Author Topic: Credit cards, credit debt  (Read 6026 times)

SF1900

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Re: Credit cards, credit debt
« Reply #25 on: November 10, 2017, 08:47:46 AM »
but why did you even pay it off not saying it was bad just curious

I just didn't want the debt of two credit cards hanging over me--although both amounts were extremely small. So, I just paid it off.

But, I was told not to close out the card and just leave it open. Apparently, closing it can negatively affect your credit score (so Ive been told). So, I just left it open, but don't use it.
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HTexan

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Re: Credit cards, credit debt
« Reply #26 on: November 10, 2017, 08:49:26 AM »
I totally agree 100% that also being said most people that can by drug online are more then capable of producing fake idea so forth getting credit cards out the ass.   I have known this for ever no one truly pays of the debit it makes zero sense $$$ wise to not die in debt
If you don't what a CC you can get Amex charge card. I would avoid paying anything online and at gas pumps with a debit card.
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Griffith

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Re: Credit cards, credit debt
« Reply #27 on: November 10, 2017, 08:53:22 AM »
I use my Credit Card like a Debit Card, only use the cash I put on it. It's useful for buying online and online bookings and there's no point of sale costs as compared to debit cards where I stay.

A house being an exception, only buy something if you have the cash for it.

HTexan

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Re: Credit cards, credit debt
« Reply #28 on: November 10, 2017, 08:55:06 AM »
I use my Credit Card like a Debit Card, only use the cash I put on it. It's useful for buying online and online bookings and there's no point of sale costs as compared to debit cards where I stay.

A house being an exception, only buy something if you have the cash for it.
You would be better off with a charge card then
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SOMEPARTS

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Re: Credit cards, credit debt
« Reply #29 on: November 10, 2017, 11:08:37 AM »
All Getbiggers carry bricks of cash - what is this "credit card" you speak of?

Rambone

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Re: Credit cards, credit debt
« Reply #30 on: November 10, 2017, 11:19:45 AM »
Have self control, don’t overspend, and pay your CC bills in full every month and reap the reward points.

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Re: Credit cards, credit debt
« Reply #31 on: November 10, 2017, 11:22:16 AM »
Why do they call them credit cards?
As soon as you use it you are in debt, they should be called debt cards...

seCrawler

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Re: Credit cards, credit debt
« Reply #32 on: November 10, 2017, 11:26:23 AM »
Credit Cards are evil. They are slick, glossy come-ons to fall into corrosive, malignant, life destroying debt. There is absolutely no rationale in using a credit card. If you can't afford to pay cash for goods or services,  then don't buy them. Simple. The majority of Americans will die broke and the major contributor to this is credit cards. They are right up there with heroin, white flour, cigarettes and alcohol.

AMEX is good, paying for my 1 week X-Mas vacation.  Plus it covered 4 other round trips flights this year.  Just payoff the balance at the end of the month and collect those points.     

HTexan

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Re: Credit cards, credit debt
« Reply #33 on: November 10, 2017, 11:57:13 AM »
AMEX is good, paying for my 1 week X-Mas vacation.  Plus it covered 4 other round trips flights this year.  Just payoff the balance at the end of the month and collect those points.     
I cash in the points in December and just buy a shitload of gift cards for Christmas gifts.
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Conker

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Re: Credit cards, credit debt
« Reply #34 on: November 10, 2017, 11:59:34 AM »
credit cards are a mugs game. unless you just milk their interest free periods then fk them off.

Henda

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Re: Credit cards, credit debt
« Reply #35 on: November 10, 2017, 12:09:16 PM »
someone told me they are only useful for building up credit history and advised just buying your weekly fuel on it and paying it off straight away and this would build good credit history and also for buying things online as credit card purchases are insured.

Still wouldn’t ever have one, if you can’t afford it don’t fucking buy it wait till you have the money (mortgage being the notable exception), seems simple but most are unable to grasp this simple concept.

Conker

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Re: Credit cards, credit debt
« Reply #36 on: November 10, 2017, 12:24:29 PM »
someone told me they are only useful for building up credit history and advised just buying your weekly fuel on it and paying it off straight away and this would build good credit history and also for buying things online as credit card purchases are insured.

Still wouldn’t ever have one, if you can’t afford it don’t fucking buy it wait till you have the money (mortgage being the notable exception), seems simple but most are unable to grasp this simple concept.


all that is true. if you have good credit rating a lot of the companies will offer up 30 months interest free. so just like an interest free loan if you use them correctly. i use them all the time and never pay a cent in interest.

LurkerNoMore

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Re: Credit cards, credit debt
« Reply #37 on: November 10, 2017, 12:33:13 PM »
Lot of good comments on the evils of credit cards in here....

Using one for a loan is a horrible idea.  If you  need a loan, chances are you have known about it for a while and have plenty of time to go to a bank for it.

Not to say you shouldn't have a credit card.  It can come in handy in case of an immediate emergency you may have and need to pay for.   I have 3.  BoA personal and one for my S-Corp, AmEx (personal).

