Please notice my use of adverb/adjective clauses, passive voice and present perfect....
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I have a couple of credit cards, each of which I find very useful. One of them is a MasterCard, which I first got about 10 years ago. I like this card a lot because it allows me to accumulate points that I can use toward travel. Believe it or not, because of this wonderful card, I've been able to travel to Mexico and New Mexico for free! I love this credit card, but I know that I've probably paid for at least 10-15% of the price of these tickets.
How?
There have been a few times (not many since I usually pay off the card before the bill comes) when I was late on a payment or just "let it ride" (paid a little, but not all, and let the bill get bigger next month). I was charged a late fee of $30 and then a certain interest rate on the balance, which was high, of course.
Despite these charges, I still think I got a good deal. :)
Having said this, I'm not so happy with my Macy's card. I can't explain it, but it seems that there's always some sort of problem with it. It seems to come on different days of the month, which confuses me. For some reason--maybe this reason--I've been late on it once or twice. This really upsets me!
That's my personal story. Of course, everyone has theirs. A friend of mine, who doesn't make much money, got into some credit card debt. He'd had eye surgery a while back, and unfortunately, his medical benefits didn't cover it. As a result, he had to use his credit card. Some other things happened, which he charged.
Now, he's got some serious debt to pay off.
Another friend of mine ran up some very high bills about 7 years ago. She is still paying them off. In fact, several bill collectors call her every day because she hasn't been making payments lately. She lives a life of anxiety because of this, and she just doesn't know what to do. I worry about her because she's a 75-year-old woman.
Anyway, I think the bottom line with credit cards is this--if you charge something, make sure you can pay it off that month. If you're viewing it as borrowing, then you're definitely headed for serious problems, including long-term debt.
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Do you have a credit card? Which one? What sort of benefits does it offer? Are you happy with it? Have you ever overspent? (You don't have to share too much information here, by the way.) Do you trust the credit card companies?
16 comments:
firstable, I want to say I dont like credit cards thats why I dont have one. However, I dont think it is really dangerous. The problem is people do a bad use of them thats why they get in debt easily.I have a experience working in a Credit Card company in my country, and to me it was something unbelieveable how people can apply for credit cards even if they dont have how to pay their debts. I dont want to sound like I descriminate people by economical position, but I think people must be realistic about money and what they can afford.I wouldnt get in debt that I couldnt pay.
The benefit or not benefit of using a credit card is measured by understanding that money you spend, you have to pay it back. Then, if this is the scenario, I can say without doubt that credit cards are worth.
I don't have a credit card, but I am thinking in having one since I could have advantages, namely, convenience in not taking cash, development a history credit, and availability on any emergency situation among others. Fortunately, I have a good example to follow, my brother. He only has 2 credit card -a Visa and an American Express-, which they are paid in full at the end of the cycle bill. For that reason, he haven't paid fees or interest for a few years, but two or three times he did because of his forgetfulness. Furthermore, he has cash back for a percentage of his purchases. Now, using a credit card for him is beneficial.
However, when people don't live their reality by spending more money than earning it, using credit cards is dangerous not only in the financial aspect but also in the person who gets more stress and others problems. People who don't have control in using their credit cards run up rapidly their debts by reaching the credit limit and getting each time more plastic ones. This process seems manegeable until you can't pay any more capital only interest.
In conclusion, credit cards that are used in good faith have advantages, whereas if you know that you are a compulsive purchaser, it is better not to be tempted by having a credit card.
Having a credit card is an advantage if we use it with reponsability. For example, it can be used for an emergency situation or to acquire gradually a history credit.However,I have an experiencie using visa card. In one year this card raised the interest rates.So, I have never missed a payment or failed to pay my monthly payment. I always paid more than minumun payment.Unfortunately, I have to closed this card and look for a credit card with bettter benefits.
Finally,when we have a credit card , we should think in using it measuring our limits, and having no carry with a increased balance.
I don't have a credit card of my own yet, but I use my dad's card manytimes. It is under my responsibilities to pay off the credit card bill. To be away from late payment and late fee, I just pay it off the next day. I am planning to get one soon because I think it helps you to build good credt. You can't get a loan for house or business until a you have a good credit.
first of all, in my own experience i have couple credit cards which are a visa and masterd card. I use those cards as daily tools to build up my credit and also to help me in case of emergency. An experience of mine was when i went to purchase my car, i got a great deal on it, but i didnt have all the cash available. As a tool, not to lose on the deal i used my credit card, but before doing so i made sure that every monthly payment on my credit card is afordable to pay. finally in my situation, credit cards are great and very easy to manage when you know how to do so.
