The Credit Card is a "Debt" Trap

I have never and I will never ever own a credit card. My dad recommended it to me in the past to build up my credit score but I'll find better ways of doing that.

I have paid off my credit card completely in the past. It took me quite some time though, even though I do not remember exactly how long anymore. But it was well worth it, it was such a relief when it was done! Since then, I have not gotten a credit card again, and I never will!

May be I will not be of help to you because I am not using or shall I say that I have no credit card. Many credit card companies have and had been convincing me to have one, but I never and will never get one. Why? I know the consequence of having one. Even if one say that it will depend on the person who has it, plus it is a matter of self discipline using it, is not a convincing factor for me to have and take it. I would not hesitate paying in cash, that is more practical for me and hassle free. I knew many who have problems with their credit cards. My boss likewise let me receive the calls from the credit card companies. It may be useful as a substitute for cash, but is it worth it when bills comes in? The bank and/or credit card companies are not tired calling you up and even sometimes visits you in the house or in the office. I don't want my privacy to be at risk and letting someone lie for me to avoid those calls. Worse, the payment is never ending. Your debts accumulate every time. You never realize that you are actually imprisoned forever paying them and a pain in the neck. I think I would suggest you to trash or cut it out. You could not invest on that, anyways. It will be a life saver when you have some things to buy and when your out of cash, but it will be a cause of your drowning in debt. As early as possible, cut it out.I think that would be the best. Try to pay out all your debts and cut it out.

On the face of it, Credit Cards are a gift. It allows to buy today without paying and you can pay it after a certain period of time. Most of the people, when they start using credit cards, do pay on time. But, once in a while, do not. Either they forget to pay on time or could not arrange finances to pay the amount in full. This is what the Credit Card companies would be waiting for, to pounce on you. They start bombarding you with charges, left right and center. You will be so shell shocked that you act like a zombie and pay the amount. Again, some people, would not even be able to pay this much. And the Credit Card so conveniently allows to make a part payment. You will be more than glad to use this facility and pay on the Minimum Amount Due and get further sucked into their 'Debt Trap'. The BEST solution for all this is STOP USING YOUR CREDIT CARD. They are not a convenience but a disaster for Financial Ruin. If, however, you are already trapped in Credit Card mess, the first thing you should do is to pay at least the Minimum Amount Due. Then, whenever your finances allow you, pay up whatever possible, and bring the Amount Due as low as possible. It would also be prudent and advisable to contact the Credit Card company and request for a rescheduling of the Payment Structure. Surprisingly, more often than not, the Banks are more than willing to do the restructuring. This will give some breathing time and leeway in paying the dues. Carry a Debit Card for sure, but Credit Card, hmm........I not so sure.

Hello, LetranKnight.:-) I used to own a CC. It was my first and perhaps the last one I'll ever have. I applied for it not out of necessity and convenience but because my boss told me to get one. Whatever the reason behind, I did apply and got approved. I had a 15K credit limit. Unfortunately, I was not able to control , not just me but my then boyfriend (now husband),the use of my CC until we realized that we have consumed the credit limit. Thing was, we were not able to pay in full and the interest accrued was just too much. In a nutshell, we were able to pay the full obligation which is amounted to 3 times higher than my credit limit! Now, my husband owned a CC again and I am its supplementary owner. I am not using the card unless it is to buy groceries which cost to a thousand or two, which is I deemed payable enough. We only use the card every cut off date so that we won't be billed for the full amount in a single billing statement. As for paying, we don't wait for its payment due but would pay as soon as we have the money so as not to have penalty and interest due to late payment.

hi there! i was warned by my uncles and friends when i received my first credit card. my college friend made me her supplementary holder since i was not qualified at that time to be the principal. it's been with me for so many years now. i decided to keep it eventhough i was issued another one by a different bank. both have different cut off dates. i only use either only after the said cut-off date because i can have enough time to earn the amount needed to settle at least for more than 1 month so i can always pay in full. it's a common practice of me and my friend. but using such is not a habit. i make it a point up to what extent should it be used. the best experience? live within my means. :)

I have the same problem. I am working hard just to pay for my debts in credit card. I can't pay it in full. Someone adviced me to loan a large amount of money and then pay all your credit card bills. In that way you only have one bills to pay and one interest as well and that is your loan. And if you loan for a large amount, the amount left after paying your cards can be a good start for business. So that you will have no problem while paying that loan, because you have a business.BUt the problem now is, its hard to be approve in loans. Just an advice to new credit cards user, do not pay you bill in minimum account, pay it in excess so that the interest will not grow big. I do have lots of credit cards and I used all the cash advances for my business. So far I am still a good payer, but working hard just for this stupid credit cards.

