amen

 

Credit cards are the root of all evil when it comes to debt. You can however beat their game by paying it off every month. Live within your means and don't use a credit card for any purchase that you can't payoff at the end of the month. My credit card gives me bonus points that I use every Christmas to buy gifts for my wifes and mine family.


I try to buy any major purcases on the retailers 6-12 month no payment - no interest plans. I save the money, each month, in my checking account (drawing interest) and pay it off before the interest on the purchase kicks in. My 2¢

 

The banks aren't lending money to home buyers who don't qualify for loans. They lost lots of money on the real estate market, so they want to make it up on credit cards. I stopped using my CC and switched to the debit card. I'm paying off the CC debt and putting them away.

Barney Frank & Co. forced the banks to make poor choice loans to unqualified buyers (everyone should be able to buy a home), the home prices skyrocketed and many find themselves upside down with their current mortgage when the realestate bubble burst.

 

It's easy to take care of, just don't carry over a balance. Then the rates don't matter anyway. I keep one card. It's used every month to charge my netflix bill. So it's always used. If the card is used for anything else, it is paid off when the bill comes in. Reguardless of balance. If you can't pay it off, you should not have made the purchase unless it was an emergency. They tried to rasie my rates last year, I called them and they changed mine back to my normal rates. I have a $20K credit limit on it, but would never use it.

If they had been using that pollicy all along, I believe we would all be better off.

They did all this to themselves. And yes, those of us that do what we are supposed to do have to pay for it. Makes no differance to me though, I don't use credit to live on.


I saw this coming years ago. This is what happens when people just have to have everything, and they only make $10 an hour. Leasing cars, credit cards, cell phones, it all ties together. I have one debt, my house. The only other thing you should ever make payments on is a car, and that is to buy, not lease.

my .02

 

I too noticed the proposed increase on my GM HSBC Credit card, and knew it was time to act. Just like some of you my credit is excellent, but unfortunately I have a higher balance than I would like. Gone are the fixed rate credit cards unless you live in Canada. I did compare cards and found that Navy Federal Credit union offered the best deal. I applied and had my balance transferred from GM Card to NFCU card, and I qualified for their lowest interest 7.9% variable apr. The GM card is going in the drawer, only to be used for small purchases about once a month to keep the account active.

 

Well, well looks like I got hit too...6.9 to 13.99 % I always used to use my GM card if I was gonna finance something over a month or so........I try to pay things off each month anyways...so not a huge deal..I'll use another card from here on out that has a lower rate if I need to


Goose