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| Moderated by: 24HourNut | Page: 1 2   |
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Erinna1112 Original500© Member  Witty clever title pending
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I do. I haven't owned one for years. My last credit card transaction took place October 25, 2003 (yes, I remember the date - don't remember the date I stopped smoking but I remember the last credit card usage). I won't have one again; I don't need one, and my net worth has gone nowhere but up since I stopped lining the credit company's coffers with my hard-earned money. Discuss. But don't try to convert me; it isn't going to work. I like things the way they are. In fact, living nearly debt-free (I still have a mortgage but I'm making it go away quick, fast, and in a hurry) enabled me to live for more than a year without a steady job. I really like things the way they are 
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Marie5656 Forum-Blogger© Original500© Member  Just hanging out
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I actually did, for years before my husband moved in with HIS. The only card I had was my checking account debit card.
 
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UsedToRide Original500© Member  ^^^That is LOVE!!^^^
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My first, brief and last exposure to a credit card has cemented my belief that a credit card is the greatest nightmare some asshat ever contrived. The bank that "so graciously allowed" me to have one was Chase, so that should tell you something right there. Chase sucks ASS. Anyhoo, when I had made a total of 3 purchases with said card, (maybe 40 bucks worth) I checked on things at the online site and found one screw up after another. Incorrect charges, and when I went to the bank to hash out the issues, I cancelled the stupid f**king thing and then the stupid bank tried to charge me that damn fee for THREE more months. It was a damn nightmare, and if I don't have the cash in the bank, I don't need whatever I would get with a credit card. End of story. I will never have one again.
Respect some, trust one, fear none ~~Bullet http://www.freeholbrook.com The degree of civilization in a society can be judged by entering its prisons. ~~Dostoyevsky |
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MrPaseo Original500© Member  Peace Protector
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I have an ass load of them... Yes, I know. I use only one or two at a time, and over the past eight years or so I have paid a total of about 19 dollars interest to them. On the plus side, one of these cc's gave me a 50 dollar savings bond for every 2500 dollars I charged... I now have 650 (Cash value, NOT face value) from them... for free! I paid this cc one fee ONCE for 18.50 due to needs to prepair for a deployment. My two current cc's that I use (One has a balance of 13,000 the other has a zero balance) BOTH have a zero percent interest rate. The first one will expire 14 September, the second one will expire in about 14 months. Of course the one card will be paid in full before they start charging me interest. I am that guy that dances on the line, I use cc's but 99.99% of the time to my advantage. The only interest I pay is on my truck and house (5% and 7%). The truck will be paid off in under 2 years (A 7 year loan, I bought it new) and the house should be paid off before I retire (Hopefully). Ray
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MrPaseo Original500© Member Peace Protector
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BTW the cc peeps HATE me.
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Erinna1112 Original500© Member Witty clever title pending
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Studies show that people who use credit cards spend, on average, 18% more per transaction. McDonalds and the other fast-food joints started taking plastic because they studied it and found out that in their establishments, credit card users spent 37% more. Certain vending machines take plastic as well. The studies on those indicated that the average purchase with plastic is one hundred and twenty six percent more than a cash purchase. Credit cards have a lovely little trick called "Universal Default." This means they can and do pull your credit report on a regular basis, and if they see anything they don't like - from a late payment (to anyone, including a different creditor) to an indication that you might be getting rid of credit cards - they will raise your interest rate. There's no such thing as a fixed rate on a credit card. They also have more tricks, like changing your due date (check your last few statements, especially on Bank of America cards) or two-cycle billing. This one is especially insidious. This means that you get charged interest on balances two months back, not just one. So if you haven't read your credit card terms and conditions - and who reads those things??? - you might think you paid off a credit card in full one month, and not look at the statement the next month. Well, that statement is a bill for interest on the balance *two* months ago. Snakes.
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24HourNut Administrator  Body pillows rock!
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We have zero credit card debt but use credit cards for convenience. Sometimes, with three kids especially, we are somewhere and need to register or buy something we didn't expect and don't feel like going to the bank or home for cash. In other words, they are a controlled tool for convenience benefits, but we always pay whatever is owed right away, not carrying any balances over.
The best human beings start good new topics and vote on the better posts. |
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Britt Forum-Blogger© Original500© Member  Learning Contentment
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I have never owned a credit card. For all online transactions and purchases at local stores, I use a Visa debit card. Works great and does not permit me to live beyond my means. I've been considering getting a credit card just to build my credit rating, however. Of course, I will always pay the balance every month. There are few things as stupid as not paying the balance and then accruing interest charges!
