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Old 08-28-2007, 07:23 PM
 
Location: Arizona, The American Southwest
52,161 posts, read 30,224,159 times
Reputation: 91137

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Do you charge a lot on your credit card(s) every month?

I'm amazed at how far these banks and credit cards will go to lure customers to go into debt just to earn "Points" that will give you air miles and other "benefits". For somebody who travels a lot and has a few million bucks saved up, that might work okay, because they can charge everything, earn the bonuses their credit cards promote, and pay off the debt in one payment. But, we all know that many average Americans, who are a majority of us, will charge a few thousand dollars on a vacation or purchases, then spend an average of 15 years making minimum payments on a $10,000 debt, and by the time the debt is paid off, they will have paid about another $6,000 in interest, and that's even when the bank or credit card gives you a good interest rate because of your credit rating. I am amazed at how many average consumers fall for those deceptions and get trapped in credit debt for a long time.

I hope consumers will realize this and avoid the temptation of going into credit card debt.
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Old 08-28-2007, 07:34 PM
 
Location: Arizona, The American Southwest
52,161 posts, read 30,224,159 times
Reputation: 91137
By the way, I do have 3 credit cards and they all have 0 balances on them, and the only reason I have them is to keep a good credit report. A couple of times a year, I'd buy something for $100, and charge it on one of the cards, then pay it off.

Of course that will only make banks and credit cards send you junk mail to promote the "0 Interest" credit cards to lure you in, which we know after a year, the APR on the card will jump to 23%.

That's why such garbage goes where it belongs, in the shredder!
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Old 08-28-2007, 07:42 PM
 
Location: Missouri
6,046 posts, read 21,868,792 times
Reputation: 5068
I don't blame the credit card companies; I blame consumer greed. People should not buy things they can't afford. I've charged all my large purchases for the last few years, earned a boatload of points, and last week cashed them all in for several gift cards. I never carry a balance, so the gift cards were a great bonus.
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Old 08-28-2007, 09:02 PM
 
Location: In The Outland
6,023 posts, read 12,077,669 times
Reputation: 3535
I have owned about 30 cars and trucks and have owned 5 homes and I have never had a credit card. Ya just don't need them ! If I can't afford to pay cash I don't buy it. That interest will keep you in debt, you can bet your bottom dollar !
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Old 08-29-2007, 06:04 PM
 
Location: Pikeville, Ky.
13,599 posts, read 21,948,579 times
Reputation: 18217
We have 2 credit cards, one a major credit card and the other is a gas card.. they are for emergencies only..If either has to be used during the month, I make sure to pay it off before interest is added I feel very sorry for people who have to survive on credit cards, because unless you can pay them off in a short period of time they can bankrupt you..Several years ago, after divorce which left me a pauper except for a roof over my head, I applied for a credit card (high interest of course). Desperate people do desperate things to feed and buy school clothes for children .























desperate people do desperate things raising grandchildren who need food and school clothes
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Old 08-30-2007, 08:48 AM
 
Location: Arizona, The American Southwest
52,161 posts, read 30,224,159 times
Reputation: 91137
Fifteen years ago, I didn't have a decent credit rating, but I got an offer for a Visa credit card and I said what the heck, I'll improve my credit score. Of course the interest rate was somewhere around 27% - That's why I didn't charge that much on it, and I also had to pay an annual "membership" fee, which was originally $25, and around $40 before I got rid of the card. I kept that credit card for 13 years and I told them to close the account around June of 2005 because I saw no reason to pay that annual fee, and my credit rating had improved significantly by 1997, so I was able to get 2 credit cards from banks and one from Fry's Electronics.

Like I said, I only use them to keep my credit rating high and I do pay them off because I absolutely refuse to pay credit card interest!
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Old 08-30-2007, 09:43 AM
 
Location: in my imagination
11,542 posts, read 18,809,252 times
Reputation: 8026
interesting that I just watched this video before seeing this thread.
Yahoo! (http://www.yahoo.com/s/663944 - broken link)

I now payoff my card every month,and only use it when it is needed.For instance I purchased some stuff at Guitar center the other day,will pay it off the next statement.Internet purchasing is a great way to get certain items you might not be able to get or at a price normally so having a card can be useful.

There was a time though that it became a burden,you can charge it up without realizing,thinking get now pay it latter then something happens and you can't pay it off.

There were times when things got hard that after paying bills I had no money left and had to use it to buy food,but it just makes it worse in the end.

Hopefully I stay on track from now on,buy only when I know I can pay it off totally every month.
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