Seeking advice re converting vinyl to digital

Like many older couples, my wife and I have lots of LP records, and we would like to convert some of that music to a format we can enjoy on our computers.  A recent article in MacWorld magazine discussed usb turntables, recommending products from Numark and Sony.

I don't want to invest a lot of $ into this endeavor.  Would it be possible to use something like the cable shown above from Ion to transfer the data and then process it with GarageBand on the Mac, and burn to CDs, or are there features about usb turntables that make them valuable for a project like this.

Does anyone have practical experience with doing this?  Tips?