Hi, everyone. It's 4:36 and I only see 5 comments. Wonder what happened to the others....hopefully, they'll be coming in over the next hour... :)
For some reasons having a credit card is very wonderful thing for me. One of them is that I do not have to carry cash. It is comfortable and safe. For instanse, if I lost a card, I will call to credit department and close an account. Ha-ha! Could anyone do it with the cash? Next is I can use credit card for emergency situations when I will not be able to pay cash. Sometimes it is very helpfull.The credit card that I use is MasterCard has options which I can make points. For example,I have been using this card for two years and I make anough points to get Kmart gift card that had three hundred and fifty dollars on it.Plus, now I am getting Cheese Cake Factory restaurant gift card.What is the yammy staff over there! By using the credit card I have, I was able to make my credit history, which was very helpful one time(when I bought my car).Of course, I have never tried to be crazy and spent more than I make every month.However, I have another credit cards such as Victoria's Secret and other, which likewise Prof.Egle I got caught by missing due date and had to pay late fee:(
After couple times I closed some of these credit cards.By the way my husband why flies a lot because of his work, has Continental Credit Card and because of frequent flies he was able to make points to travel on our "honey moon" to Hawaii for free. So, I think having a credit card brings benefits to me and everyone else could have some of them to if a person will use it carefully and does not let credit company make money on a person's late payment or "let it ride"(as per Prof. Egle's words). Let's enjoy by using a credit card! (sorry my mistakes, I could not find on my computer how to fix it).
Credit cards are like the sugar friends( friends who only nice to you when you have money ). So be aware of them!! It is important to have credit cards in todays world, since almost everything we need now adays requires good credits. the only way to earn good credits, is by having and using credit cards. Just be careful and try to make sure to have enough money on your hand before charging a credit card.
I think that teenagers having credit cards have some advantages and disadvantages. The advantages are some positive things that could help teenagers in their economic. To learn how to manage their money could be the first advantage. Parents have to teach their children how to use it also. Another advantage is that credit cards could help you to build credit history. A credit history is very useful for everything. For example, if anybody wants to buy a new car in the dealer, they are going to ask you about a credit history first. Today, managers even check your history report if you want a rent a room or apartment. On the other hand teenagers having credit cards could be very dangerous for some reasons. Credit cards could be a big disadvantage if teens don’t know how to use it. Spending more money that they have or they make is the biggest disadvantage. Not only teenager, but many adults spend a lot of money that they don’t have hoping to pay month after month with fees and then when they finally pay everything they realize that they pay double. Spending money that is not yours it could be a dangerous move if you don’t manage well your money. It is not right when people have a lot of debts.
Credit cards are not bad at all. the good use of them open the doors of many possibilities.Thank god! I am no crazy about my credit card. I prefer to expend cash money of course in some case I have used, but just in some case. My credit card is master card, I did not remember which one was my company. I had to take my card from my wallet, to can let you know about my company. It was funny.
In my opinion, credit cards are very useful in this country because they create a credit history, which is very important to have in the United States. Also, they are useful for emergency times when you don't have any cash. However, I don't have one yet but I hope to get one soon because I want to buy my own car. I think credit cards are worthy if you are responsible and pay the bills on time.
In my opinion, having a credit card is very important since one needs to build a credit history and for any emergency. I have three credit cards (Two Visas and one Express credit card). These cards helped me build my credit history. Unfortunately, I’m in debt with both visas. Since I was unemployed and didn’t have any other method to pay my studies, I decided to pay my college bill with my credit cards. The APR was low at the beginning, but it went up for three reasons, the amount due was too big, I overdrew and I paid late. Additionally, I got a $39,99 late fee and a $39,99 overdrawing fee. All of this increased my debt, and certainly my headache because I used these credit cards irresponsibly. Luckily, I have a job now and I’m paying my debts. However, I think this whole mess was worth it since I paid my college debt and continue studying. I also think that people really should have a credit card, as long as they used it properly and responsible.
In my opinion having a credit card is more than be able to spend money without fisically have it. Credit cards are great when you know how to use them, for example you said that your Master Card gave you a ticket to go to another country which is great. However you had miss payments too, and I am pretty sure that this issue did not look good on your credit story and you APR went higher too.
In my case I got my first credit card from Credit One bank when I was 18 years old, because I did not credit story at all the interest was really high 25%, which was really bad. However I made sure to used it right, paying the bill before the due date and paying more than the minimun amount. Everything just to build my credit and be able to have a better credit card in the future. Now I have Capital One. I think is good credit card because the interest is a lot lower than Credit One Bank, I also make sure to manage it the best I can, for the same reason mentioned before to be able to get something better in the future, such as lower interest in a mortage or finance a car.
I have been to studying to improve my writing, I would like to improve my grade in this class. About this topic, I had read some reports to Know more about credit cards. This topic is interesting for me because I have a teenager,
and I need to comunicate him how credit card works for future use.
Parents are the first people where
teenagers should discuss about the use of credit cards. Parents should explain them what it does and how it affects his financial life.We should know the right time to give a credit card to teenagers.
Hi, everyone. Great to see that you've all now done the homework. Excellent! Anyway, I enjoyed reading the comments. It seems that most people agree that credits cards are a great way to establish a (good) credit history, especially if you pay the bill in time. It also looks like we agree that there are some disadvantages to credit cards. They can make your debt much worse and hurt your credit history if you don't pay on time and let the bill go for too long. The bottom line--they're useful, but you must be careful re: how you use them.
Nice work, everyone! :)
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