I like to put everything each month on the AmEx for the points and then pay off at the end of the month.  I only use the S-Corp for business related expenses that I need a record of for tax purposes. 

robcguns

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Re: Credit cards, credit debt
« Reply #38 on: November 10, 2017, 12:35:40 PM »
I have one card and I’ve had it for 15 years,used to have more but now just one and I use it daily and pay in full every month.It has built my credit up nicely and it started at 5000 and is now 50k.Thats all I will ever need on a credit card.they are good fo building credit and rewards etc...

LurkerNoMore

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Re: Credit cards, credit debt
« Reply #39 on: November 10, 2017, 12:37:39 PM »
The worst mistake people make (next to not paying on time or at all) is getting several cards and cancelling them later on.

Best to hold on the duration and when it comes up for renewal, opt out.   

Conker

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Re: Credit cards, credit debt
« Reply #40 on: November 10, 2017, 01:31:48 PM »
Lot of good comments on the evils of credit cards in here....

Using one for a loan is a horrible idea.  If you  need a loan, chances are you have known about it for a while and have plenty of time to go to a bank for it.

Not to say you shouldn't have a credit card.  It can come in handy in case of an immediate emergency you may have and need to pay for.   I have 3.  BoA personal and one for my S-Corp, AmEx (personal).

I like to put everything each month on the AmEx for the points and then pay off at the end of the month.  I only use the S-Corp for business related expenses that I need a record of for tax purposes. 


wrong. it's an excellent idea for loan as long as you pay it off within the interest free promotional period.where else you gonna get an interest free loan?

calfzilla

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Re: Credit cards, credit debt
« Reply #41 on: November 10, 2017, 02:03:54 PM »
I had two credit cards. Paid one off, which was about 1100, then ripped up the card and never used it again (this was about 8 years ago). Since then, I have one standing credit card. Every few days, I receive junk mail, asking me to sign up for more and more credit cards.  ??? ???

If you are tired of the junk mail credit card offers, signing up for Lifelock will greatly reduce those.

Before I signed up, Discover was sending me like 2 applications a week!

Tennisballz

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Re: Credit cards, credit debt
« Reply #42 on: November 10, 2017, 02:22:47 PM »

wrong. it's an excellent idea for loan as long as you pay it off within the interest free promotional period.where else you gonna get an interest free loan?
my mom actually did this about 12 years ago.  She paid off her house really quickly by piggybacking these interest free credit cards(usually about 7-10k).  She always paid them off within a year and paid zero interest.  This saved her thousands on her house in interest.a  The down side is you have to be aggressive paying them off.  Her business was doing well at the time so it worked for her.

BayGBM

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Re: Credit cards, credit debt
« Reply #43 on: November 10, 2017, 02:33:39 PM »
Read and learn:

Getting credit lines through banks
http://www.getbig.com/boards/index.php?topic=309532.0

Henda

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Re: Credit cards, credit debt
« Reply #44 on: November 10, 2017, 02:56:11 PM »
my mom actually did this about 12 years ago.  She paid off her house really quickly by piggybacking these interest free credit cards(usually about 7-10k).  She always paid them off within a year and paid zero interest.  This saved her thousands on her house in interest.a  The down side is you have to be aggressive paying them off.  Her business was doing well at the time so it worked for her.

Why use the cards? If she was paying the cards off in a year anyways she may as well have just used her money to pay the house off, she would have been done paying off her house a year later at the very most.

LurkerNoMore

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Re: Credit cards, credit debt
« Reply #45 on: November 10, 2017, 03:03:25 PM »

wrong. it's an excellent idea for loan as long as you pay it off within the interest free promotional period.where else you gonna get an interest free loan?

Yes, this is true.... but for most people they can't pay it off that quick.  Then they are going to have to find another interest free card to shift the balance to if they want to keep it going.

Conker

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Re: Credit cards, credit debt
« Reply #46 on: November 10, 2017, 03:12:43 PM »
my mom actually did this about 12 years ago.  She paid off her house really quickly by piggybacking these interest free credit cards(usually about 7-10k).  She always paid them off within a year and paid zero interest.  This saved her thousands on her house in interest.a  The down side is you have to be aggressive paying them off.  Her business was doing well at the time so it worked for her.

yes you have to treat it exactly as if it was loan. work out how much you need to pay back per month to clear the balance before interest free period ends and stick to it. i tend to just set up direct debit monthly payment then just forget about it till it's clear.

what is even better now is loads of CC companies also offer interest free balance transfer periods too. so if ever you run out of time to clear a balance you can just transfer to a new card and start the interest free period again.

if you have a modicum of common sense and don't go beyond what you can realistically afford to pay back you should never pay a penny of interest. leave it to the idiots to pay that.


p.s i only use them for big ticket purchases like a holiday or car .i never ever use day to do. in fact i never usually even remember what the pin number is after i used it for the one or 2 purchases i got it for.