I have two credit cards. do you think its an advantage or disadvantage for my lifestyle?
I'm working in a call center and I'm already regularized. I have a stable job already.
2006-10-14 01:56:44 · 9 answers · asked by Anvil dale 1 in Business & Finance ➔ Credit
It depends on your level of self control. If you only purchase what you can afford to pay every month, a credit card is a handy tool. I use mine to earn frequent flyer miles on an airline and will use them on a big vacation next year. If you can't control your spending, a credit card is your worst enemy.
2006-10-14 01:59:58 · answer #1 · answered by pharm937 2 · 0⤊ 0⤋
FOE - especially for the working class person. Don't get sick or lose your job - it does not take much to be one ot two paychecks from poverty anymore. And you are going to pay more important items than your CC bills.
Why, because the banks charge exorbitant interest, you get behind a payment or so, then the late fees, over-limit fees, and other fees they sock you with add up fast and before you know it, you're in debt over your head. It does not take much time before the fees almost double what you purchased in the first place. Rates can go from 9% to 29% almost overnight!
Oh, then there is the OTHER CC bill that you didn't pay on time, the first one has the right to bump up your interest rate based upon the fact that you were late on ANOTHER CC company's card and not theirs!
You have the best intentions for paying your bill in time, even paying off the balance, and then you go to charge one day and you're declined. Why, you ask the CC company customer service department, because they say, you keep on paying your bill off and they have the right to deny you the card based on your purchase habits. Yes, it's legal! You see, they can't make money off of you if they aren't collecting interest when you pay your charges by the 25th day of the cycle and do not accrue interest.
Do yourself a favor - cut your cards, get a debit card with a bank that has the Visa or MC logo and use that. You'll save a bunch of money and have the convenience of a CC without the hassles of a CC.
2006-10-14 09:17:54 · answer #2 · answered by midnightlydy 6 · 0⤊ 0⤋
If you are able to pay the entire amount as soon as you get the bill, it is a friend. If you fail, the interest rate is so high that it pinches or screws up your financial stability. Use only if you are 101% sure of repaying immediately. Or else be prepared to get ruined.
2006-10-14 09:24:07 · answer #3 · answered by Anonymous · 0⤊ 0⤋
FOE! I've always felt if i can't afford to pay cash for something, then i don't need it. if i want something that i can't afford now then i save for it. it's better for me to put those payments in a savings account than to pay finance charges on a credit card.
2006-10-14 09:04:21 · answer #4 · answered by one hot mamma 5 · 0⤊ 0⤋
i think credit card is the property of the bank thought that you can used money any time and anyware not a friend or foe
2006-10-14 09:06:18 · answer #5 · answered by waysofdreams 3 · 0⤊ 0⤋
They are a great friend as long as you pay off the balance in full every month. If you do not have the discipline to do that, cut them in half and throw them away.
2006-10-14 08:59:44 · answer #6 · answered by Anonymous · 0⤊ 0⤋
thats like condemning the gun for deaths ... its a tool ... any tool misused leads to disastrous results .... its the human element that determines the outcome ... look in the mirror to find your friend or foe when asking this question.
2006-10-14 11:45:27 · answer #7 · answered by casurfwatcher 6 · 0⤊ 0⤋
Friend in emergency providing you pay what is owing off each month.Foe when you can`t the interest is damaging,to you & your health?
2006-10-14 09:08:36 · answer #8 · answered by edison 5 · 0⤊ 0⤋
Pay cash ! you'll be happier
2006-10-14 09:06:21 · answer #9 · answered by mindtelepathy 5 · 0⤊ 0⤋