all means, use your credit card to get over the hump. But make sure that you get yourself out of that hole immediately.
I do keep a credit card and I do get to use them for “emergencies.” Let me qualify, these are very minor issues such as an immediate on-the-spot purchases when I don’t have enough cash on hand, but not something like using it as my first resort for issues like home repairs and family emergencies.
The important thing is to have an emergency fund – money that’s worth 6 to 12 months’ expenses that you can access immediately (like a separate cash savings account). That way, you need not be at a credit company’s mercy in dire situations.
