Tame That Credit Card And Leave It Be
September 22, 2008 · Print This Article
When it comes to life, there are more than a handful of rules that one can live by. You can pick and choose whichever you like, but as you move through experiences, you develop a sense of understanding that gives you the wisdom to apply the ones that make the most sense to you. For some, there’s things as simple and classic as “An apple a day…”, and the prudent enjoy “A penny saved is a penny earned”. However, the wisdom behind these examples can be instilled in you without having to learn their meaning the hard way, and one such example that you should live by in regards to your personal finances is the old saying “Never bet what you can’t afford to lose.”
This is a saying that applies primarily to gambling, but it is a way of life for those people who learn to respect their money and make it work for them. In general, outside of the casino or within it, the principle is that you shouldn’t be working with money you don’t actually own and not have the means to pay for it. If there is anything in life that this rule of thumb applies to the most, then that is credit cards.
These financial pieces of plastic are very empowering, but with their power comes a responsibility that can seem quite deceiving. You can purchase anything you want within the limitations imposed by a card, but in the end, you have to pay it back. People are often blinded by the power that these cards give them, and in that blindness they end buying more than what they honestly can afford with their income.
Recognizing this possibility (and embracing it) the card companies present a wide threshold in regards to making ends meet when this happens. You don’t have to pay your balance off entirely or in full once a purchase is made; instead, you can simply allow yourself to make monthly payments that meet a required minimum. This seems safe and is much less ruthless than emptying your pockets at a casino, but truth be told, this is how people end up enslaved to their monthly bills. They take more than what they can handle, and the result is that they don’t know how to manage it all.
Credit cards should be treated with respect. In essence, they should be recognized as borrowed money. Never allow yourself leeway in this regards. You shouldn’t borrow more than what you can pay back friends or family, and the same applies to a company. With your close ones, it’s a matter of honor and compassion; for the companies, it’s simply about making money, and they’ll charge you whatever it is you agreed to under the card policies.
With that said, you should keep that card in control and make it something you control rather than a product that controls your spending. If you need to, leave it at home or limit your usage of it to only certain things you need every month that you have predetermined you would pay for with the card, and make certain that these expenses are something you can pay fully and on time each and every month. If you can do that, then you can master the plastic and make it something that benefits you.
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Good post. I think it’s not only necessary for people to understand that credit cards are empowering but it’s essential that younger people (student) comprehend that with this financial platform comes huge responsibilities. More often than not, purchases made with a credit card are deemed non-priority since they don’t have to be paid in full at the time of transaction. More information, like your blog post, need to be read by more young credit persons.
People with bad credit record aren’t likely to read the fine print… so, nice business.
It enforces the behavior of charging things to satisfy instant gratification, so that you will continue to use credit cards in the future.
To my knowledge, it doesn't matter how many credit cards you have as long as you keep your debt to credit ratio as low as possible.
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thats a good idea, but how safe is it to use??
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Part of your credit score is based on your debt to available credit limit ratio. When you close accounts, you lower the available credit and could end up with a higher debt percentage. So yes closing credit card accounts will hurt your credit score; however, your score will rebound quickly.
Another factor is that closing your oldest accounts, closes your history. Keep the oldest accounts open as long as they don't charge an annual fee.
Personally, I think keeping credit cards you don't use open just for the sake of a couple points on your credit score silly. All those extra cards have too much potential for problems. You have to keep track of them and keep them secured.
I recommend not more than two major credit cards –which you pay in full every month. Only keep store or gas charge cards if you have some kind of special circumstance.
technically speaking, they were not paid off. the debt was not paid off. you just moved and renamed it.
that is why it's called CONsolidation.
It's a CON… a lie… moving debt and renaming it don't solve your problems… paying off the debt does.
The advantage of a credit card is that if you PAY THE BALANCE OFF each and every month, then you have free credit, which can come in very handy…..Interest is only charged if the balance is not paid off…that is unless you get a cash advance, when interest is charged immediatly…It takes a lot of financial restraint to not overspend…You do not get interest if you somehow pay more than due, although the amount is credited towards your next bill….they are very handy for travelling as purchases are insured…and in the USA they are needed for most things such as car hire and hotels and of course for buying on line…..Check out each company as some have bonusus such as air miles or money off your shopping…but I can't stress enough…pay off the balance as the APR can be up to nearly 30%
That’s an interesting point.
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I would call the banks and ask them if they can transfer your account to a "no fee" option. Sometimes they will do that. The no fee accounts don't have points, rewards or stuff like that. But the transfer will be considered a continuation of your existing account, so you won't get a ding on your FICO score.
Otherwise, if they won't, close them anyway. The risk to your fico score is too little to pay hundreds of dollars in fees.
You are a genius. I really liked this price matching technique. Thanks for sharing.
We are not too pleased with GoDaddy right now. We had the RescueTime.com domain set to auto-renew every 2 years. The credit card they had on file was no longer valid (one of the frequent instances where banks randomly send out new credit cards and invalidate old ones to keep ahead fraud). The amazing thing [...]
Go lick some prison ass you cock-sucking under-acheiving cop-out BITCH!!!
your credit card companies are in the position of canceling any of them without a good reason due to the downturn in the economy
if you don't use it much, they will likely cancel it, if your payment schedule has been not so good, they might cancel
more than likely they are not informed of your foreclosure
possibility of not getting a new card would be less if you had a bankruptcy
and the foreclosure will definitely affect your credit score
The safest way to build up credit is by having a credit card/ catalogue/store card and keeping to your monthly repayments or paying more than required. Just be careful that you don't miss a payment or you will get bad credit and be declined a mortagge etc…
Just budget well and keep to your own limits. I think there are sites online where you can compare the best credit cards. As far as i know you dont earn interest on creit cards when you are in credit, its moe that when you owe them money they sting yu for interest on that.
But if you do keep to your repayments they tend to boost yuor cred limit up to sky high amounts with larger repayments… which could be dangerous if you cannot afford the repayments so watch for that. Good luck!
Hey I see the possible problem but all this is useless without the CCV number and in the example that this supposed hacker shows it doesnt show any CCV so its alot of hype.
You need two types of credit to quickly rebuild your credit score: … Maxing out your credit cards hurts your credit score. You don’t want to charge more than …
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Im glad I ran up my cards for my cool computer that I bought from Walmart and never paid the credit people for… Now I use the free computer to get free Software, music, games, OS, applications, audio books, comic books, and more all for FREE!!! Who needs Walmart I dont… Not for that stuff.
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Some banks will allow you to upgrade your current card to something else. I have done this twice with no problem.
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thank you very much!
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Wow, there are heaps. Great info!
RT Practical Traveler: Advice on Using Credit Cards While Traveling Abroad
Capital One issues some cards that do not charge additional fees for international transactions. Credit Unions often issue cards that do not charge international fees either.
Whatever card you travel with remember to contact the credit card issuer before you leave the USA to tell them when you are traveling and to what countries. Many issuers freeze your credit card once they start noticing foreign transactions, especially in some countries, to prevent fraud.
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All applications will affect your score in short term lowering your score anywhere from 1-20 pts
This is good, but credit issues are hardly new. I refer you to the Limelighters early 60′s hit song; “A Dollar Down and A Dollar A Week”. “You can get anything you want, for a dollar down, and a dollar a week.”
I guess instead of starting a new job today, I will cancelling all my credit cards and getting a new ID