Some people might tell you that to stay in good financial shape you will want to ditch credit cards all together. Doing so will eliminate credit card bills and debt, which can often lead to insurmountable debt. However, before you cut all your plastic in half, you may want to listen to the other side of the argument.

It's true; the high interest rates of credit cards can allow a little debt to spiral out of control in a hurry. However, if a consumer vows to not carry a balance on their card, this will not happen. Plus, there is a flurry of other advantages to using a credit card over a bank or debit card.

For one, debit cards are more prone to fraudulent charges than credit cards. Because credit cards do not extract money instantly and directly from your personal bank account, there is a time buffer in which a consumer can determine if charges are legitimate before paying them. With debit cards, the money is taken out right away. If someone steals a debit card, they can quickly ravage a person's bank account.

One of the other most attractive reasons to using a credit card is to build up your credit score. Responsible use of a credit card can bolster one's credit rating significantly, making them more likely to get important lines of credit later, like home and auto loans. Using a debit card is not going to affect your credit at all. Paying with a debit card is essentially the electronic form of paying with a check. It does not prove that you can be responsible with a line of credit.

Let's not forget that credit cards often come with benefits and rewards, too. These can come in the form of air miles, gift cards or even cash. If you keep a balance off your card by paying promptly, you can reap these rewards at no cost.

Finally, paying with a credit card can be plain and simply convenient. Many businesses, like hotels and car rental services, may not allow you to utilize their services unless you have a credit card.

Source: CBS Money Watch, "4 reasons to use credit cards versus debit cards," Ray Martin, Jan. 26, 2012