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credit card

On your opinion credit good or not ... why?
depend on how you manage your budget and yourself, it's a good thing actually. don't have to carry a lot of money around, and the interest is always on balance, not the whole price.
definetely a good thing as long as you are responsible
credit cards are great. they make your credit rating higher. they will help you when you want to finance a car or even a house. just make sure to keep up on the payments and you can buy whatever you like with them. I messed up on my first card, it was only a 150 dollar limit, and I never paid it, and now its around 800 dollars I need to pay. It hurt my credit rating and dropped my credit score. DO NOT FORGET TO PAY THE CREDIT CARD other than that its great Smile
They are good as long as you are a responsible and budget conscience person who always PAY on time. I always pay mine in full each month. If I don't have the money available to buy an item, I won't buy the item with the credit card.
They are bad if you can't manage money.
Depends totally on the person. One person who is responsible might use it monthly and pay monthly thus getting nice free rewards and a more flexible ability to buy things. Another person may use it and pay 2-3 times the value of what they bought because they make minimum payments only and really shouldn't own them.

Be very careful with them and don't be fooled into thinking it's free money. I like cash personally.
I think the idea of credit cards is fine, but it is the way companies market them etc... they keep upping balances, and give them freely, and this i believe is what causes the problems. If you pay your minimum, they will continuously up your balance as your credit is good, but paying minimum as we all know doesnt get you anywhere. I have worked in collections, and i have seen many scenarios. Money management is key, yes, but if you give some people a high balance card, they will see it as free money, and convince themselves they can make the payments, should they use it. These companies are in it for the money, and they know that they will generate most of their money from the general population that will continuously pay the minimum balance. The risk of these people defaulting on their payments is negligible as the amount they had paid in interest throughout the years will more than cover this loss... Don't know if i make any sense, but it is late haha...
as long as you pay the minimum payment, you're ok. but that's also how they getchya. Try not to let it rack up by just paying the minimum. I've done that and it seems ok at first but the minimum will start to get really really big all of a sudden and keep growing and you'll be in trouble. But credit cards are the most useful thing in the world. I dont know what I'd do without mine. They just require a GREAT deal of responsibility. If you're not sure you'll be able to keep yours under control, dont raise the max past a few hundred. or better yet, use a pre-paid credit card since those have all the functionality of a credit card (i.e. buying things from ebay, etc.) and no possibility of getting in debt
the more ya know, ya know?
Good or not will depend greatly on how an individual would use it. But one thing for sure, it has become or is gradually becoming a necessity in our life as we purchase more online, travel overseas, choose to bring along less cash, etc. It has a downside though (maybe more than one), it exposes certain security risks such as the most recent identity theft case where the couple spent hundreds thousand of neighbours' hard earned cash.
russel26 wrote:
On your opinion credit good or not ... why?

In my opinion it's GOOD. I missed lot of things business bcoz of not having CC. Having Credit card and using it carefully will always be benefit.
russel26 wrote:
On your opinion credit good or not ... why?

in my opinion they are not good. Its money you dont have. High interest rates make it hard for you to pay back the money. only spend what you have is what i say.
newso wrote:
russel26 wrote:
On your opinion credit good or not ... why?

in my opinion they are not good. Its money you dont have. High interest rates make it hard for you to pay back the money. only spend what you have is what i say.

You may be right. But in my case i can't spent my real money in net. I can't spend real $ to purchase a worthfull thing in net . I can't book Air tickets / Train tickets without CC. But i accept your point. Smile
credit card is good to me, since I can arrange my expenditure despite the time limit of my earning. However, I will always warn myself, never to rely on the card and shop over my budget and buyability. And to keep using credit card regularly will also benefit me in buy stuff later on based on my credit record, it is a good recycle.
I don't really like them, because of interest. But most credit cards give you several weeks to pay off your balance before they start charging interest, so as long as you pay them off quickly they're alright.
newso wrote:
russel26 wrote:
On your opinion credit good or not ... why?

in my opinion they are not good. Its money you dont have. High interest rates make it hard for you to pay back the money. only spend what you have is what i say.

