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I was one of those "smart" people who paid off their credit cards every month. Until i got on a budget, now instead of spending $1500 a month on nothing i spend $50 a month on one thing. I save the rest.
Some of don't care to have a budget. And as long as we live within our means I don't see a problem with it.
I have one credit card. It is linked directly to my bank account. Each month-end, the charges are automatically deducted. It is not a debit card - but I treat it as one. I carry no balance each month-end. In the meantime, I accumulate "reward points" for every dollar spent. Other than lunch, newspaper, tea, taxis - I rarely use cash. I generally get out about $300 a month in cash from the ATM for emergencies. It is a RARE month when I need more than that in cash.
the only way to BUILD credit is to carry and use credit cards...not just one....2 or 3....and also some installement loans such as a car loan.
I see young kids that under the false impression that if they don't get a credit card, they will SET for life. Wrong ! When it times to buy a car or house....you are up the creek without a paddle without a strong credit history and strong score !
the only way to BUILD credit is to carry and use credit cards...not just one....2 or 3....and also some installement loans such as a car loan.
I see young kids that under the false impression that if they don't get a credit card, they will SET for life. Wrong ! When it times to buy a car or house....you are up the creek without a paddle without a strong credit history and strong score !
You don't need credit to buy a house, and i feel that a person shouldnt go into debt for a car. Having a high credit is only proof of giving your money to other people through interest. Save and buy.
Lately I have been taking personal finance more seriously. I have carried a credit card since I was 19 years old (I am 24 now). I always thought I could charge everything and get rewards/points for it! You can guess how that worked out - I started spending money I don't have.
Last week I finally pulled the trigger - I no longer carry a credit card. Anything I buy is with cash or debit card. It has been a major change, it is very strange to consciously think about my bank balance before every purchase. I simply don't have the self-control to use a credit card responsibly, so I need to just not have one.
Here is my question, do you carry a credit card or not? If you do, do you feel you have the self-control to not run up the balance?
I use one credit card for everything and pay it off when it comes in. There is no trick; you set a limit you can pay and as you spend, write it down and add it up. If you have no self control, forget the card and cut it up. Don;t close the account. [Closed by consumer status can hurt your credit; keep the card, don't use it]
Ive never had a credit card,if i WANT something i will usually just save until i can buy it ,put it on lay away or buy here pay here.
every once in awhile i,i NEED something and cant get it!
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