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8 years ago
Credit Cards is the subject for this week.
What do you think about them? Do you use them often?
Do you think that it is an easy way for someone to get in such a big hole that they can't climb out?
I myself have 3 major credit cards. I have Chase, Capital One and an Onsted Community Bank Visa. I don't use them very often. I don't allow myself to...otherwise I would be in trouble. I think that some people just have NO control. They have this card, that they can use just about everywhere and its not their money they are spending...not yet anyway. The reason I have my 3 credit cards is because I figured it is something good to have for emergencies, and to build a good credit.
I'm not saying that I have NEVER used one of my credit cards. I have. More then once. I just try to limit myself. If its something that I really need/want and know I can pay off by the next billing cycle then perhaps I will get it with a CC. I guess my thinking is : I don't have a TON of things I have to be able to pay for right now, so I better save my pennies. I just hope that saving all my pennies now, helps me in a year from now when I have my own apartment, so I wont HAVE to use any of my CC's.
How do you feel about credit cards?
...On the other hand...
I have a debit card, and I love that. Its so quick and easy. And I know that once that card is swiped, the item is paid for completely. I don't have to worry about paying anything off in a month.
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Credit card: I have two... (well, and a handful of store ones). My one card has a bit of $$ on it (not a horrible amount, but not enough that we can pay off right away). I don't use it often, usually only when we have something come up that costs a couple hundred dollars and if we don't have the extra $$ we use the credit card. Sort of an "emergency" thing, if we're short on cash and need to fix a car, pay for something that comes up, we use it.
My other card is my business credit card. I use that one for a lot of business purchases but I pay it off completely when the bill comes. I also earn like 1% cash back on purchases so thats a bonus.
But we finally got all of our "younger day mistakes" payed off about two years ago. And haven't used credit since. It feels good to know that you're "free and clear" and you don't have that huge sum lurking around in the back of your mind all the time.
We do use a credit card now, but it is used like we would our debit card... we use what is in our budget and we pay the total each month. We don't carry a balance on nit, we simply use that instead of cash or our regular debit card because it racks up airline miles.
Normally we don't have anything on credit cards now, but at the moment I have a little bit because I wasn't getting paid for the three months I was on maternity leave - so I charged a few things (not bills or I really needed - just some clothes, a bachelorette party, etc) and I HATE that I have a balance now! I should be able to pay it off with my first paycheck, but it's driving me crazy!! :)
We use our debit cards all the time - almost never have cash.