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$3K for a new vehicle? Did they bring back the Yugo?
New to him I should have said. I don't ever want a "new" car either. Can't see throwing 20k or easily more when an older 5k car will get me from point A to B.
I have 3 credit cards, one for a clothing store which I hardly use (I mostly just got it impulsively one day after making a big purchase and wanted to save the percentage on it by opening an account), one that was my first credit card ever that I no longer use but didn't close it, and one that I use for bigger/online purchases and pay off immediately.
As for packer's coworker spending money on a new car when he could be using that 3k to pay off some of his debt, sounds like he is one of those people going through life saying, "I only have one life, I'm going to treat myself and enjoy it," which is understandable, but just not smart. Having too much credit card debt will always come back to bite you.
Saw a thread where someone had 6 credit cards and I know people who have this much or around there. Why do people need 6 credit cards?
I get having a credit card...emergencies pop up and they can come in handy. Honestly though if I had a 5k hospital bill or lost my job for a few months I wouldn't want to have 6 credit cards or what have you to fall on.
Think about it. Let that 5k hospital bill go to collections if need. Make a repayment plan if need be. Don't max out a card with interest! Either one will probably *********r credit up, but at least in the end your paying 5k not 7.5k when it is said and done.
Or you lose your job and it takes 6 months to find a new decent job. Don't be paying your $150 phone bill, netflix, hulu, order stuff through Amazon with your credit card because you have "bills" to pay. Cancel that stuff, live a rather poor life for 6 months. Manage your bills to bare bones and in 6 months in my example you can get back to a normal life. Rather than max out a 10k credit card and pay it all back with interest! Ruin your credit.
Just don't get it I guess. I would rather have a few thousand limit on 1 credit card and if life throws me a curve ball I will adjust accordingly and live off what money I have coming in....not say "oh well I have 20k in credit cards....I'll just use that for the next 6 months".
They may have learned this from their parents -- having 5 or 10 credit cards was normal for them growing up. I used to work with someone who got their credit limit raised and really looked at it like they just got a bonus, and went out shopping!
I only have 2. One that I've had forever, and one as a backup. Balance always paid off. And I prefer to use debit for almost everything.
But when I was young and stupid (22), I must have had a dozen store cards. They were easy to get, and led to getting CC. And I wanted the giveaways -- steak knives, frying pans, whatever. But I hated paying all these little bills each month. Even now when I'm told at Kohls or Target "you could save $X today if you get one of our cards" -- no thanks. Don't want the hassle.
When I was "buried," I NEVER saw CC as free money. I got cards with every intent of paying them off at the end of the month. Then something would happen where I needed money for something else. It often became convenient to just pay the minimum payment. If I saw anything as free money, it was the choice between paying a $15o purchase off or paying $10. I'd opt for the $10 (or even pay $20-25). It doesn't take a rocket scientist to see that the balance started to grow, not shrink.
Usually, I'd have one major cc and maybe 2 or 3 store cards. My balanced a were usually relatively small on all but the major card once you get into the cc trap, you'd have to use the major card for "necessary" purchases (I.e. car repairs). It's an insidious thing where one day you owe a manageable $200 and before you know it, it's a combined $12k. On e your in the cycle, it's not easy to get out.
Today, I have only one card that I pay off each month. I don't judge people who find themselves in difficult circumstances, because I can relate to how someone can end up there. I encourage anyone who finds themselves there to "stop the bleeding." As Bruce Williams (now that's a blast from the past) used to say, "you can't borrow yourself out of debt." Take some drastic action, and get support to stick with it. There is life after debt!
I actually think I had 10 at one time. The only one I pursued was the first one, the rest were unsolicited offers that I received that I signed up for because I didn't see a downside (no annual fees on any of them). Plus there may have been a couple of department store cards that I've forgotten about because I never used them (signed up during promotions to get some kind of prize). Back in those days (1990s) they were almost passing credit cards out to passersby on the street. I'm pretty sure I could have gotten 20 more if I'd had any desire to.
Over the years most of them have closed themselves, some due to bank closures/mergers, some due to the end of the particular credit program, and some due to inactivity.
Today I have two Visas, a Menards card, and a Walmart card. The Menards and Walmart cards get used frequently to take advantage of perks, the Visas mostly sit in a drawer if I'm not traveling.
I literally have 12 credit/charge cards. I use 3 of them regularly by charging a few grand on them each month. I don't need 12 but I just never bothered closing them. On occasion the cards have a promotion that is worth taking advantage of.
I don't see why you guys look at it as such as bad thing.
I literally have 12 credit/charge cards. I use 3 of them regularly by charging a few grand on them each month. I don't need 12 but I just never bothered closing them. On occasion the cards have a promotion that is worth taking advantage of.
I don't see why you guys look at it as such as bad thing.
What's the point in having 12 then. Close them. Even closing 1 a year isn't going to affect your credit....you have 11 left!
Do you pay off the ones you charge a few grand on every month?
I just seeing 12 cards as some kind of scapegoat when people go through bad times. If they lose a job, they won't worry about it and start using their credit cards like normal income and their in the hole 30k a year later just because they knew they had the money. While someone with a 3k cc and they lose their job will prioritize what they need and lower bills until they find a new one. You can't expect to lose a job and to live like you did making 40k a year. That is all I'm saying. The latter person might rack up 3k on their card....but that is it.
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