JasYHZ From Canada, joined Sep 2005, 175 posts, RR: 0 Posted (6 years 1 month 3 weeks 1 hour ago) and read 846 times:
Good Morning,
Doing the depressing task of reconciling credit card slips and statements and thought it might be a good idea for a topic: Who went overboard on the holidays this year with spending?
Me so far:
Capital One Gold MasterCard Balance: CAD$3674.12 (up from $2217.44 a month ago - CAD$5000 limit)
American Express AeroPlan Plus Gold: $1987.47 (balance last month zero - it's a charge chard that HAS to be paid in full each month and it has no pre-set spending limit...DANGEROUS)
JasYHZ From Canada, joined Sep 2005, 175 posts, RR: 0 Reply 2, posted (6 years 1 month 3 weeks ago) and read 834 times:
this isn't a thread about who is smart and who isn't (using them gets me miles to get out of cold Nova Scotia in the winter) but more about realizing how much we spend on useless gifts for the holidays.
Some people think having no credit cards is great - no chance to rack up debt. Try using that line to rent a car or book a hotel......
And then there are the people who CAN'T get credit cards.......
Syncmaster From United States of America, joined Jul 2002, 1915 posts, RR: 17 Reply 4, posted (6 years 1 month 3 weeks ago) and read 833 times:
Quoting JasYHZ (Reply 2): Some people think having no credit cards is great - no chance to rack up debt. Try using that line to rent a car or book a hotel......
Not a problem... most every bank provides Visa or MasterCard debit cards, and all of them I've seen can be put through as credit transactions. The two banks I use don't decline the charge if I overdraw my account either, other than the $30 overdraft charges they got. The one hooked me into their credit card for the no annual fee and $10 overdraft, needless to say, I now owe USD $700 on it. Lovely.
Molykote From United States of America, joined Aug 2005, 1284 posts, RR: 34 Reply 7, posted (6 years 1 month 2 weeks 6 days 23 hours ago) and read 801 times:
Quoting JasYHZ (Thread starter): Capital One Gold MasterCard Balance: CAD$3674.12 (up from $2217.44 a month ago - CAD$5000 limit)
American Express AeroPlan Plus Gold: $1987.47 (balance last month zero - it's a charge chard that HAS to be paid in full each month and it has no pre-set spending limit...DANGEROUS)
I almost never carry a credit card balance either (not trying to he high and mighty about it but I'd rather just do without until I can afford something).
In response to your comment above however I have to disagree. The AmEx is a LESS DANGEROUS card to carry than any credit card that allows interest rollover. I carried only an American Express gold with me through college for exactly this purpose.
My roommates and friends in college mocked me at first and envied me by the time we graduated - It was not uncommon for many kids at my school (Penn State) to carry several thousand dollars of high interest debt. They would hav been better off securing a loan for living expenses if it was truly needed - I would suspect in most cases however that it was not.
ManuCH From Switzerland, joined Jun 2005, 2872 posts, RR: 52 Reply 8, posted (6 years 1 month 2 weeks 6 days 23 hours ago) and read 797 times:
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I did it the opposite this year - I have *zero* debt on my cards because I'm moving to a new apartment next February. And I still have to pay for new furniture etc ... and that's how I will max out the cards
Stlgph From United States of America, joined Oct 2004, 8466 posts, RR: 32 Reply 9, posted (6 years 1 month 2 weeks 6 days 21 hours ago) and read 785 times:
I love my credit cards and use them well but this year I paid straight up cash for any and all Christmas gifts.
Eternal darkness we all should dread. It's hard to party when you're dead.
DeltaGuy From , joined Dec 1969, posts, RR: Reply 11, posted (6 years 1 month 2 weeks 6 days 20 hours ago) and read 780 times:
I don't love people enough to put myself in debt paying for their presents...if I can't afford it by paying flat out with cash in my account, then they don't need it
Jkw777 From , joined Dec 1969, posts, RR: Reply 13, posted (6 years 1 month 2 weeks 6 days 18 hours ago) and read 763 times:
Quoting ShyFlyer (Reply 3): My two cards were maxed out before the holidays!
Mine too!
I only have two Credit Card debts which I'm working on, but the amounts are not too serious really. On my Virgin Credit Card I have an outstanding amount of £1450 and on my HSBC Credit Card I have an outstanding amount of £698.
I was stupid and over zealous, but I've kinda learned my lesson!
Klm-md11 From Greece, joined Mar 2002, 471 posts, RR: 1 Reply 15, posted (6 years 1 month 2 weeks 6 days 17 hours ago) and read 749 times:
credit card companies are the biggest thieves around.
most people don't even know how much interest they pay...
...then pay off their debts with another credit card...
I used to have a loan (no credit card) and very very happy it's paid off.
I do have one credit card however (paying for online filghts) but the whole amount is deducted from my regular account right the next month, interest free.
what happened to saving money before buying something one can't afford right away???
MiCorazonAzul From , joined Dec 1969, posts, RR: Reply 18, posted (6 years 1 month 2 weeks 6 days 14 hours ago) and read 707 times:
This is sad about credit cards and the holiday themselves. People who SHOULDN'T be spending tons of money on gifts do it because they feel it is a "must". And what gives them the ability to do it? CREDIT CARDS....I ask myself, what is the point of buying, buying, and buying when you KNOW that you are putting yourself in debt and chances are you are spending more than you can ever afford to pay back within a REASONABLE amount of time.
Here's my advice:
1. Only buy with cash OR debit card (from savings or checking account)...basically, use EXISTING funds and not credit.
2. Don't buy things you CAN'T AFFORD......
Pretty simple yet so complicated for some people.........
A319114 From Netherlands, joined Aug 2004, 541 posts, RR: 4 Reply 19, posted (6 years 1 month 2 weeks 6 days 14 hours ago) and read 694 times:
Quoting Klm-md11 (Reply 15): I do have one credit card however (paying for online filghts) but the whole amount is deducted from my regular account right the next month, interest free.
I have the same system (Postbank), works like a charm!
Destruction leads to a very rough road but it also breeds creation
Jkw777 From , joined Dec 1969, posts, RR: Reply 20, posted (6 years 1 month 2 weeks 6 days 10 hours ago) and read 672 times:
Quoting TFSPhoto (Reply 17): Didnt alex have his mysteriously cleared for him? Maybe we need to pin him down and force him to tell us his secret.. have no mercy.. lol
Yeah he did say to me that his balance was wiped, lucky for some! Pinning Alex down shouldn't be a problem, I know this guy pretty well so I could get him to talk!
ShyFlyer From , joined Dec 1969, posts, RR: Reply 21, posted (6 years 1 month 2 weeks 6 days 3 hours ago) and read 650 times:
Quoting Klm-md11 (Reply 15): what happened to saving money before buying something one can't afford right away
What has gotten most people in trouble with credit cards is the "gotta have it now" mentality. Either they just can't wait until they can afford it or they are trying to stay abreast of the latest trends, etc.
My debt, of which credit cards is only a small portion, is due to my 100LL addiction.
A332 From Canada, joined Feb 2005, 1644 posts, RR: 4 Reply 22, posted (6 years 1 month 2 weeks 6 days ago) and read 636 times:
Zero... I don't celebrate Xmas and therefore save on all the hassles, stress & unwarranted costs...
Besides, if you are using credit cards to purchase gifts (and therefore, cannot afford to make these purchases), why bother celebrating...? You get to see/hear about 10 seconds of enjoyment at your expense.
I head in 2006 with virtually no credit debt and an opportunity to pay off my house in full... looks good to me.
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