Credit Card Debt
76- Randolph Goldberg
- 6 posts
- Joined: 5 months ago
- Hubs: 5
- Followers: 2
Credit cards are not the enemy, they are are vital part of the U.S. and global economy; always have been and always will be. People just misuse credit and take it for granted. If people were to use their credit cards in conjunction with a solid budget, and only spend what they had there would be no problems, but its hard to have respect for money when you don't actually pay for things in cash. Its a mental thing.
91- Jeffrey Neal
- 703 posts
- Joined: 3 months ago
- Hubs: 31
- Followers: 141
mtsi1098 wrote:
RGraf wrote:
What questions would you like to see answered about credit card debt?
what will the impact be after new credit card rules take effect next year?
Check my profile. I have two hubs about the new rules. They aren't all good.
88- Miss Belgravia
- 90 posts
- Joined: 3 months ago
- Hubs: 10
- Followers: 32
jhnsmith978 wrote:
tdarby wrote:
Why do people keep using credit cards? That is my big question.
I will not say its a big question.Its a stupid question though..Credit cards are the most crucial thing anybody want in present scenario. It acts as a plastic money for the people..
And Credit Card like Gold Cards are amazing..
http://www.RaiseYourCreditScore.usNo, this is a stupid answer. "The most crucial thing anybody want in present scenario." Really?
- 88
- Miss Belgravia
- 90 posts
- Joined: 3 months ago
- Hubs: 10
- Followers: 32
Randolph Goldberg wrote:
Credit cards are not the enemy, they are are vital part of the U.S. and global economy; always have been and always will be. People just misuse credit and take it for granted. If people were to use their credit cards in conjunction with a solid budget, and only spend what they had there would be no problems, but its hard to have respect for money when you don't actually pay for things in cash. Its a mental thing.
It's true that credit cards have become a vital part of the U.S. and global economy, but it isn't true that it has always been that way. Credit cards have only been in wide use for about 40 years. What did people do before that? They saved up for what they wanted, paid cash, and used their savings for emergencies, instead of paying someone else usurious interest of up to 30%.
I stopped using credit cards about five years ago, with no ill effect. I buy what I want when I have the money, and don't fear every trip to the mail box. I have no problem traveling, even internationally, with just a debit card. I'm a bankruptcy attorney, and after seeing the misery caused by my clients' enslavement to credit card companies, I decided to opt out of the system. I have no regrets. My clients are forced to give up their credit cards when they file a case, and for most of them, it's a terrifying prospect. But without exception, they are better off, and happy to be out from under the burden of crushing debt. Miss Belgravia wrote:
Randolph Goldberg wrote:
Credit cards are not the enemy, they are are vital part of the U.S. and global economy; always have been and always will be. People just misuse credit and take it for granted. If people were to use their credit cards in conjunction with a solid budget, and only spend what they had there would be no problems, but its hard to have respect for money when you don't actually pay for things in cash. Its a mental thing.
It's true that credit cards have become a vital part of the U.S. and global economy, but it isn't true that it has always been that way. Credit cards have only been in wide use for about 40 years. What did people do before that? They saved up for what they wanted, paid cash, and used their savings for emergencies, instead of paying someone else usurious interest of up to 30%.
I stopped using credit cards about five years ago, with no ill effect. I buy what I want when I have the money, and don't fear every trip to the mail box. I have no problem traveling, even internationally, with just a debit card. I'm a bankruptcy attorney, and after seeing the misery caused by my clients' enslavement to credit card companies, I decided to opt out of the system. I have no regrets. My clients are forced to give up their credit cards when they file a case, and for most of them, it's a terrifying prospect. But without exception, they are better off, and happy to be out from under the burden of crushing debt.I completely agree. My wife and I were licensed tax preparers, I teach financial literacy, and provide crisis counseling (not credit counseling). Our family doesn't use credit cards, either. We don't have problems buying online, traveling, renting a car, or buying a home without credit cards or debt. Our debit card works everywhere Visa does.
You might consider that if people had "a solid budget, and only spend what they had," they wouldn't need a credit card at all. Unfortunately, the majority of people don't even know how to live without them. Even less know how much of a difference it can make. I admit it took a few years to transition to a debt free perspective and lifestyle. I agree with Belgravia, it's worth it.- 76
- Randolph Goldberg
- 6 posts
- Joined: 5 months ago
- Hubs: 5
- Followers: 2
Miss Belgravia wrote:
It's true that credit cards have become a vital part of the U.S. and global economy, but it isn't true that it has always been that way. Credit cards have only been in wide use for about 40 years. What did people do before that? They saved up for what they wanted, paid cash, and used their savings for emergencies, instead of paying someone else usurious interest of up to 30%.
Well before credit cards people were still able to get credit, but it wasn't on a national scale like it is today. You could get credit from the local grocery store and what not. A credit card is basically a standing loan that you pay back every month.
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