Credit Cards: Hurtful or Helpful?, The ups and downs of credit cards
By sendil143
@sendil143 (183)
India
January 21, 2007 6:10am CST
Heres a question everyone should have an opinion about. Ill start by saying I think credit cards are a very bad thing for most people. These companies knowingly give people who cant afford to pay for them cards so they end up being in debt for almost their entire life. While other work their whole lives to pay off credit card debts. I see when people say they are good for emergancies but most people use it before then. Personally if credit cards are going to stick around then their screening process should be better and only allow the people who can actually afford to pay them, let them have one. My girlfriend had credit cards before I met her and shes like 15,000 in debt with 3 kids. No credit card company should have giving a person in this situation a credit card! Agreed? Whats some of your opinions on these life sucking cards?
11 people like this
101 responses
@bison007 (254)
• Indonesia
22 Jan 07
Yes, I agree with you. Credit card company don't care about their customers's financial situation. They just make you to spend more and more money. For some people credit card really a big help, if you could manage your financial in a good way.
To improve their screening process will be a win win situation.
@ShadowWalker (969)
• United States
22 Jan 07
I would advise anyone thinking of getting a credit card to avoid them like the plague. Get a debit card from your bank. Then you'll know what your spending and you don't have to pay interest. Credit Card should be more selective but that would mean they wouldn't be able to snare the average Joe.
@targetgirl (44)
• United States
21 Jan 07
I think credit cards can be a very useful tool. I have several credit cards and I use them all the time. I even purchased the mobile home I live in on a credit card-the interest rate on the card was MUCH lower than taking out a bank loan at the time.
People need to take personal responsibility for their actions. NO credit card company ever racked up a huge bill on someones credit card, the consumer does that for themselves. It embarrassing to hear people claim that credit card companies shouldn't offer them cards because they can't handle them. Everybody has the right to say NO to credit card companies and to put those solicitations in teh paper shredder where they belong.
If most people who have credit card debt were really honest with themselves and tallied up the amount of their debt that was from true emergencies their debt would be low.
@thinkingoutloud (6127)
• Canada
21 Jan 07
This is an excellent post, targetgirl! I totally agree with you that people have to assume responsibility for their own finances. We have a family acquaintance who runs credit cards up to the limit and then, rather than trying to pay them down, just gets another card and starts over. Or, in the worst case scenario, this same person will use one credit card to pay for the balance on another, sending balances zooming from one card to another like so many airplanes.
As others have said, of COURSE credit card companies are going to issue cards to people like this... it's the only way they make money. They don't make money from those who pay their balances in full each month.
Credit cards can be a great cushion in times of emergency (such as an unexpected job loss) where a person may need a bit of breathing room to get back on their feet. However, they're not beneficial to anyone who sees a credit card as "free money." It's not free -- and, in fact, it can be REALLY expensive to pay back if you spend frivolously or irresponsibly.
@sanjaypatel250174 (250)
• India
21 Jan 07
Nothing in this world is bad in itself.It is the use we put it that makes it bad or good.Fire can light up the darknes and fire can burn your house as well if you are not careful.
Similarly with credit cards-they can be life saving in terms of emergency but if you just spend lavishly because you have a credit card then you are bound to be in debt and you are the only one to be blamed for the same.
It's not bad to have a credit card but yes it is bad if the credit card is misued.
@everybodylovesleah (244)
• United States
21 Jan 07
Thank you! Just because you have 30k in credit limits does not mean you have to go out and charge up 30k in merchandise.
There are no outright negatives to credit cards unless you are being irresponsible with them.
@emilieespino (963)
• Philippines
21 Jan 07
Credit cards and both helpful and hurtful. In my country, credit card companies have become too many and it's becoming a cut-throat competition. Whereas before they were very strict and careful with applications, now they are very lenient and some companies even just mail you a card straight away without your asking for it. It goes to show they are making good money out of people. I have always been a disciplined person when it comes to finances but ever since I got involved with credit cards, I noticed that my spending had not been within my means. I can't believe I have fallen victim too!
