Credit Cards

Uladyne

Uladyne

Greg
Oct 20, 2006
1,278
0
36
Oregon Coast
Fucking suck. If you're not already up to your neck in debt over stoopid "DUURRR I HAVE TO HAVE THIS PIECE OF GEAR RIGHT NOW, I CAN PAY FOR IT LATER" stupidity, take my advice and stay the fuck away from the plastic. I'm still paying for things I've already used, sold, and forgotten about. Then theres the, "fuck I'm broke as fuck, but I need to buy some groceries/gas/pay a bill -DUUURRRRR CREDIT CARD HHUUUURRRRR!!!!". Then your car breaks down and you don't have 1600 dollars to fix it so you can work - "Well, we have a really nice credit program that can get you back on the road..." "DDDUUUURRR OKAY PUT IT ON CREDIT SO I CAN GET MY CAR FIXTZ HUURRRRRR."

creditrage.jpg


It's all my stupid ass fault though. Nothing is free. Especially not borrowing money.

Jesus Fucking Christ I'm an idiot.

/rant
 
TheDriller said:
Credit Cards are for morons, seriously.

I just stick to my Visa Debit card, which is handy for buying stuff online, but means I can't spend money that I don't have.
Click to expand...

same

except that I have a £750 interest free, no questions asked overdraft, so that kinda ruins the idea that I can't spend what I don't have!
 
TheDriller said:
Credit Cards are for morons, seriously.

I just stick to my Visa Debit card, which is handy for buying stuff online, but means I can't spend money that I don't have.
Click to expand...

I've had Visa Debit Card but been shimmed(fraud) 2 times. My account was emptied both times. In the end I recieved my money back but it took up to 2-3 days before getting it. Sucks in the end of the month when you need cash to pay bills.

After that I've switched to using credit cards only. In that way I don't risk my own money.
 
TheDriller said:
Credit Cards are for morons, seriously.

I just stick to my Visa Debit card, which is handy for buying stuff online, but means I can't spend money that I don't have.
Click to expand...

Debit/check cards have daily spending limits. Try buying airline tickets when the total happens to be more than $1000 with that debit card. Also...bank debit cards do not offer the same fraud/theft/buyer protections credit cards do, because banks are not subject to the same rules/laws as credit card companies. It's actually NOT a good idea to use your debit card for online transactions. Use your credit card...and pay off the balance when you get the bill. Especially if it's a cash back program type of card. It may not be much money...but free money is free money!
 
grywolf627 said:
Debit/check cards have daily spending limits. Try buying airline tickets when the total happens to be more than $1000 with that debit card. Also...bank debit cards do not offer the same fraud/theft/buyer protections credit cards do, because banks are not subject to the same rules/laws as credit card companies. It's actually NOT a good idea to use your debit card for online transactions. Use your credit card...and pay off the balance when you get the bill. Especially if it's a cash back program type of card. It may not be much money...but free money is free money!
Click to expand...

my point exactly... just better put... :kickass:
 
THat cartoon and the rant was priceless hahahahaha

I haven´t used credit so far, and have less use for it here in Europe, but in Venezuela it really is a neccessity if you want to buy stuff from outside, the only legal way to get dollars is trhough a credit card (with a pathetic yearly limit for it but I won`t get into those details)
 
If your credit is still decent get a line of credit that is equivalent, or greater, to the amount you owe on the credit card. It will be at a much lower interest rate, why pay 30%+ compounded daily when you can get >5% on a loan.
 
Whatever you do man, and I can not stress this enough, STAY AWAY from those companies that "consolidate debt" because all of them are seriously bad news. And honestly, they don't do anything for you that you can't do yourself. In many cases these companies can't even negotiate on your behalf until your accounnts are delinquent and your credittor defers you to a collection agent.

My wife and I got into a bad spot and ended up putting some expenses on credit, though it was nothing that we couldn't have bailed out of eventually. But then the market took a shit and literally all of our credittors jacked our rates so high that I couldn't even afford the minimum payments. We ultimately had to file bankruptcy because the debt was literally insurmountable with the jacked APR's and finance charges, and one of the credittors decided to sue us. So, it was file, or starve - I have 3 kids and couldn't allow that to happen.

Definitely NOT proud of this hiccup in my life, but, lesson definitely learned.

Get that shit paid, and then close all of your accounts man - keep one open for emergencies only. If you have to - call the creditor and ask fora better APR or a more flexible payment schedule - they will more than likely work with you (you may have to get a bit nasty with them, but they will play ball sooner or later since there are so many bankruptcy's nowadays).

Good luck.
 
Credit cards are indeed evil. If you read the fine print in their contracts your eyes will bulge out of your head. They are giving you a loan were they can change the terms of the loan at a latter date. This is absurd.

I got one when I was around 28 so I could start building credit so I could get a mortgage for a house. Before that I had no credit rating at all.

It is easy to get out of control with it. That is why I payed it off this year and roze in a block of ice in the fridge. I would have canceled the thing but that hurts your credit rating too and I might want to buy a different house in a couple years.
 
midget donkeys said:
...I would have canceled the thing but that hurts your credit rating too and I might want to buy a different house in a couple years.
Click to expand...

Exactly. It's really tempting to close them out of frustration after you finally pay them off...but don't. As long as there's no annual fee for that card (which MANY may start having soon)...it's not costing you anything to sit there. Use it occasionally, pay it off immediately. Keep your credit in good standing. But closing it out may hurt you in the long run. Also be aware that every time you apply for a credit card (this includes opening accounts to take advantage of low rates for balance transfers) it takes a hit on your credit score.

Yes, they are evil...but in this day and age, the way the world currently works, they are practically a necessity.
 
You guys realize that having TOO MUCH credit, can in some cases be as bad as having bad credit, right? Debt to income ratio is key here.

Here's a pretty bad example that I hope illustrates my point: Say I have $0 in credit card balances, but I have $10k in available credit. That could be percieved as bad by a lender, because of the potential debt I have. If I apply for a loan and my payments cost me $500 minimum per month (whereas my debt to income covers that comfortably) the creditor might deny me on the basis that I have all of that open credit available, which if maxed, would make me unable to pay their loan.

Make sense? Bad example, but valid point.

I have $3k open credit for emergencies only - I don't need any more than that.
 
Chris_P_Critter said:
You guys realize that having TOO MUCH credit, can in some cases be as bad as having bad credit, right? Debt to income ratio is key here.

Here's a pretty bad example that I hope illustrates my point: Say I have $0 in credit card balances, but I have $10k in available credit. That could be percieved as bad by a lender, because of the potential debt I have. If I apply for a loan and my payments cost me $500 minimum per month (whereas my debt to income covers that comfortably) the creditor might deny me on the basis that I have all of that open credit available, which if maxed, would make me unable to pay their loan.

Make sense? Bad example, but valid point.

I have $3k open credit for emergencies only - I don't need any more than that.
Click to expand...

Are you certain of that dude? Seems like a bit of a stretch in reasoning to me, but I'm no expert...
 
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