Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Emily Maddox, 24, of Knoxville, Tenn., is the kind of customer credit card companies covet. She has a good job as an Internet marketing coordinator, and she lives within her means. But she's never had a credit card, and she has no plans to apply for one.
Very interesting story! That girl was doing great until she decided to go into debt AND co-sign on a car loan. She should pay CASH for a car she can afford. I can't wait until more people rebel against these loan-shark style credit card companies and banks like B of A start tanking.
I enjoy predatory lending to my CC company, paying off full balance for each of my interest-free monthly loans, and forcing them to provide me with thousands of dollars of annual cash rebate so that I would charge with their plastic. Guess who's fleecing who?
I'm not buying it. Must have been a slow day in the newsroom. The article provides anecdotal evidence at best. The use of credit cards is deeply engrained in our culture. It will take decades to change that trend. American's are not noted for making wise financial decisions (hence the huge amount of credit card debt, HELOCs, ARM's BK's, foreclosures, etc.) I highly doubt there has been a significant long-term change in our spending patterns. Even if there was, one year (or less) does not a cultural shift make.
I enjoy predatory lending to my CC company, paying off full balance for each of my interest-free monthly loans, and forcing them to provide me with thousands of dollars of annual cash rebate so that I would charge with their plastic. Guess who's fleecing who?
Me too!!
Plus, I've taken advantage of my AmEx's buyer protection/extended warranty a few times as well.
IMHO, credit cards are fantastic is you don't use the 'credit' part of them.
I use my only credit card, against the advice of those like Dave Ramsey, to ensure double warranty on big electronic purchases and for a little piece of protection. My credit card is Navy Federal and I pay it off within minutes of making transactions.
I'm an unabashed transactionist when it comes to my credit card. I don't think credit is a tool. I would sooner cut it up than use it to fund anything long term. I'm rational about the fact that sometimes a good credit score is necessary for a job, insurance or whatever. I follow the advice of the likes of the anti-debt crusaders to the letter regarding emergency funds, savings, buying things with cash when possible to get a better deal and chopping away at the house mortgage. Generally, in my experience, the guy at Best Buy can't get you any better deal on a laptop regardless of cash or not, so who cares. I'm using the card.
The other day, I got a great deal on furniture with cash. It just depends on how conscientious you are with debt and savings. If you care enough to be careful, then you won't end up in trouble.
Some people just don't have the discipline. I would never carry a card from any megabank...ever.
hat is her choice consideringthat hse gets nervous thinking about have credit cards. i really thnik many that can not manage them would be wise to do the same thing. But its all in managing them just like any credit.I have ised credit cards for years and my use prettymuch measure to her thoughts as I have never used them for long term debt because it just does not make sense really. I use them and pay them at the end of the month and always ahve. Its just as easy to get in trouble with mortgages;auto loans ;if you live beyond your means. Actaully I buy just what I would without them but get cash back with using them. I also like the convenience of not carrying much cash;not writing checks and how easy it is to look at your spending habits.Different strokes for different folks.
CC are handy so long as you pay them off every month. We didn't for a while but now we do. We use our Debit card a lot so we do not have to carry a lot of cash. Only things left to pay off are the mortages.
It's a silly article, but seems to get a great deal of press. There are no problems with using credit reasonably, responsibly, and within bounds. Even just to get history to gain a mortgage (and better rate the better the score) or to limit liability/gain additional protection for purchases (especially online).
I always have one really big problem with it:
"Ironically, Ulzheimer says, people who have sworn off credit cards are the best candidates for credit. "Those are the people who would manage credit cards very well, because they're so disciplined," he says.
Emily Maddox is one of those people. She pays cash for day-to-day purchases and uses debit cards when she shops online. That way, she says, "I don't buy anything I can't afford.""
--- No...if you have to take the credit card away from yourself so you don't over spend, then you aren't responsible or disciplined with credit. It's nice that she knows herself well, and take precautions to not get herself in trouble, but abstinence in the use of a product when you can't use it wisely does not mean the person is responsible with its correct usage.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
