Watch out with credit cards

Janine · #1 (**permalink**) 05-14-2006, 11:05 AM

Credit cards can be great if you do need to buy items at short notice and there are nice protections with them but you really have to keep disciplined when using credit cards. I don't know about anyone else but I'd say that one credit card is enough and you shouldn't look to have more than one because all you do is create for yourself greater opportunities to create even more debt! I'm currently paying off four cards now and its hellish but one is almost paid for and the others I plan to have paid off completely within two years at the present rate. After that I'll keep one but repay at the end of the month to avoid the crippling interest and repayments!

ninikins · #2 (**permalink**) 05-20-2006, 11:31 AM

I've got one card, had a few more and am paying them all off now. There is one card that I intend to use in the future, but sparingly, and I've sent all the others back

lyricb · #3 (**permalink**) 05-21-2006, 04:40 PM

I try to stay away from using a credit card unless I really need to, and you have some great advice. It's way too easy to fall into a deep debt with credit cards.

ninikins · #4 (**permalink**) 05-21-2006, 07:06 PM

Yes credit cards can be all too easy and it seems that more and more copanies are lenient when handing them out but less sympathetic when people end up in trouble.

kelkat · #5 (**permalink**) 05-30-2006, 12:10 AM

My husband and I started our marriage with credit card debt. Several years ago, we paid them all off and decided to never borrow money again. When you look at credit cards as borrowing, it is easier not to use them.

Recently, we did get a new credit card (one that offers cash back incentives) but we only use it if we have the money in our savings account and we make sure to pay it off BEFORE we incure any interest.

Like most things, credit cards can be good if used wisely.

Benji · #6 (**permalink**) 05-30-2006, 11:09 AM

Kelkat,

Credit cards can be good to help build a solid credit rating, but are especially useful when/if you determine to pay back at the end of each month in full. If not, credit cards can also help you out by securing a 0% introductory card and allowing the card company to make your interest payment for you (then determine not to use the card for any future purpose until paid in full).

4silverstrea · #7 (**permalink**) 10-04-2006, 04:06 PM

I agree with paying back a credit card..but what if you don’t have a steady income because you are a freelancer? In this day and age, you have to have more than one stream of income in my humble opinion, otherwise, if you lose a job or lack another profession, you’re toast!

tater03 · #8 (**permalink**) 10-06-2006, 03:08 PM

I stay away from credit cards if at all possible. I am not good with money so using these would be just asking for trouble for me. We just bought our first house and man the credit card companies are coming out of the woodwork. Just about everyday in the mail their is another company wanting me to sign up for their card. Thank you but no thanks.

burfi · #9 (**permalink**) 11-29-2006, 06:12 AM

You should only have 1 credit card and you should use it unders very strict discipline. Otherwise it will eat up you finances.

taiarain · #10 (**permalink**) 01-03-2007, 01:18 PM

Credit cards are a tool, very much like a hammer. They can make some things easier on you, but certain people should be very cautious with their use or avoid them entirely for their own protection.

4silverstrea · #11 (**permalink**) 01-04-2007, 12:09 AM

Try freelancing and owning a credit card! Freelancing is bad enough, owning a credit card when you’re freelancing is worse!

riskey58 · #12 (**permalink**) 01-18-2007, 07:45 PM

We have credit cards but we really do not use them much. I feel that you can really get yourself into a mess. They make it so easy for you to buy what ever you want. But sometimes you forget you have to pay for it in the end.

dwalliz · #13 (**permalink**) 01-29-2007, 06:40 PM

I agreed about what the original poster said. Credit cards are good for use for temporary reasons not as part-time income as I be seeing people use it for.

4silverstrea · #14 (**permalink**) 04-22-2007, 02:36 PM

I absolutely loathe being in debt...however, it will be fun paying the debt off because it is an exercise in strategy..something that an education does not teach you how to deal with..especially when emotions become involved. It’s not hypothetical but very real when it comes to having debt in the real world.

4silverstrea · #15 (**permalink**) 04-22-2007, 02:37 PM

One more thing..I believe that keeping a cool head in the matter of getting out of debt, is the only way you won’t have a coronary!

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