Letran this discussion is just why I say do not leave here, we need' you,you make common sense discussions that if read could help others either get out of debt or else sway them to get and use a debit card like I do. you are so right, I was in over my head with Sears to the tune of several thousand dollars. I finally got all my cards paid off and never eve again will I have one. My debit card use means I am always paid up and have no debts hanging over my head. They are evil as its just too easy to forget to keep it paid up,til all of a sudden you are in real trouble. To use one you must payup each month, and do not put it off, either pay it completely or do not use it til you have money to pay it all up.Once you start only paying minimum charges you are sunk.

Credit cards can be very useful if used properly, the problem is they are so darn tempting! These days a lot of people are short of cash in between pays and that is when the credit card comes out, it cannot be helped sometimes. I use mine to pay bills and clear it once a month when my husband gets paid. We had a large debt for a while and it took us ages to pay it back, it was two steps forward, one step back but when we finally paid it off we vowed never to use it again except for household bills which we know we can always cover. So far so good…My advice to anyone attempting to clear their debt is to at least double the minimum payment required or the debt will never lessen. For those who have no willpower my other piece of advice is don’t get one! As you say LetranKnight, they are a trap!

Hi LK, It's been 10 years since my hubby gave gave up using credit cards. it's really a debt trap. i don't have anny experience having credit card here in the Philippines. I have two in the US. I disciplined myself in using my credit cards.

Credit card companies lure us into their fold. They make it sound so inviting to have credit with them. They want us to accept their credit cards. Once we fall into indebtedness with them, it can be hard to get out. Credit card comapnies count on this from us. They make their money by the debt we can accrue. It doesn't seem fair, does it?

Actually I am all done with credit card, the worst thing about mine is that it is not me using it but other people through my mom because I gave her a card extension. My credit limit is quiet big because I work in a high paying job before, which I really missed now, anyway when I receive the billing I'm shocked to see the amount and when I asked my mom she said her friend will pay for it. So I waited for weeks. that turn into months and now years, still I haven't get paid and I have no choice but to pay for it myself. I learned my lesson and that is enough, I am not tempted of getting one now, I am happy with my debit card and cash.

I just maintain one credit card and not planning of getting another as I'm satisfied with the current one. To be not in the trap, I make sure that I pay my credit in full every month. Several times, I've been charged with interests as well and I feel that it was a rip off so I avoided anything that will incur interests. It takes all guts to stop yourself from swiping so as not to go beyond your income but in my experience, it can be done. :) Good luck to you. Perhaps you can find ways to pay it in full or pay a bigger amount so that you'll be done in a shorter period of time.

I have had a credit card for 7 years and have used it actively averaging about half the limit all the time. I have never missed a payment. We can call them the companies evil, but they just supply the cards, they don't force you to use it. It's very hard for me to imagine how people get so bad into debt. It's not a trap, just pay off your bills like you are suppose to. So while I never been in debt, I can't offer advice to get out of it.. However, people thinking about getting credit cards, they aren't evil. Just don't spend money you don't have and be responsible.

For the most part, we pay off our credit card every month - the whole balance. We only charge what we know we can pay. I use the credit card because we get cash rebates for every purchase - it's like they pay us to use the card. If you're smart about it, and only use the credit card for things within your budget then you'll be fine. Debt is an easy trap to get into though if you're not careful.

Hi Letranknight, Yes they are a trap. That's for sure. Go to your local debt councellor. There is one in every state and you should be able to find out where by checking into your city hall. I did that and consolidated all my cards. In some cases they can lower the monthly premioums. In my case they could not but what they did was to lower the interest rate so that my debt went down pretty fast. It takes about 2 years to pay it all off but it is so worth it. I still have three to pay down that did not go into the program because I'm a single mom and this made my budget so tight. Now that I have a majority of them paid of I focus on one card at a time. I pay 10.00 per week and an extra 10.00 above the minimum when it is due. The balance does go down. When that one is paid off then you go to the next one . It's really hard but it can be done.

Having a credit card is a major convenience but it is also a major hindrance. If you do not have a lot of money having a credit card is a sure way to never be debt free.

I have only one credit card and am hoping to pay it off next month. It would have been paid off this month if things were better financially. I do have a debit card and use it once in a while. As soon as I pay it off I am planning on not using it again. I know that credt card companies are strict when it comes to late payments. I know that my husband's ex-wife has credit cards that she has opened recently and is using my husband's last name and these are showing up on his credit card debt (we are trying to get these taken off his credit report since these are not his). My husband and I are married and his divorce from his ex has been finalized for over five years now.

Mine is that way every month I end up maxing it out, the worst part is they are small amounts my largest one has a $350 limit. I always pay $50 on them monthly, even though the min. payment is $25 but then I always need to buy something. T. paper or something, so we end up back in debt again. I can never seem to get them paid off completely.