Debt--it's evil. A necessary evil it seems. Nearly everyone is in some sort of debt--home loans, student loans, credit cards, car loans.
It's seems impossible to get out of debt. Once you get close, something major comes up and puts you right where you were. I used to be really smart with my money and saving, but after having a year of severely reduced hour at work, and then a lay-off, credit cards are what kept me afloat. When your kid needs shoes, or when there are no groceries in the fridge, or when the transmission goes out in the car--credit cards to the rescue. It kills me to have to do that, but you have to eat right?
Since I'm working steady again, it is my goal to pay down my debt, but at this rate, I'll be in a nursing home by the time they are paid off.
Anyone else a slave to the cruel master that is debt?
I am, but I've killed all my cards. If we can't pay cash, then we don't need or (or just can't get it because we have no money). We've made some pretty stupid choices in the past so now we are paying for it. I know I will have my student loan that I will have to start paying pack in a few months, but at least we got the cars paid off. We have a little ways to go to get the old cards paid off and one personal loan, but when we do, we will be virtually debt free. I can't wait for that day. I've been a debt nightmare since I was 18. I think I finally learned my lesson.
You need an option for "My entire wallet was filled with plastic, but now I'm so screwed I can't use any of them"
Man I'm right there with you...and I'm an accountant so I'm doubly embarrassed!
With an ex, we made some serious purchases (like first class tickets to LA from PHL). Then we split, and his salary which was twice as high as mine was gone but we split the debt.
Then you add in the awesome credit card companies that decrease your credit limit because of their F ups, leaving you with no emergency funds, ruining Vacation plans (ie no PAX 2009), and also hurting your credit report.
Even worse is that so many of the credit card companies have even been jacking up interest rates for people whenever they can get away with it. I don't think they're even waiting until you're a day late with a payment. My partner got an addendum for one of her cards that made her choose between accepting an interest rate of over 25%, or not using the card any more. She immediately called an canceled that card. I think we've been lucky enough not to have it happen to any others.
I have a couple of cards, but I only use one regularly. I pay that one off every month. Guess I started off on the right foot early.
Please don't hate me because I'm frugal.
I have a couple of cards, but I only use one regularly. I pay that one off every month. Guess I started off on the right foot early.
Please don't hate me because I'm frugal.
I only use my credit cards for large purchases or if I am a tad short at the end of the month (I am paid monthly). I repay the card once my paycheck arrives. I got into major debt some years ago and joined Consumer Credit Counseling Services (CCCS) to help me. I cut up all my cards, set up a payment plan and paid off my debt. It never felt so good to liberate myself from that. Now I use my debit card for everything. If I don't have the money I save up (unless it's a large purchase) and the end of the month deal is very infrequent.
One of the few good things from the whole recession going on right now is that the companies aren't offering up insane amounts of credit anymore to anyone who asks. It makes it harder to get badly into debt if you're not already there now - which is a good thing, because they made it way too easy before.
I think it's something that a lot of us are dealing with. I am extraordinarily frugal, but still have a lot of debt. Honestly, I couldn't really afford to have four kids but I'd rather have them and debt than not have them at all... I'll pay it off when they're grown? Maybe?
I have excellent credit and had a cc company slash my limit on my card, which is good standing. I was using about 20% of my limit and now I'm using about 90% of my limit. Killer for my credit rating and there's not a thing I can do about it. SO frustrating!
I only use my credit cards for large purchases or if I am a tad short at the end of the month (I am paid monthly). I repay the card once my paycheck arrives. I got into major debt some years ago and joined Consumer Credit Counseling Services (CCCS) to help me. I cut up all my cards, set up a payment plan and paid off my debt. It never felt so good to liberate myself from that. Now I use my debit card for everything. If I don't have the money I save up (unless it's a large purchase) and the end of the month deal is very infrequent.
I bet that felt soo good!!! debt is like a noose around the neck. I used to be sooo good with my credit and had a nearly perfect credit score. But over the past few years with severe paycheck cut backs and a rising mortgage, I had to rely on them more and more. I am determined to get out from under this debt cloud. I'll look into that CCCS. I've always been hesitatnt to try one, only casue there are so many scams out there, but it's nice to know that someone has tried them and it worked well for them.
i did have a credit card for emergancies, but when we moved into our first house i put some of the estate agency fees on my card and because we were moving house i forgot to pay for the month of the move, i had such hassle with the card company and they made me feel so small for forgetting to pay, i cancelled my card and cut up my current one. they still to this day try to get me to get another one but it aint happening
I have never had a credit card before.I don't trust myself with one.
Theres always something coming out that i want so i know i would go over the top with the spending and get into lots of debt.
I have never had a credit card before.I don't trust myself with one.
Theres always something coming out that i want so i know i would go over the top with the spending and get into lots of debt.
Smart woman!!! It's best to stay that way. It's way to easy to get in over your head. I'm glad that you've avoid a major headache. Now if only I could go back in time....
The danger with not having a credit card is that it can actually hurt your credit score, meaning higher interest rates for buying a car/house, or even increased likelihood of being denied. Sure, there's lots of problems with how they determine your credit score, but you should be aware of what kind of impact that can have on you.
The danger with not having a credit card is that it can actually hurt your credit score, meaning higher interest rates for buying a car/house, or even increased likelihood of being denied. Sure, there's lots of problems with how they determine your credit score, but you should be aware of what kind of impact that can have on you.
That is soo true Angela. They try to force you into having credit if you want decent home & car loans rates etc., but they ding when you use it too much. It's hard to maintain that balance of having credit, but not over using it.
