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Dont you dare get a credit card! watch

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    I have a credit card for emergencies. I haven't had the need to use it yet, though and hope I never have to. The idea of debt makes me feel sick - I hate having even a student loan.
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    (Original post by blissy)
    I have a credit card for emergencies. I haven't had the need to use it yet, though and hope I never have to. The idea of debt makes me feel sick - I hate having even a student loan.
    Oh, I love debt. Debt is what makes you wealthy, provided it's the "right sort" of debt (debt secured to appreciating assets for example)

    Few people ever became wealthy without borrowing tons and tons of money and being in debt.
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    (Original post by G4ry)
    How are they a status symbol?
    Exclusive cards and gold and platinum cards. Some are easier to get than others.

    J.
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    (Original post by hornblower)
    Exclusive cards and gold and platinum cards. Some are easier to get than others.

    J.
    You only have to earn about 16k pa to be eligible for a gold card. Not exactly a great status symbol.

    There is nothing wrong with credit cards, it's when they fall into the hands of idiots they become dangerous.
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    When a billionaire (head of barclays) publicly states that he wouldn't even allow his children to buy stuff with a barclaycard, then you know just how much of a con they are!!
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    (Original post by kikzen)
    for this reason i would liek a debit card instead.
    To be honest, my debit card is more dangerous than my credit card. Although I have a £400 limit on one of my cards, my debit card allows me to eat into my overdraft up to £1000.

    At the moment though my overdraft is interest free, whereas my credit card has to be paid off by the end of the month. At least paying by credit card allows you to hold on to the money until the end of the month, thus acquiring marginally more interest on it whilst it's sitting in the bank. Paying my debit card takes it out of your account in a couple of days.

    It's not hard to keep out of debt with credit cards. I have two and a debit card and use all three. It's never been a problem for me.
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    (Original post by eddiedaboss)
    When a billionaire (head of barclays) publicly states that he wouldn't even allow his children to buy stuff with a barclaycard, then you know just how much of a con they are!!
    If you pay your bills early and in full then interest rates are of no concern.

    J.
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    (Original post by eddiedaboss)
    If your a clever person then you'll know that getting a credit card is just asking to fall into heavy debt. So all you got to do is avoid applying for one - aftertall the interest charged is absolutely disgraceful!

    Use your brain (apart from gettin A grades) to wake up to the rip-off's being offered in society.

    Dont be the person contributing towards the banks record profits!



    'Buying items we dont need with money we dont have'
    I'm terrible with my money. I can't control my spending! I shall thus never get a credit card! All the shops should be closed when i go out...i ended up buying another dress today I'm going to be so hopeless this september with uni!
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    basically, credit cards are a good idea. it is just that some users are 'a bit' (overstatement) stupid. see, if you are good with money management, you won't have any problems. >you know how much you earn, you know how much money you will get next month. you know that if you don't have the money now, you will have enough to pay the balance come pay up time. so you incure no debt kos you calculated everything.

    but then this is where it screws up. you don't pay up, get interest, then you kan't pay up kos you went and overspent, even though you still had the other balance, so now your in a pile of dog mess.

    if you think about what you are buying, then you will be okay. you will see that getting that new dress, wen you will be in debt is not such a good idea. but if you don't see that it is a bad idea, that you will not be able to pay up anytime soon then you are in a bit of a problem.

    another thing i hat are loans. the adverts for which you see on the TV.
    friggin hell man. you get a loan of £25,000 and then pay up somewhere like £40,000. WTF?????????? jeeze, you must owe lots of money to the mafia to take a loan so stupid. considering this is for mortgages and stuff. its targetted at families and stuff. i mean, if it was for a businessman, then thats okay. kos he might need £25,000 but after that his business will do so well that paying that £40,000 won't be a big deal.

    if you kan't afford the £25,000 in the first place, what makes you think that you will be able to afford the £40,000.
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    (Original post by SasunD)
    basically, credit cards are a good idea. it is just that some users are 'a bit' (overstatement) stupid. see, if you are good with money management, you won't have any problems. >you know how much you earn, you know how much money you will get next month. you know that if you don't have the money now, you will have enough to pay the balance come pay up time. so you incure no debt kos you calculated everything.

    but then this is where it screws up. you don't pay up, get interest, then you kan't pay up kos you went and overspent, even though you still had the other balance, so now your in a pile of dog mess.

    if you think about what you are buying, then you will be okay. you will see that getting that new dress, wen you will be in debt is not such a good idea. but if you don't see that it is a bad idea, that you will not be able to pay up anytime soon then you are in a bit of a problem.

    another thing i hat are loans. the adverts for which you see on the TV.
    friggin hell man. you get a loan of £25,000 and then pay up somewhere like £40,000. WTF?????????? jeeze, you must owe lots of money to the mafia to take a loan so stupid. considering this is for mortgages and stuff. its targetted at families and stuff. i mean, if it was for a businessman, then thats okay. kos he might need £25,000 but after that his business will do so well that paying that £40,000 won't be a big deal.

    if you kan't afford the £25,000 in the first place, what makes you think that you will be able to afford the £40,000.

    Credit cards are a good idea if your the boss of a high street bank (eg, RBS). However, for the rest of the nation, credit cards are of no possible good. Yes, if your one of the few consumers who repay the amount due on time, but lets face it the vast majority of credit card users are uneducated fools who dont realise the long term implications of buying on credit.

