have you ever max out your credit card before?
By chiaeugene
@chiaeugene (2225)
China
November 2, 2008 9:56pm CST
i had max out at least 5-7 of my credit cards before and i incurred lots of interest which the banks were happy to have me as a customer cos they earned a lot from me. now i had managed to clear them and do not use my card unless necessary. have u ever did the same. my highest was when i went to the crown casino in melbourne and max out 3 cards in a night. it took me a long time to clear them. now i do not see credit cards as a convenience but rather a burden and advise all not to use your card unless necessary
3 responses
@gracetreyes (529)
• Philippines
3 Nov 08
yes chiaeugene, this is really so stressing...I am in this kind of situation right now. I almost maxed out all my cards and now am in big debt. I used it to buy things for our business, and since it is kinda big credit available, I bought things with out planning how to manage paying it. I just wish I could earn more from my business so I could settle it. But of course, sometimes things just don't comes our way, so here we are with such a big debt full of interest to pay every month. And we learned our lesson well. We are now sticking to our budget and really is trying to be a good steward of Money.Although it will take us a few years to settle all our obligations, I am positive that we can overcome all these debts and be Debt Free again...With God's hel
p...
p...@chiaeugene (2225)
• China
3 Nov 08
yes. i understand how u feel and it is very stressful to be in one. try to focus on paying off card by card. just pay minimun of rest of cards and use the rest to concentrate on one card. in this way, you would stand higher chance of clearing up your debts faster (i learn it from expert advice and did it). this is better than paying every card evenly. also try to look for cheaper line of credit to offset your card balance, this can half your interest payment by as much as half. alternatively try to negotiate with the bank for a fixed payments at a lower rate. they will definitely accept your proposal esp in recent economy climate. they rather u pay than default on it. i hope u can get out of it soon. it was a heavy burden i can feel for you
@gracetreyes (529)
• Philippines
3 Nov 08
yes i will try it. thanks for that advice. I will try to negotiate with them. It's just kinda hard to commit some amounts i don't think i can manage every month. So you are right I have to do it one at a time.. Thanks and God Bless you.
ry month. So you are right I have to do it one at a time.. Thanks and God Bless you.
@chiaeugene (2225)
• China
3 Nov 08
yes, dun apply for one if u need not need it. it is a vicious cycle once u used it. it is hard to get back to control if one does not have good financial control
@fabjonah (140)
• Philippines
3 Nov 08
i was in your shoes before. it also happened to me that until i'm still on the process of clearing my credit card. but on the other hand, its helpful especially when you run out of cash and nowhere to found somebody to lend you money. i learned to be responsible now in using my card. i still prefer to have it coz you can't tell when you really badly need it...
@chiaeugene (2225)
• China
3 Nov 08
yes. it is useful but there is always a temptation to spend when u do not have the cash or over the expenditure limit. i could not control it and i do not wish to be in the same situation again. it is so taxing and stressful each month when i see my card bills. i pay close to 2000-3000 on interest alone.
