What Are Your Views On Credit/Store Cards?

Hey Janey.. In my opinion, if one uses the Credit card cautiously, then it is helpful... The motto should be use it only when you need it and when you know that you are able to pay it back. Of course, that is possible for very few of us... I haven't gotten any CC yet, coz I know I'll never be able to be cautious about it... LOL.... It is good that you have cut it off too... If the CC company sends you another of those promo letters, simply ring them up and make them understand that you won't accept it anymore... The sternness will tell them to remain low... ;) Have a good day!

I've always had credit cards, but I use them for my day to day spending in order to take advantage of the cash back I receive for using them, then I pay them off monthly. It's only when people allow themselves to run up debts they can't afford that they are a danger. I find them very useful to have for when I need to buy things online or don't want to carry allot of cash. In the UK there is also a certain amount of consumer protection which you get when paying by credit card but not by cash which is worth considering. I think that children should be educated in financial management as part of the maths curriculum. It's frightening the number of people who don't understand the concept of compound interest, yet use a credit card.

I think that credit cards are just a way to put people in debt. They are nice to have for an emergency, but then what? There are often crazy interest rates and yearly fees that are a way that prevents people from even paying back the money. If a person pays the minimum payment every month, they will often never even get it paid off.

In my area, there are a lot of people coming in from different countries as immigrants. Most don't have any credit histories. So a lot of them get store cards, even with high interest rates, just to establish a credit background. This they would use later on to get cars or houses. So for me, store credit cards are only good for this one particular thing. Other than that, I think these cards are only good to pick locked doors.

At the cute age of 18, I applied for my first Visa Card. I received it on December 20th, just in time for xmas and I hadnt done my xmas shopping as of yet. SO off I went with a friend of mine to the Alexis Nihon Plaza (HUGE mall in Montreal) to buy everybody in my family the best gifts ever. It was the first xmas I had money to make gifts. Oh it was fun, I remember some of the things I bought. The stores were lovely and we had such fun. We could barely make it home, we had so many bags to carry. Xmas was great, every body was so happy with their gifts. Of course they had more than one as I was planning to spend the same amount of money equally on everybody. After xmas, at the end of January, my bill came in the mail. Wow, I sure spent a lot of money. I remember feeling a bit sick to my stomach when I saw the total, but hey the monthly amount was cool, something I could afford and still have money left to party (remember I was only 18!!!) The next xmas came along and I was still paying last years splurge. I wasnt living at home then, so one day I mentioned this to mom and she nearly fainted....she said I was STUPID to have spent so much, (I got the speech of my life that day from mom) She told me I needed to send in way MORE than the monthly amount to get it over with PRONTO. She also told me to FORGET buying any gifts for the coming xmas (I bought some anyways lol) I managed to pay it all off in the next 6 months. I had learned my lesson that you need to pay it ALL off as soon as the bill comes in. I have NEVER paid interest on my CC since . You need to understand how CC works, the high rate of interest and if you decide to own a CC, you need to pay it as soon as you get the bill.....if not, its plain stupid and you're making the CC companies rich and RICHER. Thanks but Id rather have THAT money in my pocket, thank you.

I absoultely agree with you. Credit cards are just a big ole in your pockets. you do not at times keep track of your purchases and could end up with a massive debt and just in case u cannot pay it of at the month end, your in deep trouble. their massive interestd rates will just eat up all the money u pat them monthly and it takes ages to pay off the debt. hats off to you for getting rid of the cards and good luck...

I do not favor credit cards of any kind. I have been in trouble with them before. I am like you, cash for whatever I do. Save it up and enjoy it.

I couldn't agree more that Credit and store cards are onoy of value if you only spend what you can pay back at the end of the month. We have both, store cards are rarely used except at Xmas and we check off each thing we buy against how much we have saved to spend on Xmas. We deal with credit cards in exactly the same way. We use them for shopping each week, watching what we buy and they are always paid off. I don't think the credit card company is very happy with us, because we are really getting a month's free credit and they would much prefer that we were paying them lots of interest.. _Derek

Vandy doesnt have a credit card...she had one, she quite forgot about it. Three years later, Standard Chartered Bank canceled it, and refused to give another to inactive customers. :) Now, Vandy is not at any loss actually. She doesnt use even ATM card or Debit card. She just gets her money in time from bank becoz bank is just a few steps away from her home. :)

Though I have credit cards for many years, I have always been very careful. With a mortgage, school tuition's, etc.. and it only being my own income I had to be careful. Though a year ago I lost my job and ran into a bit of trouble financially. I still did not run up the cards but ran out of cash trying to pay bills hoping to be afloat. I am with you though, I rather be completely without then take a gamble on furthering my debts.

Credit Cards aren't newfangled gadget though,but I have never used it.Usually I hardly pay for bigger amounts,If ever,payment in cash.Now don't laugh at me,for a time,I thought that it was only used by tycoon.

For me, credit cards means spending for your future...but if a person could take control of using it,then it is worth for having it.