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-- the evils of a credit card

the evils of a credit card

damn i had a credit card for a while now and it was almost up to $2000 (at the limite) and then i paid it off in full with a lill bit of a inheritence... but the fukers left the intrest roll over so i was still owing $52... and now some how magikally its back up to past $1000 in less then a few months... i dont even know where it all went... i swear some 1 has my number and is using it...

so in the midst of all this i called the credit card company and asked if they could stop my credit card so i wouldnt use it anymore and could work paying off... but they said that it has to be active in order to make payments on it... so im thinking bout just report it stolen... will that cut it off so i can still make payments...

damn i hate master card...
evil evil

thats why i won't get a credid card, I'd rather pay cash. I did get sucked into getting a BON card and maxed that out in two weeks. Thats only $600 so not too big of a deal.

just gotta realize that spending money is spending money. no different than spending cash. its all coming out of your account in someone. don't spend more than you have.

or just get a debit card, so when you run out you run out. you don't sink into debt, but your just screwd cuz you used all your money.

quote:

Originally posted by montie just gotta realize that spending money is spending money. no different than spending cash. its all coming out of your account in someone. don't spend more than you have. or just get a debit card, so when you run out you run out. you don't sink into debt, but your just screwd cuz you used all your money.

its not that simple...the only reason companies want you to use credit cards is because they've already done studies proving that ppl. tend to spend *at least* 20-30% more than they would have if they had used cash.

as for using debit cards...problem with that is u have to keep track of how much cash u have in your account all the time...unless u're doing well and u know u're always gonna have it covered...banks actually make a good deal of money out of just the fees they charge, like overdraft fees for instance

for the typical fiscally challenged college student i think the best advice is to keep just ONE card with a low limit...say 500-1000 max...i've learned that the hard way

and ratz, u dont have to wonder where it all went...im pretty sure ur CC company has a website with free online features, im sure u can track ur charges on there...

yes credit cards are very tempting! i love to travel so sometimes i get crazee with my cards, but then i'll chill for a while and pay it down. it's very tempting though, sometimes when i walk into a store and see a bunch of kewl clothes i feel like just saying fukk it! and pulling out my card...but luckily i don't do that ALL the time...just sometimes

quote:

Originally posted by AnotherWay83 its not that simple...the only reason companies want you to use credit cards is because they've already done studies proving that ppl. tend to spend *at least* 20-30% more than they would have if they had used cash.

Is this true? I suppose it's possible, but I'd lke to see a source on that.

Seems to me like the reason they use credit cards is because they make interest on it, same as any other loan. And the interest is pretty ridiculous - 30% per year is not like any old bank loan.

If you guys are maxing out your cards, seems to me like you just need some budgeting skills. Good credit becomes essential when you're thinking about buying a house, a car, etc. The way to build that credit is through credit cards! For the first 3 years of my VISA, I paid the entire bill in full without ever letting a balance run on it - because of that, they've quadrupled the original credit limit that was on it without me even asking them to. Since the card is from my own bank, getting a small loan is trivial.

The point is that, when you need something big, for example, a car, you don't always have the money on hand to pay for it. Sometimes 50 bucks worth of interest could save you $500 in opportunity cost. Don't complain about the cards - complain about the people who can't use them responsibly. It's no different from someone taking out a mortgage and spending it all on beer.

we only live once...live it up

say you have two credit cards, card A and card B. can you max out card A, then pay its bill using card B? then pay B's bill with A when the time comes and on and on

no honestly... apart of it went to buying my sister grocerys cause she was short... she was suppose to get another student loan and then the fuker dropped outta her course leaving me with the dept... damn im too nice for my own good... i hate it sometimes ... but besides that i know where i spent $200 and the rest i have no clue on...

i bet alot of it went to intrest...

and ya maybe it is easier to pay cash on things... but there have been times when i would of starved or worse if i didnt have it...

im just gonna pay it off with my up coming income tax and then just destruy it... and call the fukers up and say " i am destroying this card now... now go to hell" lol

quote:

Originally posted by sash say you have two credit cards, card A and card B. can you max out card A, then pay its bill using card B? then pay B's bill with A when the time comes and on and on

you can do that, but after like 2 times, the credit companies aren't going to be pleased

learn to budget then consider a credit card.

quote:

Originally posted by torontotrance learn to budget then consider a credit card.

i did... when i got it i was able to manage... had a sweet job... paid off my student loan... i was on top of the world... but like every thing good in life it all went to shit...

Credit cards can be great if you know how to use them. Just get one that pays a cash back bonus, then pay off the full balance on the card every month. You'll never accrue any interest, and you end up getting 1-2% off everything you buy. That can really add up.

Best wishes,

Arbiter

or take one out in your dogs name.... then buy more dogs

the 20-30% overspending figure was actually reported on the news here as "a study" so i cant point to a source for it...but i do remember those numbers correctly

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