@emilieespino (963)
• Philippines
21 Jan 07
Sorry for the typo ... First sentence should read Credit cards ARE (not 'and') both helpful and hurtful.
@WebMann (4731)
• Canada
21 Jan 07
Credit cards are plastic and great for scraping ice off your windsheild but they are just plastic. The problem lies in those people that hand out those credit cards. They just make it too easy to get.
On top of making it easier to get credit cards they will keep increasing your limit without telling you and people keep adding more and more onto the card.
We have had our share of credit card handling problems, mostly my fault.
At one point we cut them up and tried to bring our debt load down but it was too late or so we thought. We ended up at credit counsoling which help us create a budget that would allow us to live and to bring down debt.
Now we have cards that we use for different things but we pay them down each month so there is no balance.
Life has gotten a whole lot more fun without phone calls asking where the money is.
@sunithareddy (47)
• India
22 Jan 07
For every activity got there own cons adn prons ..so better use it in proper way ..
@chryss (658)
• Philippines
21 Jan 07
i think credit card is helpful but sometimes its hurtful.why it is so?sometimes is helpful because when time comes you do not have cash on hands you actually use credits cards to pay your bills or things that you bought.sometimes its hurtful when time comes when your credit cards have no balance and you cannot afford to buy something and when you buy it is declined,,its shamefull to everybody!those company who are inviting people to have credit cards are those who can afford to pay as soon as they use the credits./
@pusiket (1756)
• Philippines
22 Jan 07
I'm so careful in using my credit cards because I'm afraid it poses bigger problems on me. I pay in cash if i have. I only use credit cards if necessary.
@sri2694 (17)
• India
22 Jan 07
according to me credit card is like a sloe poison.It is very bad thing for the people.They push and encourage the people to buy unnenessary things which ends in loans. We should have a motto that if we have money, we want a thing , we should buy it with hot cash instead of using that type of cards.
@jinkson_unoh (186)
• Philippines
22 Jan 07
Helpful, because you got the chance of buying everything you desired for. No matter how much the value is as long as it's under your credit limit.
Hurtful, because nobody pays the bills that you purchased but YOU. Not to mention all the great interests and hidden charges incurred in your purchases.
@Jolting (30)
• United States
21 Jan 07
Credit cards aren't that great for borrowing money. Its an instant loan. The trick is to pay it off every month. Interest rates on credit cards are very bad. Fortunately they help generate a good credit record. Good credit records could help get a good rate on a loan for your future house that you haven't bought yet.
@wasim989 (2298)
• India
22 Jan 07
Actually I think its upto the consumer as to how they use their credit cards because if they know that they cannot pay their credit card bills then they must not use it it is as simple as that but if they are still using it for unnecessary items then it is their fault and not the fault of the company.
@arunkatari (98)
• India
22 Jan 07
i can understand that you had bad expirance with it . but in some occatios they are very help full. but only thing is u should have a good idea about the intrested rates of the billing . and it also adviced to use in real emergency only and try all ways using it intrested free period and for small amounts all ways use debit cards insted credit card
@vanities (11395)
• Davao, Philippines
22 Jan 07
well i agree with your opinion on credit card it really sucks...we cant control our spending anymore ...but some like s it coz they just used it for emergency only..well it can do the trick also...but the temptation of buying with out a cash is so great with credit cards present in our wallet..
@inflamation (866)
• Pakistan
22 Jan 07
Nothing is perfect and so is the credit card. It has also some ups and downs like it is helpful in many ways you dont need always to keep cash with you but in the contrary you have to pay the services charges.
@mccybernan (104)
• India
22 Jan 07
provided you pay all your credits within the due date, credit cards are quite helpful!!! if not, they are draw in all your funds!!! so, be careful
