Caporegime
He is the “I’m proud I don’t have a credit card” people, which is not something to be proud of…there is nothing good about that. It doesn’t show me you are financially responsible, it shows the complete opposite.
Too many credit cards? aka "The Credit Card thread"
- Thread starter robfosters
- Start date
He is the “I’m proud I don’t have a credit card” people, which is not something to be proud of…there is nothing good about that. It doesn’t show me you are financially responsible, it shows the complete opposite.
Ok thats why I'm 29 and will have my mortgage paid off in 5 years. Never had a credit card, never will.
Enjoy the debt.. I enjoy freedom.
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You have the freedom and the perks if you utilise it correctly. You are denying yourself the benefits because 'debt'.
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Soldato
I had a credit card in my early 20s, didn't use it. Was advised I should do so spent like £20 and paid it at the end of the month. Credit score took the biggest hit I've seen. Never used it again and it expired a long time ago.
I genuinely don't see the point.
I genuinely don't see the point.
No one becomes a millionaire with airmiles.
Caporegime
Good for you, but you still don’t understand how it can be beneficial.
Caporegime
No, but you are throwing good money down the bin that otherwise would be free.
I do understand. It builds your credit score so you can get into even more debt in the future. No thanks.
I don't believe anyone said that. Fact is you deny yourself the perks because of a misguided principle all debt is bad.
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Managing your money is not a maths problem, it's psychology. People spend more when it's not theirs. The amount you ''earn'' in benefits, you would have likely have spent more than you would have if you didn't have the card in the first place.
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I bet you have a car lease as well.
And a small loan from your parents
Haha. The only loan I have is a student loan, which is just added tax. That will also be paid off in 5 yearsAnd a small loan from your parents
Caporegime
And what about fraud protection? It’s insane to insists paying by cash or debit card is better because you can manage your debit has nothing to do with protecting yourself against fraud. Not having your bank details out there is a good thing, not a bad thing.
Well now, I actually took out a PCP for the benefits the dealer offered and cleared the debt in a few days
Tell me you know nothing about finances without telling me you know nothing about finances
Exactly my point. Psychology. You thought you got a good deal and you beat the system, nope.. the system got you.. you didn't need a 30k+ car.Well now, I actually took out a PCP for the benefits the dealer offered and cleared the debt in a few days
Commissario
I was told a long time ago that having too many cards can negatively affect your rating, especially if the total amount of credit available was more than your income.
IIRC the best credit builders are one or two cards paid off regularly, and a couple of utility type bills/mobile phone contract that's paid promptly as it shows both where you live is constant, and that you're managing your income vs outgoings.
Personally I have two, but use them as delayed debit cards, everything I buy online* or where I can't walk out of the store with it is on them (as are large purchases), but it's always paid back in full at the end of the month.
*I've had my card details taken via hacked websites/payment processors about 8 times (not happened for a while**), so I'm extremely leery of using my debit card online at all, as at least when it happens to the CC it's the banks money and problem, not my current account getting emptied.
**It's now going to happen again, probably next week as I've just cursed myself saying that
IIRC the best credit builders are one or two cards paid off regularly, and a couple of utility type bills/mobile phone contract that's paid promptly as it shows both where you live is constant, and that you're managing your income vs outgoings.
Personally I have two, but use them as delayed debit cards, everything I buy online* or where I can't walk out of the store with it is on them (as are large purchases), but it's always paid back in full at the end of the month.
*I've had my card details taken via hacked websites/payment processors about 8 times (not happened for a while**), so I'm extremely leery of using my debit card online at all, as at least when it happens to the CC it's the banks money and problem, not my current account getting emptied.
**It's now going to happen again, probably next week as I've just cursed myself saying that
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Lol, anybody buying a £30k+ car has been gamed by the system now?
Also I didn't state the value of the car, that really is not relevant to the argument.
The biggest study of millionaires was done in the US. 99% didn't use credit cards. Enjoy the debt.Tell me you know nothing about finances without telling me you know nothing about finances