Credit Cards

[ManiacalMadMan]

Will Credit Cards become the death of America? Are they really the same as rope to hang your self with? Is there a solution?

 

[avg_joe]

It depends on the users.

 

[ManiacalMadMan]

It depends on the users.

Can you explain that further?

 

[avg_joe]

Well, I mean, if you use credit cards with a discipline, it is OK. But most people, including myself, use them like free money.

 

[B_ScaredLittleBoy]

Why spend money you don't have? I have a friend in £1,200 (~$2,400) credit card debt. He doesn't even work and he's on the dole/JSA/unemployment benefit.

I have no credit cards. The only similar thing I have is a measly interest free £100 overdraft that the bank MADE me get.

Credit cards are evil, there needs to be a lot of checking done into who they give them out to and how much information the companies give to their customers. Some have really crippling rates of interest etc.

As my teacher once said "I've never known any bank do anyone a favour." they are out to make money.

Credit cards are bad for most countries I should think. UK and US included.

 

[DC_DEEP]

Irresponsible use and consumer ignorance, plus (arguably illegal) interest rates are definitely a bad thing. The government(s) should make it illegal for the comanies to charge more than "prime plus two". The public schools should make fiscal responsibility training a large part of math education for ages 12 through 18.

My partner and I both use our credit cards extensively, but responsibly, and pay the entire balance each month. I simply use my cards as a means to avoid going to the bank several times a day to withdraw cash. I do NOT use it as a "quick loan." I never charge more on my cards than I currently have in the bank. It isn't easy to keep up that kind of discipline, but I find it necessary. I maintain several different accounts, each with a specific purpose... checking, savings, a few certificates of deposit, two different retirement accounts, and one that I keep specifically for managing my credit cards. I maintain a 5-digit balance in that account. The majority of my money is in either the retirement accounts or the CDs, so that it is drawing interest.

 

[jfrsndvs]

I fully agree, credit cards are dangerous, I have never had a credit card and never will, I have my debit card from my credit union, I can do almost anything with my debit card that anyone can do with a credit card, yes I have rented a car and hotel room.

I do things the old fashioned way, if I want something, I save back for it, the only dedt that I currently have is my mortage and I am doing what I can to get this house paid off early, I have seen too many people who got caught up in the credit card mess and it's all they can do to make ends meet, they think that they have to have this or that just to try to impress people they do not know or like.

one of my all time favorite quotes is from the Bible "Borrower Is Slave To The Lender!" and there is no way I am gonna be a slave to credit card companies or banks.

Why spend money you don't have? I have a friend in £1,200 (~$2,400) credit card debt. He doesn't even work and he's on the dole/JSA/unemployment benefit.

I have no credit cards. The only similar thing I have is a measly interest free £100 overdraft that the bank MADE me get.

Credit cards are evil, there needs to be a lot of checking done into who they give them out to and how much information the companies give to their customers. Some have really crippling rates of interest etc.

As my teacher once said "I've never known any bank do anyone a favour." they are out to make money.

Credit cards are bad for most countries I should think. UK and US included.

 

[viking1]

Irresponsible use and consumer ignorance, plus (arguably illegal) interest rates are definitely a bad thing. The government(s) should make it illegal for the comanies to charge more than "prime plus two". The public schools should make fiscal responsibility training a large part of math education for ages 12 through 18.

My partner and I both use our credit cards extensively, but responsibly, and pay the entire balance each month. I simply use my cards as a means to avoid going to the bank several times a day to withdraw cash. I do NOT use it as a "quick loan." I never charge more on my cards than I currently have in the bank. It isn't easy to keep up that kind of discipline, but I find it necessary. I maintain several different accounts, each with a specific purpose... checking, savings, a few certificates of deposit, two different retirement accounts, and one that I keep specifically for managing my credit cards. I maintain a 5-digit balance in that account. The majority of my money is in either the retirement accounts or the CDs, so that it is drawing interest.

Exactly!

 

[kalipygian]

I don't have any, just VISA/debit cards. Don't need them.

 

[ManiacalMadMan]

Thank you all for your input and views I learned some things here. Thank you.

 

[SpeedoGuy]

If credit cards are outlawed, only outlaws will have credit cards.

There should be a three day waiting period.