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Main => Gospel Music Lounge => Topic started by: cj_keyboard_playa on June 14, 2006, 08:34:21 AM
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......i just wanna no the reason of why do people get CC?? .... and shood i get one later on?? ..... and wat are the advantages and disadvantages of owning and CC??[/color]
>by the way: 4HG, great idea on making this board, i think this gonna be my favorite board<
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My grandparents raise 11 kids and brought a house without using a single credit card. I had no kids, and no house and by the age of 22 had ran up CRAZY credit car debit.
Moral of the story: DO NOT GET THEM.
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People say you need it to establish credit but for the most part you have been establishing credit if you have a car note or pay rent. Credit Cards are toooooo tempting. STAY AWAY.
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Redd and 4H, I love and ya and I hear ya,
But I think it's how we use the credit card that causes the problem. I've pretty much been on my own since 17/18, and was taught fiscal responsibility at a very early age. I had a good job, car....blah blah, and back then it wasn't so much Visa/MC and Discover. It was the Store Credit, Marshall Fields, Household Finance, JC Penney, etc.
Well, I found myself in trouble with those cards by the time I was about 21, but found a way to pay them off and just kept them to maintain a good credit rating. As most of you know, you don't have to apply for Major Cards, if you've got good credit they will just send them to you, hoping you'll be foolish.
Well, this is how I leveraged a lot of my real estate transactions, but I always paid off any balance between 30 - 60 days period. But I ran into a buzz saw of a relationship..... won't elaborate, but found myself going from Platinum Credit to being severely in debt that's taken many years to rebound from.
Credit card interest accrues swiftly at 18-21% and on a large balance OMG. (And we don't want to give God only 10%.... 'nother thread, 'nother time)
I say don't get caught up in revolving credit, make wise decisions and use the card for business, emergencies, major car and house repairs, renting cars, hotel reservations, etc.
If you find yourself pulling it out at Mickey D's, or just have to have that new blouse or pair of slacks in all 13 colors, or any trivial non-essential purchase, then I'd say cut it up quick!
But, The key word is WISDOM!
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>by the way: 4HG, great idea on making this board, i think this gonna be my favorite board<
Um... waiting for the TECH area... and that could all be in a NON music related division/heading
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Disadvantages:
-unsecured debt, which is the worst kind
-very high interest rates
-very difficult to payoff once you have a sizable balance
-very easy to get into debt
Advantages:
-simple way of establishing a credit history
-simple way of tracking what you spend (difficult to track cash)
-source of funds for emergencies (don’t misuse that word).
-some credit cards provide rebates as much as 3% for using them!
Personal Notes:
99% of my purchases are with a credit card. I have never paid one cent in credit card interest payments because my balance has always been zero at the cycle end. (Transferring funds to my credit card takes about 29 seconds online.) My credit rating (FICO score) is extremely high.
My Recommendation:
-Get one major credit. Treat it like cash. When your balance hits $200 or at the cycle end, pay it off completely. If you are not anal enough to do that without exceptions, don’t get a credit card, period.
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Redd and 4H, I love and ya and I hear ya,
But I think it's how we use the credit card that causes the problem. I've pretty much been on my own since 17/18, and was taught fiscal responsibility at a very early age. I had a good job, car....blah blah, and back then it wasn't so much Visa/MC and Discover. It was the Store Credit, Marshall Fields, Household Finance, JC Penney, etc.
Well, I found myself in trouble with those cards by the time I was about 21, but found a way to pay them off and just kept them to maintain a good credit rating. As most of you know, you don't have to apply for Major Cards, if you've got good credit they will just send them to you, hoping you'll be foolish.
Well, this is how I leveraged a lot of my real estate transactions, but I always paid off any balance between 30 - 60 days period. But I ran into a buzz saw of a relationship..... won't elaborate, but found myself going from Platinum Credit to being severely in debt that's taken many years to rebound from.
Credit card interest accrues swiftly at 18-21% and on a large balance OMG. (And we don't want to give God only 10%.... 'nother thread, 'nother time)
I say don't get caught up in revolving credit, make wise decisions and use the card for business, emergencies, major car and house repairs, renting cars, hotel reservations, etc.
If you find yourself pulling it out at Mickey D's, or just have to have that new blouse or pair of slacks in all 13 colors, or any trivial non-essential purchase, then I'd say cut it up quick!
But, The key word is WISDOM!
Good points! I advise most people to stay away because they are not disciplined yet. Most people do not know what an emergency is. For example people will use their charge card for things that are NOT emergencies: Pookie needs a $40 calculator for school or Rhodes Furniture is having an going out of business sale I can get a $10,000 sofa for $3000.
