Most people cringe at the thought of debt-and justifiably so. Being heavily in the red can limit your purchasing power and potentially lower your credit score. But there are times when the use of debt, particularly credit cards, makes a great deal of sense.

Credit card companies catch a lot of grief from consumer advocates. Because of their aggressive marketing campaigns, there's a perception that the American public has no choice but to accept a card and rack up serious debt.

Truth be told, the people who get themselves into credit card debt would probably wind up in the red with or without a piece of plastic. For the rest of the consumer world, though, credit cards offer flexibility, great finance tracking, and a few extra perks.

Protection for big buys

Thanks to a little piece of federal legislation called the Fair Credit Billing Act, you can withhold payment on a large purchase if you find that the merchandise is damaged or defective. You'll need to make an effort to reconcile the problem with the merchant, but if that proves futile, the credit card company is required to investigate. If they find that you're not at fault, the charge won't be added to your bill. (Note that this protection isn't extended to debit cards.) You should also check with your credit card company on the parameters of the program.

Safe shopping via the Internet

The Fair Credit Billing Act also covers purchases made online, although this may not be much of a perk if you're unwilling to give out your credit card information over the Internet. However, security measures imposed by online merchants have made online purchases much safer for consumers.

Emergency cash

A credit card offers you the flexibility that you can't find with a checkbook or a debit card. If you're ever in a serious financial pinch, you can use the card to float yourself emergency dollars. A card's high interest rate definitely make this a last resort, but floating is wiser than drowning.

Building up your good name-and score

A natural byproduct of maintaining a credit card and making your payments on time is that your credit score will increase. A higher score can open plenty of doors for you: You're more likely to get a loan, another credit card, and even a job, as employers now routinely run credit checks. Boosting your score is relatively simple. Make your payments on time, and don't take credit lines that are higher than you can afford to pay back. The credit bureaus lower the scores of those who are heavily in debt.

The credit card industry has taken a lot of heat from consumer advocates for leading the public into temptation. It's true that credit cards advertise very aggressively, and hook people in when they're in need of cash. However, for the people who play by the rules, credit cards offer far more good than harm.