Credit Cards

[cyrus buelton]

the reason i got into trouble with my CC was because i didn't make enough to live and couldn't find a job that paid enough for a while.

i was working 2 jobs at a time trying to make ends meet, and i couldn't. the card filled in where the job couldn't. i also paid off my student loans during the same time.

I just can't respond to this, as I have never been in that situation.

I just hope during that time you used the card for necessities only and not disposal expenses.

I have an acquaintance locally who has been unemployed for 16mons and I still see him dropping a CC at a bar 3 nights a week.

that is sad in my book.

Not saying you did this, but this has been my personal experience.
 

[ducatiz]

didn't read all but i know when my rate was about to go up i had the right to "opt out".. if so, when you opt out your rate stays the same and they cancel your card that month the rate will change...  i've still got almost 20k in cc's i gotta pay off.. ugh..

you can opt out and you get to pay off the card AT THE SAME TERMS you currently have.  you don't have to pay in full.

if you use the card at any time after opting out, they retroactively change the terms and you are billed for the difference in interest.

they don't cancel the card, per se, you just can't use it or it is deemed acceptance of the new terms.  but you can pay off any current balance at the same terms (% and monthly minimum)

[KnightofNi]

I just can't respond to this, as I have never been in that situation.

I just hope during that time you used the card for necessities only and not disposal expenses.

I have an acquaintance locally who has been unemployed for 16mons and I still see him dropping a CC at a bar 3 nights a week.

that is sad in my book.

Not saying you did this, but this has been my personal experience.
 

not everyone is a complete asshole with their money.

though i'm sure he feels slightly happier for the moment.

[cyrus buelton]

the reason i got into trouble with my CC was because i didn't make enough to live and couldn't find a job that paid enough for a while.

i was working 2 jobs at a time trying to make ends meet, and i couldn't. the card filled in where the job couldn't. i also paid off my student loans during the same time.

That's a different situation.


I have friends that have 10k in credit card debt.

I asked them what they bought with it

- vacations
- bar bills
- more bar bills
- clothes
- gaming stations
- bar bills

That is where I find it retarded.

[KnightofNi]

That's a different situation.


I have friends that have 10k in credit card debt.

I asked them what they bought with it

- vacations
- bar bills
- more bar bills
- clothes
- gaming stations
- bar bills

That is where I find it retarded.

it's nto a good idea to buy toys with a credit card.
but i do know a few people who buy pretty much everything witht heir cards because of the air miles or cashback thing. (the cashback is just stupid if you ask me) they pay off their cards, and get to go on vacations for cheaper than they normally would because they use their cards.

it's not entirely a bad idea, it's just not the best idea and not everyone can pull it off.

a nice part of the g/f's debt was trying to keep her last car running. i could only help so much.

[cyrus buelton]

a nice part of the g/f's debt was trying to keep her last car running. i could only help so much.

I have a 62yr old "bar acquaintance" friend who racked up some debt due to a car issue as well.

[redxblack]

The only thing that REALLY bothers me about the APR increases is the fed is loaning the banks money at nearly zero percent interest. This is to keep the lending fluid and prevent a credit freeze. The banks are raising their rates and making huge profits, but at the expense of their customers (the taxpayers holding the bill for the bailout).

[cyrus buelton]

The only thing that REALLY bothers me about the APR increases is the fed is loaning the banks money at nearly zero percent interest. This is to keep the lending fluid and prevent a credit freeze. The banks are raising their rates and making huge profits, but at the expense of their customers (the taxpayers holding the bill for the bailout).

And the banks are having defaults on home loans like crazy

[ducpainter]

And the banks are having defaults on home loans like crazy

They made the loans...

no one held a gun to any of the greedy bastards heads and said they had to make stupid loans.

[r_ciao]

i like credit cards.
mine provide benefits: free hotel stays, free flights, cash back
different cards for different purposes: business vs. personal

credit cards are not bad,
but bad behaviors can get people in trouble.

i pay in full every month...
but when i was laid off, those 0% interest rates on purchases and balance transfers sure helped out a lot.

was told not to close unused or seldom used cards.
it helps with your total debt to available credit ratio (if you are concerned about your credit rating)

unlike our gov't, spend less than you make.  just be smart about how you spend your money
Ciao!

[ducatiz]

Having too many cards hurts too if the total amount of credit exceeds your ideal debt maximum.

Usually 50% of your annual gross.  If you have revolving credit more than that subtract 100 to 150 from your Fico

[derby]

was told not to close unused or seldom used cards.
it helps with your total debt to available credit ratio (if you are concerned about your credit rating)

at also helps with the age of your accounts. i keep some cards around and rarely use them solely because they're really, really old.

[herm]

at also helps with the age of your accounts. i keep some cards around and rarely use them solely because they're really, really old.

yup, i still have a CC from the very first company to issue me one (1992)
almost never use it, prefer debit cards, but i still have it.

[Drjones]

I look forward to the day when my FICO score reaches 0.  The whole credit industry has done a good markiting job of roping people into beliving they need a 'good score.'  Good score means you keep borrowing money at someone's dictated interest rate. i.e. you're a mark.

[ducpainter]

I look forward to the day when my FICO score reaches 0.  The whole credit industry has done a good markiting job of roping people into beliving they need a 'good score.'  Good score means you keep borrowing money at someone's dictated interest rate. i.e. you're a mark.

ding ding ding