    There should be a major governement crackdown on credit cards and the massive interest charged on them!!
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    I'll always use my credit card for everything - get cashback, more security in buying stuff and in the first few months you can transfer balances for a few months to avoid those interest payments - have never paid a penny of interest in my life, its those people who pay interest on credit cards who are stupid

    As for the boss of Barclaycard, he's not a billionaire. He merely said he wouldn't borrow on a credit card, which is different to using the credit card and paying off the balance in full every month.
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    ive only got a cash card and my family r telling me to watch wot i do with that :confused:
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    (Original post by eddiedaboss)
    If your a clever person then you'll know that getting a credit card is just asking to fall into heavy debt. So all you got to do is avoid applying for one - aftertall the interest charged is absolutely disgraceful!

    Use your brain (apart from gettin A grades) to wake up to the rip-off's being offered in society.

    Dont be the person contributing towards the banks record profits!



    'Buying items we dont need with money we dont have'
    Ive got a card which only allows me to get the money ouit which is in my account. I cannot get overdrawn
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    (Original post by eddiedaboss)
    If your a clever person then you'll know that getting a credit card is just asking to fall into heavy debt. So all you got to do is avoid applying for one - aftertall the interest charged is absolutely disgraceful!

    Use your brain (apart from gettin A grades) to wake up to the rip-off's being offered in society.

    Dont be the person contributing towards the banks record profits!



    'Buying items we dont need with money we dont have'

    lol, your just scared.

    i have a credit card and a debit card.

    some things are best on a debit card...others on a credit card. sensible people can get away with intrest free credit.

    there is no need to blame credit cards for debt. im 900 over drawn but thats not due to either card..thats because i dont have enought money coming in compared to whats going out. i can choose debt or not to eat.

    but i really dont understand why pepole are so scared of debt. you get into debt..you pay it off in the holidays...and its a cycle. its what university is all about.

    love Katy ***
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    I've had a credit card since 1998. While I was at uni I used it very little and only for big bills which had to be paid even if I had no cash at the time (ie MOT/car tax time which also coincided with christmas ).

    However after graduating I was earning £10k for 9 months...during this time I was saving up for a deposit on a house (and then paying half of the expenses/mortgage associated with owning a house). Over 9 months I built up a debt of £1500. Since getting a good job I've been gradually paying that back (although it's only in the last 6 months or so when my paycheque has left me with enough of a slushfund to pay off a reasonable amount). It'll be 2 yrs since getting this job next month and I've got just under £500 left to pay off.

    I've also got an overdraft (which was interest free but is now part interest free and part not interest free) on which the rates are far better than the credit card (so my priority is to pay off the remainder of the card before concentrating on getting out of my overdraft and then getting the bank to shrink it from £1250 to a £100 safety net). I'm expecting to have everything paid off by the end of this year (by which time it's likely that my income will be over the threshold to repay my student loan (old system - £21,360) so I'll have to start paying back £90 a month). My mortgage is also due to go up in September (it's an HSBC home-start mortgage 3 yrs interest only (ie when money's tight) followed by 22 yrs interest and capital - however we fixed the interest rate 3 yrs ago at 6% and are planning on fixing again so it's likely that the interest rate we fix at in september will be ~1% lower than we're paying at now so the interest side will go down as the repayment side kicks in)
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    i have a credit card on which i do online shopping, and i pay the whole bill every month, so i do not get charged any interest.
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    (Original post by elpaw)
    i have a credit card on which i do online shopping, and i pay the whole bill every month, so i do not get charged any interest.

    I heard (on the radio yesterday) 1 company had 4000% interest on its credit card
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    (Original post by ickle_katy)
    lol, your just scared.

    i have a credit card and a debit card.

    some things are best on a debit card...others on a credit card. sensible people can get away with intrest free credit.

    there is no need to blame credit cards for debt. im 900 over drawn but thats not due to either card..thats because i dont have enought money coming in compared to whats going out. i can choose debt or not to eat.

    but i really dont understand why pepole are so scared of debt. you get into debt..you pay it off in the holidays...and its a cycle. its what university is all about.

    love Katy ***
    Exactly theres nothing wrong with the card its all down to how to use it. I have my money spread across several accounts for the interest and only have a card for the one account and lock my cheque books for the others away and only use them to transfer money across when I'm desperate that way I dont overspend. I have a credit card which I would be prepared to use in financial emergencies but only emergencies also locked away so it isnt tempting me in my wallet.

    You have no excuse for being heavily in credit card debt when it comes down to it its all there in the small print and if you are too lazy to read it then tough!
    I've been an idiot in the past when I had a mastercard when I was in my first year of uni I thought it was like a debit card doh! and thought the money was coming directly out of my account I thought that my bank balance wasnt going down too quickly but didnt make the connection and kept on spending. result a fairly large bill which I at least managed to pay on time, I learned my lesson and kept it just for emergencies in future.

    I have store cards but I only get them for the discounts I will take one on when I buy something that is a large amount for the 15 or 20% discount pay the card off asap and then get rid of it. I also have had credit cards in the past for the same reason you can get quite good deals sometimes eg. the free popcorn maker Barclay card were giving out last year to join. So i get the card and then never use it and cancel it. Its pretty easy to keep track of your finances unless its an unusually big amount I dont write anywhere how much I spend yet i can normally easily predict my bank balance within a fiver. Credit card companies rely on the fact that people are bad at managing their finances but as long as you keep good track of yourself you can easily avoid debt or at least minimise it. A guy I know managed to get into that much debt that he ended up only being allowed a building society account jointly in the name of him and his mum which really is embarassing but easy to avoid if you are sensible.
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    (Original post by eddiedaboss)
    If your a clever person then you'll know that getting a credit card is just asking to fall into heavy debt. So all you got to do is avoid applying for one - aftertall the interest charged is absolutely disgraceful!

    Use your brain (apart from gettin A grades) to wake up to the rip-off's being offered in society.

    Dont be the person contributing towards the banks record profits!



    'Buying items we dont need with money we dont have'
    I have one, but I seldom use it.
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    I see no point in getting one at all??????
 
 
 
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