"All that you have is your soul." --Tracy Chapman |
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wallstreetman Original500© Member Patriot
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Erinna1112 wrote: Studies show that people who use credit cards spend, on average, 18% more per transaction. McDonalds and the other fast-food joints started taking plastic because they studied it and found out that in their establishments, credit card users spent 37% more. Certain vending machines take plastic as well. The studies on those indicated that the average purchase with plastic is one hundred and twenty six percent more than a cash purchase. I've owned B of A credit cards since 1993 and have had no problems! I pay off balances before 25 days are up and have NEVER PAID ANY FEES OR INTEREST! Like Mr.Paseo says, they don't like me either.
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wallstreetman Original500© Member Patriot
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BTW, if you do not have any credit cards, your credit rating is lower then it could be. Just having a high credit limit but low balance raises your FICO score a lot, and vice versa!
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Saint Forum-Blogger© Pioneer100© Member  Polymath
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yup. I live without one too. Due to my wife's medical bills, the the collection sharks will drain any money I get out of my bank account. So in order to live, I keep only the minimum balance so that I can cash my checks, then I pay my bills by wire transfer instead of check. (That's nice for lots of reasons.) For plastic, I have a prepaid credit card that I load up if I have to travel. You can't spend more than you load, so there's no interest.
A^2 + B^2 = C^2 |
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cynicalninja Forum-Blogger© Original500© Member  Smiling Shinobi
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They are a trap of debt that banks are constantly trying to force on people who they know can't afford it. The hidden charges for using them are one of the banks main sources of income. If everyone on the planet all suddenly cancelled their credit cards you would see a mass planetwide suicide bid by thousands of bank managers and corporate/executive scumbags. I have had a credit card for around 10 years, I can count the times I have used it on my hands, my bank constantly sends me junk mail trying to get me to use it more often which I refuse to do. The concept of spending money I haven't got on crap I don't need is a worldwide problem that banks are only happy to encourage.
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Saint Forum-Blogger© Pioneer100© Member Polymath
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The concept of spending money I haven't got on crap I don't need is a worldwide problem that banks are only happy to encourage. You got that right. I've got this theory that younger people have forgotten or never learned the meaning of the phrase, "living within your means." Often when I tell my students I can't afford something, they reply, "why don't you just charge it?"
A^2 + B^2 = C^2 |
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cynicalninja Forum-Blogger© Original500© Member Smiling Shinobi
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Saint wrote: The concept of spending money I haven't got on crap I don't need is a worldwide problem that banks are only happy to encourage. This is exactly the attitude I'm talking about. A lot of people don't seem to look beyond tommorrow financially. Many people seem obsessed with living a "celebrity" lifestyle that they simply cannot afford thanks to "lifestyle" advertising and marketing which is the work of satan. I'm with stand up comedian legend Bill Hicks :- "By the way if anyone in the audience tonight works in advertising or marketing ?......kill yourself ! Thats right !, kill yourself. This is not a joke there is no punchline coming.....kill yourself. You are the ruiners of anything good by putting a dollar sign on every f**king thing on this planet. You are the kind of people that would put cynanide in baby food and come up with a catchphrase....."Is your child just too active ?, try cynanide baby food !, the moms will love it !". I bet you go to bed and sleep like f**king babies too don't you ?"
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Erinna1112 Original500© Member Witty clever title pending
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wallstreetman wrote: BTW, if you do not have any credit cards, your credit rating is lower then it could be. Just having a high credit limit but low balance raises your FICO score a lot, and vice versa! My credit score is just fine, thanks. Since I don't borrow money, it's of less interest to me than to other people. I haven't had a credit card for five years and my score is in the high 780s - high enough to get the best rates on anything that uses a credit score as an indicator. I monitor my report and remove discrepancies. I pay my bills on time. I have a mortgage (which is going away as fast as I can make it go away). These things are enough to keep my score as high as I think it should be. The FICO is not a measure of financial responsibility. The only way you get a credit score is to go into debt and stay in debt for a long time. I would rather live without the debt, TYVM. And, as I pointed out in the first post in this thread, having no debt - no payments owed to anyone except the mortgage company - combined with a well-padded CASH emergency fund enabled me to live for a year with virtually no income. My net worth is better than it's ever been, and I'm looking at a comfortable retirement. My son will go to college without needing loans. I kinda like my plan.
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