I love Credix Cards

[dmoffitt]

Charge Card > Credit Card (aka AMEX). Responsibility is the key.

[RobertK]

that's funny, i find myself spending more when i have cash. so i never carry it. direct deposit is my saving grace. mr. platinum amex doesn't seem to mind.

I spend too much when I carry cash as well... that's why I only carry my debit card with me.

i'm surprised. anyone in any sort of legit profession needs a credit card. small business owner, professional skill, business type, whatever. it's kind of needed. so much for the r3v pop. it's not evil. just fucking take a common sense class.

I've had a professional computer business for 4 years and have never needed one. My Visa business check card does everything a visa credit card does.

[Ray Smoodiver]

That's fine if you have no self control and abuse your card...

I have three or four credit cards, and use them to pay for everything. I rarely have any cash on me. Every month they get paid off, and I pay no interest rate. My credit score is rediculously high too.

If you are responsible, credit cards are very useful.

-Erik

+1, if controlled, they're a great way to increase your credit rating.

[erik325i]

He's got a point. Your average person with a credit card (not saying you, Erik), is more likely to buy a few more things and spend more when paying with a credit card. Think about it, if John or Susie is going out shopping, and they only brought $100 in cash with them, they can only spend $100. But say they went with their credit card and told themselves they were only going to spend $100, it's very easy to happen upon that one more item that would only be another $30. Your average person is going to say, "what the hell, it's on the credit card", and go ahead and spend that extra $30. That same trend continues in other areas of commerce like Ritalin listed, such as grocery stores

Alright, good example Josh. I understand your point about how cash is more likely to keep you from overspending if you have limited funds.

But Ritalin Kid, you need to explain how using a debit card is better than using a credit card... You can't use the situation that Josh used because we'll assume you have more than a hundred dollars in your checking account.

Cash is always king.. (or in my case debit.)

[mtechnik]

Maxed out another 9 grand for school on one of my cc. I hate those little pieces of shit.

More of you guys should come over to Europe for college, tons cheaper with same level education (if not higher at times) and you have ur name brand schools in between.


-Yeah. credit cards are deff. not the best choice for every Tom, Dick & Harry.

- AMEX is getting accepted less & less worldwide i've noticed.

[James Crivellone]

I pay for EVERYTHING using my Credit Card, and just pay it off at the end of the month (most of the time lol)

[e30sd]

i'm surprised. anyone in any sort of legit profession needs a credit card. small business owner, professional skill, business type, whatever. it's kind of needed. so much for the r3v pop. it's not evil. just fucking take a common sense class.

[Jand3rson]

direct deposit is my saving grace.

Good god, do I love direct deposit...

[e30sd]

that's funny, i find myself spending more when i have cash. so i never carry it. direct deposit is my saving grace. mr. platinum amex doesn't seem to mind.

[b*saint]

Maxed out another 9 grand for school on one of my cc. I hate those little pieces of shit.

[RobertK]

The thing to avoid is the "I'll pay for everything this month on my credit card and then when my paycheck gets here I will pay off the bill" financial mentality.

The biggest problems I've seen with people who use this method is:

[1.] They think they are the first sophisticated person to ever come up with this idea and everyone else not using credit cards is financially unsophisticated. (Can you tell I've talked to a lot of people like this?)

[2.] They forget to factor in risk and because they are overspending they have no money for savings thus 1 major life emergency forces them to ruin their credit or claim bankruptcy.

I've seen this happen to 2 people close to me.. both were responsible people who didn't indulge that much. They just were poorly prepared for risk because they lived paycheck to paycheck they were spending with a "best case scenerio" attitude. Problem is that life happens to everyone and when it rains it poors.

I'm not saying credit cards are the devil but what I do suggest is living 1-2 months ahead and keeping an emergency fund of about 6 months of expenses tucked back. Try to purchase everything you can with cash.. because cash has a better mental effect of seperating the wants from the needs. Cash also tends to yield better deals when bargain shopping.

[Jand3rson]

He's got a point. Your average person with a credit card (not saying you, Erik), is more likely to buy a few more things and spend more when paying with a credit card. Think about it, if John or Susie is going out shopping, and they only brought $100 in cash with them, they can only spend $100. But say they went with their credit card and told themselves they were only going to spend $100, it's very easy to happen upon that one more item that would only be another $30. Your average person is going to say, "what the hell, it's on the credit card", and go ahead and spend that extra $30. That same trend continues in other areas of commerce like Ritalin listed, such as grocery stores and restaraunts.

I'm not saying any of this applies to you Erik, you're absolutely right about personal financial responsibility being the main factor in having a credit card. But the point that Ritalin is making is very valid, that the average person with a credit card excercises very little if any self control with a credit card. The mentality of buy it now, pay later is a very addictive one. The problem is that people can't seem to get the very simple concept of "If you don't have the money, don't buy it" through their heads. And that is exactly how credit card companies make BILLIONS every year. They get all these people who don't have any concept of financial responsibility racking up tens of thousands in credit card debt, and these people think that by paying the minimum balance every month, that they're doing ok. But what they're really doing is paying twice as much for the items they bought as they originally would have, and paying billions every year in interest alone. Most of the people that have large amounts of credit card debt and are scraping along by paying the minimum balance don't even realize that they're not even making a dent in the actual principal balance.

[RobertK]

So, you are saying that crdeit cards have a magical power that makes me spend more against my will? :rofl:
Sure, some people go out of control when given credit, but saying that you will spend more with a credit card no matter how responsible you are, is BS.

If you are racking up credit card debt, it is because you were not being responsible.
Trying to blame the credit cards is just childish.

-Erik

Racking up credit has nothing to do with it. Overspending is overspending even if you pay the card off each month. Cash has a greater proven mental effect when making purchases than plastic does thus the temptation to easily overspend.

Consumer Reports found that even responsible credit card users spent 18% more when using a credit card to make purchases, up to 25% more when buying food & groceries, and up to 36% more when eating out (thus the reason every fast food chain is now excepting them). Why do you think so many businesses are now so quick to issue their own branded credit cards?

Do you really think by being responsible credit card holder you are beating a multi-billion dollar company at their own game? :rofl:

BTW.. I've seen people who are 100% responsible have bad things happen to them that caused them to NOT be able to pay off their CC. Living off a credit card is a bad idea. No different then living paycheck to paycheck.

A credit rating will come in handy for your future. Employers, banks, and even landlords will and can research this information to make an informed decision about you.

I don't buy into the FICO score myth. I have a low credit score because I refuse to borrow money and it's never kept me from doing anything or buying anything. I will tell you what I do have... money... in savings.. lots of it. The only thing I plan to borrow money for is a house and contrary to popular belief you do not need a credit score to buy a house.

[FredK]

I say, don't be afraid of a credit card. Use self-restraint. Do you think Superman goes around using his x-ray vision to look at every chick on the street naked? No. Every dude? Yes. OK, I digress.

A credit rating will come in handy for your future. Employers, banks, and even landlords will and can research this information to make an informed decision about you.

[erik325i]

No matter how responsible you are studies show that people spend 18%-20% more when using credit than if they were spending cash or debit.

So, you are saying that crdeit cards have a magical power that makes me spend more against my will? :rofl:
Sure, some people go out of control when given credit, but saying that you will spend more with a credit card no matter how responsible you are, is BS.

If you are racking up credit card debt, it is because you were not being responsible.
Trying to blame the credit cards is just childish.

-Erik