2006-12-18 19:08:31 · 16 answers · asked by jaygirl 4 in Business & Finance ➔ Credit
I have one card which has about £1500 on it, which was a balance transfer at a low rate and I make money on my credit balances than I pay on interest
I have another card, which I use for business expenses and the odd purchase, but this is paid off every month.
I have known people with £120k on cards and they still get offered more.
But, don't just blame the banks for people taking up credit. So many people consolidate their debt with a laon to regulate their monthly payments and then just got and rack up credit on cards again, only to fall into the same trap.
Never use credit cards to get cash advances - especially if you won't pay it back quickly. Interest is charged from that day at a much higher rate than a bank - ask your bank for a short-term overdraft and explain how you will pay it back, but beware, they could try to entice you to borrow more than you need (for that much-needed holiday or perhaps a speedboat)!
2006-12-18 21:34:50 · answer #1 · answered by liquidator01uk 2 · 1⤊ 0⤋
Not nearly as much as I could have if I was more gullible and less parsimonious! The banks keep chucking credit at me! Just the other day, Lloyds TSB informed me they had raised the limit on my card to ten and a half grand, and I hadn't even asked! Every day beings spam and flyers offering different bits of plastic, with apparently no check to see if I need the credit or am likely to be responsible with it.
Fortunately, I only use my card to buy on line or if I need an emergency wad of cash! But it would be frighteningly easy to run up huge debts if I was careless, and I think the banks have to take some blame for this.
2006-12-18 19:50:24 · answer #2 · answered by Avondrow 7 · 2⤊ 0⤋
I have 2 credit cards, one has about £550 on it which was from hiring a van to relocate, the other has £150 which was mums birthday present. I pay £70 a month from No1 and £25 off on No2.
2006-12-19 01:18:27 · answer #3 · answered by suckaslug 4 · 0⤊ 0⤋
I have seven cards altogether. Five have a zero balance. One has about £50 charged which will be cleared at the end of the month. I buy my petrol with this as I get cashback but always clear the account monthly.
The last one has £7,000 owing. I will not repay this until next August as they are only charging me an annual rate of 0.9% interest. The money is sitting in the bank and will earn me more interest than I am being charged.
2006-12-18 19:26:10 · answer #4 · answered by tringyokel 6 · 1⤊ 0⤋
I used to have 7 credit cards with a total balance of over $20,000. However, I am digging my way out of debt
2006-12-18 19:58:53 · answer #5 · answered by Meg 5 · 1⤊ 0⤋
I have only one credit card, and I use it like a prepaid card - in other words, I put the money in FIRST, then spend only what I've put in.
If, on occasion, I overspend, I pay it off at the end of the month, so that I don't end up paying huge interest payments.
2006-12-18 19:18:53 · answer #6 · answered by RM 6 · 1⤊ 0⤋
No debts one credit card for emergency only which i have never used
2006-12-18 19:15:44 · answer #7 · answered by thunderchild67 4 · 0⤊ 1⤋
Zero here too - i pay it off in full. I use credit cards just for the rewards etc.
2006-12-18 19:13:58 · answer #8 · answered by blogger3133 2 · 1⤊ 0⤋
Bout £1000 over 2 cards xxx
2006-12-18 22:46:18 · answer #9 · answered by Very Sexy Vixen 3 · 0⤊ 0⤋
one credit card just paid 4gs to it yesterday.cant wait to pay it all off and get rid of it
2006-12-18 19:11:39 · answer #10 · answered by bastaad 3 · 0⤊ 0⤋