View Full Version : Credit cards -- blessing or curse
CMike11
June 27th, 2009, 7:23 pm
My wife and I at a point were really struggeling financially. We got killed by credit cards.
Now we are in much better shape but I don't have any credit cards, by choice.
Some people say it's good for getting and maintaining profit, other people say it ain't worth it.
What do you think?
jimjames418
June 27th, 2009, 9:06 pm
It all depends on how well you can control your impulse buying. If you can't control your impulse buying, they are a curse. If you have the displine to not buy anything you can't pay off within a month, they are a blessing.
There is no middle ground with those things, either you have the control or you don't.
johnrocks
June 27th, 2009, 9:07 pm
To many,they are a curse, I have a debit with the VISA logo and it's all I need.
2Parties1GlobalistGoal
June 28th, 2009, 12:11 am
I have a credit card but I stopped using it a while ago (just used it for convenience). For instant/online purchases I use a debit card (Mastercard) through my credit union...
AmericanMuscle
June 28th, 2009, 9:34 am
Blessing to me because I square away at the end of each month before interest and fees are tacked on.
If I wind up having to pay for the convenience of having a credit card to enable those who do not pay up, I will rely on my check card. Some say it might come to that so I am prepared. Lord knows we are getting slammed enough already.
Good for you for getting a handle on your finances!
CMike11
June 28th, 2009, 9:13 pm
bump
wasscullywabbit
June 28th, 2009, 9:21 pm
I use the credit card more for convenience than a blessing, but definitely not a curse. I learned from my father that I should pay my credit card in full every month, or don't use it at all. That was wise advise. I use it for the gas station, my toll pass, and small purchases. I just pay my bill in full at the end of the month. I never use it beyond my financial means.
jimjames418
June 28th, 2009, 9:55 pm
I have a credit card but I stopped using it a while ago (just used it for convenience). For instant/online purchases I use a debit card (Mastercard) through my credit union...
Actually for that you should use a credit card. Any problems can be resolved by a credit card company, but not so with the debit card. Your credit union will not refund your money, it has gone by-by.
DRS
June 28th, 2009, 9:59 pm
Credit is good to have, I use it for the convience of having things just billed to my card and just paying one bill a month instead of several.
It is also coming in handy while I am awaiting the insurance to kick in for my hurt back
Groundhog
June 29th, 2009, 5:27 am
If credit cards a curse, you might as well say that car and home loans are a curse, since many have bought a car or a house out of their pay range.
blossom7454
June 29th, 2009, 6:00 am
:DI got rid of mine in the eighties. Although I believe its ok to have one for emergencies only if needed most people get in trouble financially. Or also if you have to use on getting a hotel room as long as you can handle the finances but more than 1 is not good.
uncledoom
June 29th, 2009, 8:25 am
I have an AMEX I share with my wife. The good thing about the Amex is that it must be paid in full every month.
Army Wife
June 29th, 2009, 10:27 am
It can be a curse if you don't know how to control it. I use our for a number of things but I always pay it off either by the end of the week (most times the same day when I get home) or at the latest the end of the month. I never spend more than I know The Husband check will not cover with plenty left over. I use the CC more than checks here lately because I get cash back on it which averages out better than letting sitting in the checking account gaining very little interest. So I gain what little interest given on the checking and then double dip on the cash back from the CC. :mrgreen:
Sophie
June 30th, 2009, 2:41 pm
Credit cards are a privilege, not a right. The only way to be safe is to pay the balance monthly. When the banks start charging a user fee for this privilege, it will be only fair to pay it. What I don't want to do and will not do is pay high interest rates so banks can make up for money they lost when they gave credit to deadbeats.
Residential Bob
June 30th, 2009, 2:44 pm
If credit cards hadn't been invented yet, I would have loved to have been the first to issue them. I would have made a lot of money.
birddog1
June 30th, 2009, 3:27 pm
My wife and I at a point were really struggeling financially. We got killed by credit cards.
Now we are in much better shape but I don't have any credit cards, by choice.
Some people say it's good for getting and maintaining profit, other people say it ain't worth it.
What do you think?
I have a hard time believing that anyone is going to get or maintain a profit if they are paying 24+ % interest on the money they are borrowing.
I have one and use it even though I don't think it is a good idea but I always pay it off at the end of the month. Even then studies have shown that the average person spends 9-12% more than they would have if they had been using cash.