Personal Finances: Credit Cards Next Recession Issue

[Rjthakid]

Thanks for th info RJ.

Like I said, I'll probaly get one in february. Dont you need a crdit card to book Hotel rooms and stuff?

Nope.  I have a Chase Bank Card and I can use it as a Debit card...and I don't OWE anything afterwards.   

The thing about Credit Cards is that if you buy something, then hit a financial snag and can't pay, the interest compounds so quickly (and drastically) that an item which costs a couple hundred bucks could cost you a couple thousand.

As long as you plan ahead, make sure you have some savings, and show some self-control, you should be fine though.  You know yourself better than we do.

[ReddGirl]

Nope.  I have a Chase Bank Card and I can use it as a Debit card...and I don't OWE anything afterwards.   

The thing about Credit Cards is that if you buy something, then hit a financial snag and can't pay, the interest compounds so quickly (and drastically) that an item which costs a couple hundred bucks could cost you a couple thousand.

As long as you plan ahead, make sure you have some savings, and show some self-control, you should be fine though.  You know yourself better than we do.

AMEN

[BigFoot_BigThumb]

You really think they ever tried to help people?  They've always tried to help themselves.

Oh, I'm well aware of that.  I meant if they want people to use their product, they should be willing to work with folks like the mortgage companies are by dropping rates(which they tend to do if you threaten to transfer the balance to another card if you're able).  Of course the mortgage company has more overhead due to the amounts involved.  Obviously they really don't care because their whole goal is to ensnare you in debt and keep you coming back once you pay it off by offering you more credit.  They got me years ago with that and it's no one's fault but my own. 

Let this world get smart as a whole pay off all of their balances and cut their cards up.  You will see interest rates plummet as a way to draw customers back in.  In all actuality it comes down to discipline which so many lack due to an "I must have that" attitude.   

[Rjthakid]

Oh, I'm well aware of that.  I meant if they want people to use their product, they should be willing to work with folks like the mortgage companies are by dropping rates(which they tend to do if you threaten to transfer the balance to another card if you're able).  Of course the mortgage company has more overhead due to the amounts involved.  Obviously they really don't care because their whole goal is to ensnare you in debt and keep you coming back once you pay it off by offering you more credit.  They got me years ago with that and
it's no one's fault but my own. 

Let this world get smart as a whole pay off all of their balances and cut their cards up.  You will see interest rates plummet as a way to draw customers back in.  In all actuality it comes down to discipline which so many lack due to an "I must have that" attitude.   

There you go!  Just 11 more steps and you'll be all better!