I hate credit cards...

[BJClark]

I had an account I have been working to pay off, worked out an agreement with the company to pay X amount a month at a 3.5 % interest rate..

They call me today wanting to up the credit limit, and raise the interest to some 17 % plus prime (which is like 5%, so some 22% interest) and send me a new credit card, I told them I am not interested..

Then asked if I could pay an additional X amount more than I have already agreed to to pay each month... NOPE

It's like leave me alone!!!

 

[smhbbag]

Evil is not a sufficient description for them, it seems. I don't know what is worse than evil, but they are it.

Debt is like fire - a dangerous servant and a fearful master.

I wish I had been more careful in school with loans. We aren't having a problem paying them back, but we have put ourselves under a very real yoke. And when debt impacts a life decision like moving, changing jobs, etc. that is a stumbling block to where the Lord calls, that is when it's evil is greatest. We all need to be more vigilant. Unfortunately, our vigilance now doesn't cure a previous mistake

Praying for you.

 

[PuritanCovenanter]

I have been fortunate enough that I always have been able to pay my full balance at the end of every month. I get cash back. Woo Hoo.

 

[Craig]

Credit card companies;
Making rip-offs and financial slavery appealing year after year©

 

[ericfromcowtown]

Although I don't want to paint with too broad of a brush, I think that a lack of financial and budgeting skills are often a bigger evil than the credit cards themselves. I inherited some credit card debt when I married my wife, but other than that we have found credit cards to be a great convenience, have never used them when we didn't have the cash available to pay off the balance monthly, and have never had more than one.

 

[Wannabee]

Credit cards are great tools but oppressive masters. If you don't control them, then they'll control you. Typically, we try to keep two; one with a high limit that we don't use unless something comes up that we deem worthy or necessary; another with a low limit that we use for gas and other regular supplies. We pay that one off monthly. But, we also have some debt from school and from expenses related to our recent move. It will take a while to get out from under that yoke.

 

[Dena]

did you get the agreement in writing?

 

[Presbyterian Deacon]

...another with a low limit that we use for gas and other regular supplies. We pay that one off monthly...

Gas prices keep going up, you'll have to start using the one with the higher limit

 

[ModernPuritan?]

its in one sense unfortunate but through some multiple credit cards and many bad mistakes on my parents part, ive learned from observation the dangers of it..

ive seen the effects of "have to have it now" but dont have the cash for it

thats why i like my debit card. its money i already have in possession at the bank.

 

[Zenas]

I have never had a credit card. I will, by God's providence, graduate law school having never taken out a student loan.

Downside: I will not be able to get a loan for a house to save my life.

Can't live with it, can't live without it kind of thing.

 

[Herald]

A word to the wise. Don't be so quick to cancel your credit cards once you pay them off. It could be a huge negative to your FICO score. Your score is partly calculated on your percent of debt to available credit. Unless you have zero debt canceling a credit card will increase your debt to available credit percentage. Even though your debt is less your percentage of debt might increase. If you are fearful that you may use the card again, cut the card into tiny pieces, throw it in the fireplace or burn it outside until it melts. Once your consumer debt is zero, then you can cancel credit accounts.

 

[TimV]

Beating the system isn't hard. You just take advantage of people who can't control their spending. I buy all the supplies for my business with cards and keep a positive balance in the accounts, and I get 100 bucks every month free money in points.

 

[kvanlaan]

My father uses them for every office expense he's got (pays it off every month) and the credit card company keeps the books for him to a 't'. He's got air miles out the ear because of it.

 

[Craig]

I have never had a credit card. I will, by God's providence, graduate law school having never taken out a student loan.

Downside: I will not be able to get a loan for a house to save my life.

Can't live with it, can't live without it kind of thing.

Brother,
don't worry about that at all. Considering the subprime loan scandals, FICO scores are going to be re-evaluated and credit will be looked at differently.

Besides this, there are ways around FICO scores...it's called "manual underwriting". Dave Ramsey talks about it a lot, and that is the old fashioned way of doing a home loan. Not many mortgage companies do this, but most of them try to pawn off interest only loans and zero to little down home loans...avoid them (and that's most companies). Dave recommends Churchill Mortgage as they do manual underwriting and encourage wise borrowing.