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What are the pros and cons of having credit card? Can't you survive without one!
PROS
The sheer convenience - it is so much simpler just to swipe the plastic, then to spend 45 seconds making an online payment once/month, than dealing with cash and coins all the time.
Then there's emergencies - who carries hundreds of dollars with them at all times, for when the car breaks down far from home, or when you're on vacation, or when a blizzard hits and I can't make it home from work and need to stay in the hotel across the way?
For that matter, how do you check into many hotels at all without a credit card?
CONS
There are none - I don't confuse the inability of some people to use a credit card responsibly as an inherent flaw in the nature of possessing a credit card, but rather as behavioral flaws with some people. And I don't say that smugly - I've personally been there and done that.
I would have thought that the recent downturn in our economy, when so many people lost things, would have taught people to better manage the amounts of monies they owed other people. Evidently not. Our Parents and Grandparents became very aware of managing money after the Depression, and most of them learned to do without until they could pay cash for things.
My own Parents bought our home with cash and never had a loan or mortgage on anything. We did very well, had nice cars, boats, horses, vacations, etc. When my Dad died he had money in the bank so my Mom never had to work. You don't need someone's card in your wallet to enjoy those things, you can do it on your own if you try.
Don
12-21-2014, 06:12 PM
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n/a posts
Quote:
Originally Posted by don1945
I would have thought that the recent downturn in our economy, when so many people lost things, would have taught people to better manage the amounts of monies they owed other people. Evidently not. Our Parents and Grandparents became very aware of managing money after the Depression, and most of them learned to do without until they could pay cash for things.
My own Parents bought our home with cash and never had a loan or mortgage on anything. We did very well, had nice cars, boats, horses, vacations, etc. When my Dad died he had money in the bank so my Mom never had to work. You don't need someone's card in your wallet to enjoy those things, you can do it on your own if you try.
Don
Having and using credit does not mean people can't manage their money appropriately and necessarily go around piling up a bunch of debt they can't pay.
Sure, you can operate without credit, but you'd be dumb to do so. Paying your mortgage upfront is a terrible idea when interest rates are so low. Paying cash for a car is dumb when you can get a loan for (near) zero interest. Passing up hundreds, possibly thousands of dollars a year in cash back makes no financial sense.
You're passing up thousands and thousands of dollars in investment returns and credit card rewards every year when you fork over cash for everything instead of investing and taking out loans.
Again: I get amused when people try to make statements out of ignorance.
I have had problems with purchases via credit card several times. Each time, the credit issuer resolved the matter to my satisfaction when the merchant would not.
I have had a problem with a debit card purchase exactly once. The same transaction posted twice. My bank said I would have to resolve the matter with the merchant myself. The same bank which was extremely helpful with purchases via credit card.
I prefer credit cards. If you prefer debit cards, by all means, use them. I use my debit card ONLY as an ATM card.
Or maybe a person has enough liquid assets that they don't need to use credit ! I do spend a lot on my hobby, but I do it with cash or my debit card. I have no bills hanging over my head, and if the bottom drops out of my world I won't owe anyone anything.
I was a Credit Manager for most of my business life (both personal and industrial) and I saw so many people who had that noose around their neck every month. Not me, I wake up every morning debt free and go to bed the same way. It is a very liberating feeling and something most people will never be able to enjoy.
Just because you feel the need to have them, don't think everyone else has to.
Don
Credit cards and debt are not synonymous. Charge something, log on to your bank account and set up a bill payment. Where is the debt? There isn't any.
For me, it's frequent flyer miles, smaller/no deposits for rental cars and limiting access by fraudsters to my main account.
Quote:
Originally Posted by lycos679
That takes months. Arguing with AmEx takes minutes.
For me the difference is that with debit the money's gone and I have to try and get it back, with credit I argue before paying the bill. Also, since my bills come out of my debit card, if that's compromised coughtargetandhomedepotcough it disrupts everything. If nothing else relies on the card that's "exposed" by being used all over the place then it's not a huge problem when the bank has to cancel and reissue it.
That takes months. Arguing with AmEx takes minutes.
You misunderstand.
Your making claims that visa says are not true, and are trying to debate with me abut it.
I'm telling you to quite arguing with me, but go talk to visa, because they say you are wrong.
Quote:
Originally Posted by Petunia 100
I have had problems with purchases via credit card several times. Each time, the credit issuer resolved the matter to my satisfaction when the merchant would not.
I have had a problem with a debit card purchase exactly once. The same transaction posted twice. My bank said I would have to resolve the matter with the merchant myself. The same bank which was extremely helpful with purchases via credit card.
I prefer credit cards. If you prefer debit cards, by all means, use them. I use my debit card ONLY as an ATM card.
I suspect there is more to this story....
By all means, use what you like, I was meerly responding to the false information given by those who have no real world experence.
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I do spend a lot on my hobby, but I do it with cash or my debit card. I have no bills hanging over my head, and if the bottom drops out of my world I won't owe anyone anything.
