That was my motto for years but I decided to get a CC because I didn't have any loans or anything I was paying on to keep my credit score up.
I didn't want it to go on idle which could cause it to lower a bit.
Do you carry credit card debt?
- Thread starter Donkey Boy
- Start date
That was my motto for years but I decided to get a CC because I didn't have any loans or anything I was paying on to keep my credit score up.
I didn't want it to go on idle which could cause it to lower a bit.
Hell no! I would never do anything as stupid as getting a credit card. I use a debit card, which is essentially the same as cash.
Credit cards is just a trick that banks play to get some interest on the money that you have anyway. Sooner or later, rather sooner I'd guess, the client hits steady state and the bank can extract interest on his or hers stream of income. The fact that the interest rates run as high as 36 % screams out the fact that they are intended for morons. Actually, the only financially valid reason to get a credit card is if you have no plans, or means, to repay but still do not mind running up some credit.
My two cents are that you do not borrow to finance consumption or running expenses, the only financially valid reason to borrow is to make an investment.
Credit cards is just a trick that banks play to get some interest on the money that you have anyway. Sooner or later, rather sooner I'd guess, the client hits steady state and the bank can extract interest on his or hers stream of income. The fact that the interest rates run as high as 36 % screams out the fact that they are intended for morons. Actually, the only financially valid reason to get a credit card is if you have no plans, or means, to repay but still do not mind running up some credit.
My two cents are that you do not borrow to finance consumption or running expenses, the only financially valid reason to borrow is to make an investment.
bigbadbrody
Banned
THe only debt I have is a student loan, one that is provincial and the other is federal, but off the top of my head I cant remember how much I owe them. I pay about $100 to each one every month.
If I keep paying $200 off every month with interest, I will be paying off the loans until I am about 35 years old, wich is like another 10 years for me.
I have enough moola to pay them off in full right now, but the process of doing that is so long and tedious that it seems almost like a waste of time
If I keep paying $200 off every month with interest, I will be paying off the loans until I am about 35 years old, wich is like another 10 years for me.
I have enough moola to pay them off in full right now, but the process of doing that is so long and tedious that it seems almost like a waste of time
Well, there are benefits to owning a credit card. It's good in emergencies. And if you use it right it can greatly help your credit score (or so I thought).
Change the word 'morons' to 'the foolish' or 'the desperate' and I agree pretty much with everything you said.
I think there are a lot of bullshitters in this thread. The statistics seems to point to a higher average debt per person, atleast here in America. I don't know about you Euros but I'm sure you're the same as us.
I have just over $1000 spread over 2 cards. I used to have Amex (which I thought was the best) but I cancelled it about 3 years ago.
I only use my cards for "real" purchases--not food, gas, bills etc...
I have just over $1000 spread over 2 cards. I used to have Amex (which I thought was the best) but I cancelled it about 3 years ago.
I only use my cards for "real" purchases--not food, gas, bills etc...
angelfire1972
Banned
i try not to have a high debt
Eric Lindros
#88
I don't have a credit card.
Facetious
Moderated
Qualify it.
As for getting into debt hell, I could see if a cardholder habitually carried 2 - 3 grand debt month to month and all of the sudden maybe lost their employ . . . you could get up a creek $$$ lickity split. And with the progressive interest rates, you're basically fucked !
Yes, I carry credit card debt, but I'm not gonna specify an amount. I'm working on paying it down, which I estimate will take me another 2 years to pay off!
Fucking bullshit scam if I ever saw one.
If it will take you 2 years it would pay you to take out a loan instead.Credit card interest is absurdly high and only makes sense for example over Christmas to spread the load a bit.
1. Wise use of credit cards for your own advantage is NEVER a dangerous thing.
2. I have accumulated FREE 13-14 Northwest Airlines TICKETS to go to California to see mu sister by using their credit cards.
3. You pay each month and use only 1 credit card and build up a good relationship with the credit card company. You can always dispute some goods and service. The credit card company is always on your side if you are a good business partner with them. And you can refuse to pay some impulse buying you regret buying. Only once every couple months , you can use this tactics!
4. Credit cards are very dangerous. One late payment or change of address can ruin your credit and you get a R9 rating. The US law states a credit card company can keep your bad credit rating for 7 years. (Basically, you have trouble to open a business account in some bank, or rent an upscale apartment with further explanation) When ever you buy a car or get a loan, they are saying you are a "bad" person.
5. Despite US Government "US Investigation" based in Virginia deny using credit card rating in hiring US Government employees.
The truth is United States Government Investigation Branch do USE your credit rating as part of hiring process which is very unfair. You may be rejected for a good government job.
6. You have to have credit cards to rent cars, buy airline tickets on line and basically must have one to run a business. So be careful.
A. Never take out "cash" using credit cards unless you want to pay the credit card loan back in 1-2 days during crunch times.
B. Law enforcement can track you and your wife, ex-, girlfriend can see your statement as well as anyone working in the credit card company. (Remember, those people who process credit cards are no difference than your bank teller making less than 35,000-37,000 a year or less.
C. I have used credit card to buy car, and each year I get back 1% cash back, or some kind of credit either air miles, free groceries, etc.
D. Gold cards normally requires you to pay $70 a year membership fee but provide so-called rental car insurance protection. Don't believe it.
E. Credit card companies sell your information to others i.e. American Express, Life insurance companies, health insurance companies. Make sure to call your credit card company ad. department to stop all those bullshits.
F. Credit card companies are there to make money. So be prepared to pay service fee. I used to travel a lot to different places and credit card companies charge me very high exchange rate !
G. Set up an automatic payment plan to transfer money from your checking account to your credit card at around 22nd of each month (depends on your billing cycle)
H. You can sign up as many credit cards as you want, but never, never carry too many credit cards in your wallet. One or two is enough. Because if you lose your wallet, you are in shit. I have up to 20 plus credit cards at once but cut it down to 5-6 and only use 1 credit card and American express as back up.
I. Never give your credit card to your girlfriend to use !!!!! (nor to your mother too !) Also never give out your credit card pin number.
J. Casinos and strip clubs can exchange cash as a service fee.
The advise is NEVER BRING YOUR CREDIT CARDS TO STRIP CLUBS OR CASINOS !!!
Jagger69
Three lullabies in an ancient tongue
At any given time I will probably have credit card bills of about $5000. However, I pay them off on a monthly basis without fail. Want a formula for financial disaster? Carry heavy revolving credit card debt and make only the minimum payment each month.
With the huge amount of personal debt getting larger and larger by the year, a whole new industry has been generated, 'Debt Management'.
tartanterrier
Is somewhere outhere.
I only use it for emergencies,but I don't rely on it
Kingfisher
Here Zombie, Zombie, Zombie...
I only carry a very tiny amount that I could pay off in one shot. The other cards (I have 4 total) are paid off everytime. Two I carry, one is for emergency, one for any sort of larger purchase that I carry a debt on for a little while.
I heard that it's better to carry a small debt, rather than not have any debt, because that might affect your credit rating in a negative manner.
I heard that it's better to carry a small debt, rather than not have any debt, because that might affect your credit rating in a negative manner.
I pay my credit card bill in full every month.
FWIW, my last cc bill was the highest it's ever been, at over $480. :eek: Damn you, new glasses!!!
Same here.
FWIW, my last cc bill was the highest it's ever been, at over $480. :eek: Damn you, new glasses!!!
Same here.
Kingfisher
Here Zombie, Zombie, Zombie...
I just got one of those, of course I did buy a PS3.