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Good points! I advise most people to stay away because they are not disciplined yet. Most people do not know what an emergency is. For example people will use their charge card for things that are NOT emergencies: Pookie needs a $40 calculator for school or Rhodes Furniture is having an going out of business sale I can get a $10,000 sofa for $3000.
That sofa better reproduce and make baby sofas! ;)
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Um... waiting for the TECH area... and that could all be in a NON music related division/heading
UH i didnt get that?? but ok.....
Some real good points, i kinda new that bad and good bout CC but i just wanna hear some more thoughts bout it....
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Good points! I advise most people to stay away because they are not disciplined yet. Most people do not know what an emergency is. For example people will use their charge card for things that are NOT emergencies: Pookie needs a $40 calculator for school or Rhodes Furniture is having an going out of business sale I can get a $10,000 sofa for $3000.
Pookie Mama and Daddy need to take some of them X-box, and PS3 games to the pawnshop...and get delivered!
I PERSONALLY know people still paying for hairdo's that didn't .... all because they had some plastic.
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UH i didnt get that?? but ok.....
Some real good points, i kinda new that bad and good bout CC but i just wanna hear some more thoughts bout it....
He was referring to adding a Techie forum for people with electronic, computer issues.
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O ok, i ges that wood be a pretty good idea,4HG? wat u think.????
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O ok, i ges that wood be a pretty good idea,4HG? wat u think.????
Persoanlly, I would stay away from them
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Persoanlly, I would stay away from them
oh ok....
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O ok, i ges that wood be a pretty good idea,4HG? wat u think.????
Were you asking about the Techie forum or CC's¿
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Credit cards are great if you use them wisely... I recently ordered an American Express Card... used it one time and destroyed it. I used it for the purpose of obtaining 25K FF miles... I charged 39 bucks and within the next two or three months, I will close the account on the credit report.
I only keep one card... I ensure that the limit is what I want ( not what they want) I recommend to folks get the balance as low and as affordable to your actual needs... try to pay it off every month.
More if you travel... get the cards that allow you to obtain something... not the discover card that gives 1% back (trap) Get the cards that really make a difference in the BIGGER picture.
Your thoughts... setag1@hotmail.com
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Thanks .....
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NO CREDIT CARD! Safe Zone...
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Um... waiting for the TECH area... and that could all be in a NON music related division/heading
That actually is what I've been praying for on this forum.
Especially for sound, visual & lighting people in churches who have questions about gear etc. I have helped a couple of churches this year with their AV/Sound setup. Particularly adding multimedia applications over & above their current setup.
As for Credit Cards. I wish I had never got one. Plain & Simple.
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Most people say credit cards are bad but....... I think they can be good only if you have self-control.
They come in handy. But I think it's best to get one when your credit is established and you're able to make the payments...on time. That way you don't have high finance charges. But it's something you should think seriously about. :)
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Most people say credit cards are bad but....... I think they can be good only if you have self-control.
They come in handy. But I think it's best to get one when your credit is established and you're able to make the payments...on time. That way you don't have high finance charges. But it's something you should think seriously about. :)
Very Well said Lyric! Anything without self-control is bad.....having cash and no self-control is horrible too....It's a lot worse than someone with CC's who is very disciplined :)
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Well i think my mind is made up, im not gettin a CC, cuz i do have problem wit money in my pocket.,...
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Good choice. I don't have CC debts and I receive calls from company offering to help with CC debts---it's definitely a major problem today and growing....
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A lot of college students, or people in general, misuse the credit card and Reddgirl said. However, I agree that one must be responsible and have self control. There are cc's out there with 0% APR with no annual fee. These are great for renting cars, reservations, etc. It is also a good idea to pay them off at the end of the month if possible. Also, pay more than the minimum amount due.
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No cc,hey since they made debit cards,i got rid of all my cc's.there just to tempting...
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No cc,hey since they made debit cards,i got rid of all my cc's.there just to tempting...
I use my debit card too. The trick is...having the money in the account to use it and not overspending.
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......i just wanna no the reason of why do people get CC?? .... and shood i get one later on?? ..... and wat are the advantages and disadvantages of owning and CC??[/color]
Why do they get cc? To get things they can't afford. To establish credit? They are deceived? To become a slave?
Advantages: Get rid of it quick!!! Disadvantages: It takes triple times more to pay the bill of + interest etc. Every time u skip your monthly payment the interest grows larger and larger..before u kow it..you will be in dreamland wondering how this bill gotten out of hand!!
>by the way: 4HG, great idea on making this board, i think this gonna be my favorite board<