Personal Development for Smart People Forums - View Single Post - Credit Cards -- Good or bad?

dgorila1 · 08-27-2007, 04:34 AM

Do as mentioned and only use them if you can pay them off in full each month. I have been caught in the credit card trap for 20 yrs (i.e. charge ithem up, pay it off eventually, charge them up even higher again..........). You get to the point where its like "Oh, I'll go ahead and use it and pay it down soon..." and soon never comes. I am the deepest I have been in CC debt and am working to figure a way out. Its going to take a lomg time and not something I like having hanging over me (debt). Take everyones advice and avoid all debt. Pay cash or don't buy something until you have the cash. This way you are free of "the system" and will sleep much better at night. They are good to have for true emergencies, but avoid them for regular use. As far as a credit score, this is a huge "need" that the banking industry as perpetuated on the public in the last 20 years(look at the past..example 1950's. There were no credit scores then and no credit like nowdays. People didn't have the huge debt burdens like they do nowdays.They paid cash). If you have no debt and pay cash, you could care less what your "score" is and it shouldn't matter since you won't be a slave to the banking system. Same goes for buying a home vs. renting........vastly over rated and another perpetuated scam by the industry. Yes, over the long term(>15 yrs) a house generally appreciates in value, but it also ties you down and forces you to pay taxes, utilities, repairs, etc. You could rent and invest this same money somehwhere else and get the same or better return if you desired and be free of one of the biggest debts in your life (a mortgage). Just some food for thought.

08-27-2007, 04:34 AM	#6 (permalink)
dgorila1 Member Join Date: Jan 2007 Posts: 61	Credit Cards Do as mentioned and only use them if you can pay them off in full each month. I have been caught in the credit card trap for 20 yrs (i.e. charge ithem up, pay it off eventually, charge them up even higher again..........). You get to the point where its like "Oh, I'll go ahead and use it and pay it down soon..." and soon never comes. I am the deepest I have been in CC debt and am working to figure a way out. Its going to take a lomg time and not something I like having hanging over me (debt). Take everyones advice and avoid all debt. Pay cash or don't buy something until you have the cash. This way you are free of "the system" and will sleep much better at night. They are good to have for true emergencies, but avoid them for regular use. As far as a credit score, this is a huge "need" that the banking industry as perpetuated on the public in the last 20 years(look at the past..example 1950's. There were no credit scores then and no credit like nowdays. People didn't have the huge debt burdens like they do nowdays.They paid cash). If you have no debt and pay cash, you could care less what your "score" is and it shouldn't matter since you won't be a slave to the banking system. Same goes for buying a home vs. renting........vastly over rated and another perpetuated scam by the industry. Yes, over the long term(>15 yrs) a house generally appreciates in value, but it also ties you down and forces you to pay taxes, utilities, repairs, etc. You could rent and invest this same money somehwhere else and get the same or better return if you desired and be free of one of the biggest debts in your life (a mortgage). Just some food for thought.