This happen if you don't pay on time and spend more than you can afford. In short, you dont know how to manage your money/spendings.
What a great thing!!!! Laughing

Just place it down for everything you buy... and they give it to you!

Oh, yes ... pay it off at the end of the month. So I guess you should use it like cash. Don't buy anything that you couldn't pay cash for, full stop. The real key is to get a card that pays some token back and pay the bill each month on time. You get a small amount back that is insignificant, build your credit rating, and get about 25 extra days to allow your money to earn interest in the bank.

Be careful not to spend more than you would if you were paying cash. And don't leave a balance. Paying interest at the high rates will cripple ones budget.


So, many have highlighted the main pros and cons of credit cards, but for me, the biggest advantage of using a credit card is not ever having to bother with cash. In fact, I sometimes go months at a time without having to stop by the bank (unless I get a check in the mail or something) or even by an ATM. With all of my transactions on the card, I find myself having a hard time getting rid of cash when people pay me with it. All cash does is sit around not earning any interest. The only point of having it is if there is a serious emergency and you're somewhere where the network is down so they can't take credit cards. But if the network is down and they wont' take a card, chances are they will charge you the cash and an arm and a leg just to buy anything.
It's all about managing your spending and paying on time (banks offer some days interest-free until repayment of your credit card expenses). I find credit card hassle-free in most situations. You don't have to go to an ATM any other time. But I have to admit that cash comes in handy in some situations like when the network is down and if shopping in small shops with no card reader. We just need to not go overboard with when using credit card.
Credit cards are good if you're desperately need money (ie when you're traveling and your car breaks down or someone you love is being held hostage and needs ransome) and it's good for building credit if you pay it off before it adds the interest.

If you just use it for fun you're wasting money. Buying a $5 lunch at McDonalds becomes a $13 lunch by the time you paid it off. What a waste.
russel26 wrote:
On your opinion credit good or not ... why?

Everything depends on how responsibly and safely you use them... Cool Cool
Credit Cards are GREAT....assuming you aren't an idiot. If you're an idiot, I suggest you avoid them. When you keep track of your spending, and don't spend more than you can afford each month, then a credit card is a most wonderful thing. It allows you to carry a piece of plastic instead of cash (which is good if you get mugged.) It allows you to make purchases online and over the phone (which is usually not an option without a credit card.) And for the organizer freaks, it allows you to keep tabs on HOW you spend your money. When you spend cash, you can easily forget how you spent it. Whereas a credit card sends you a monthly statement with all of your purchases. It's a great way to categorize how you spend your money.

BUT if you don't have the mental capacity and the self control to keep from spending more than you can afford each month, a credit card can be a VERY bad thing for you. The instant you don't pay it off each month, you start getting finance charges which can start to accumulate very quickly if you can't pay it off each month. Here in lies the profitability of a credit card company. They HOPE that stupid people get credit cards and rack up large amounts of debt that they then have to pay off for YEARS. And sadly, it happens quite often.

My whole point is that if you have any inkling of intelligence and a decent amount of self control, a credit card can be a great thing for you. Otherwise you're best to stick with cash/checks or even a debit card.
depends on how you see it

do you see the glass half full
do you see the glass half empty

it is each individuals perception
It is not a question of stupidity. Very intelligent people can get caught-out by credit, and do all the time. You do not have to be an idiot to get into debt, it can happen to anyone. You can easily get trapped into a cycle of debt - using one credit card to pay off another, putting an urgent bill (such as a mortgage) on credit lest your house get repossessed. It is not difficult to get into a situation where it all spirals out of control. Credit cards function BECAUSE they make money from people who do not pay off the balance each month - it is how the credit companies make their money.
Debit card.
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