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I think charge cards are great, because the monthly payment is $20 for 3 years if you spend like $800 its better then it taking out your checking account.
Credit cards? They're fine if you pay them off 100% EVERY MONTH. Never carry a balance and never pay an annual fee.
Are you saying you put $800 on your card and you're expecting to pay it back in full at $20 for 36 months? You're definitely not looking at it right... $20x36=$720. If you charge $800 and think you're going to be done paying back $720 you're sadly mistaken.
Credit cards? Best invention ever!! Especially those with high interest rate and predatory collection policies, like Amex. Go for it, or naive one.
Credit cards are fairly common and most people have several of them, the problem is that many of them don't realize just how dangerous credit card debt can be. Certainly there are advantages to having credit cards but you have to make sure that you are aware of the dangers so that you can use them properly and not get yourself into trouble. The biggest danger of credit card debt is that the interest rates that are charged on credit cards is extremely high. This is a problem for a few reasons most notably because it is very expensive. However it can also get you into trouble because the amount that you owe can grow very quickly. This makes it very easy to find yourself in a position where you are unable to keep up with your payments and your debt is growing faster than your ability to pay it off. When this happens you are in serious financial trouble. The other great danger of credit card debt is that it can completely destroy your credit very quickly. Miss a few payments and the damage is done. Most people are aware that having good credit is important but most don't realize just how important. Not only will having poor credit make it difficult or expensive to borrow money but it will also affect your ability to get a job or an apartment and it will even affect the amount you pay for things like insurance. Allowing your debt to affect your credit will have a serious impact on your life. One danger of credit card debt that a lot of people are starting to recognize is that it makes it nearly impossible to save any money. There are a lot of people who are unable to save for retirement because of all the money that they owe to the credit card companies. Even worse are the people who think that have saved for retirement but really haven't. It is all well and good to have a large sum of money in your retirement account but if you also owe a lot to the credit card companies then the money really isn't yours. Perhaps the biggest danger of credit card debt is simply the fact that it allows you to spend money that you can't afford. It is no secret that a lot of people have trouble sticking to a budget. This becomes a real problem when you combine it with how easy it is to borrow money with a credit card. This allows people to spend money that they can't afford and allows them to avoid having to budget their money. Of course it will all blow up in your face eventually since you do have to be able to pay the money back. Being able to make the minimum payment on your credit cards is not nearly enough.
What charge cards are good for (assuming you have the discipline to not overspend):
- Reward points
- Emergency loan
- Easy to keep track of categories of spending (i.e. you put all of your food expenses on your discover card, all of your gas expenses on Chase, etc.)
Reward points usually are for places you never shop at anyway
Your local credit union is a much much better place for emergency loan than ANY credit card. Even your bank.
Debit card gives you same tracking online, times plenty of available free financial software. Microsoft Money or such.
I have been to more than a dozen retail stores since 1/1, and that fee is NOT being imposed.
At least, not in PA, which does NOT have a law against it.
charge cards are great I can get expensive clothes for free pretty much and pay a low monthly payment fools?
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