- NEW!
by LynfromNM on October 6th, 2007
1) If you use a credit card, you have to budget making the payments on it, including any interest.
2) A credit card isn't a license to overspend your income.
3) You should never charge more than you can afford to pay off in a month.
by Tom 47 is back in his bear COAT on October 7th, 2007
Don't put anything on a card you can't pay off monthly!!!
by 11nomad16 on October 6th, 2007
debt is slavery
by - M.C.S. - Dave on October 7th, 2007
That they are not free. And that they come with a cost.
by tamarakh is ready for a vacation on October 6th, 2007
First and foremost:
........
IT'S NOT FREE MONEY. Wait wait, what was that? Oh yeah....IT IS NOT FREE MONEY. It's so easy to think "hey, they gave me a $2500 line of credit, I'm gonna go get a new HD tv!"
Then the bill comes, and you have to pay it back..and if you don't pay it all back at once, you have to pay FEES for not paying for all of it. It's not free, it's not yours, and it's not a gift. That's the main thing :)
by discobod on September 26th, 2008
1. someone has to pay the bill eventually
2. try a debit card instead and feel real achievement when you save money to buy something
3. to learn that if they earn 10,000 a year that means they can only spend around a third of that safely - ie 3,000
4. do not miss the payment day and do not pay minimum payments for too long - cos it will end up costing you a small fortune in the long term
5. know when to cut up the card - if you have overspent too much cut the thing up now!!!!!!!!!!
by Voodoo on October 7th, 2007
Credit cards are BAD!! Using credit cards is spending money that you don't have, and soon you will have less.
by American idle on October 7th, 2007
They DO have an ending.
by SG QOTABD RIP SHELLA DARLING on October 7th, 2007
that credit cards are very very evil.
by Anonymous on October 6th, 2007
That you actually have to pay for the stuff you bought through a credit card.
=)
by Jeffers on November 15th, 2007
They are for convenience, not to buy things you cannot afford "right now"...
There's a difference between "ability to purchase" and "ability to afford to purchase"
by Peetee on November 15th, 2007
Short answer: They're evil.
Long answer:
If you can't afford a thousand bucks, then how can you afford a thousand bucks plus interest?
If you can't afford to save twenty bucks per week, how can you afford to pay twenty bucks per week plus interest?
Most stuff you buy wears out, breaks and loses value over time. You really don't want to still be making payments on it when that happens. eg. don't take ten years to pay for a TV that only lasts five years.
Only borrow money for things that go up in value. It can make sense to borrow money to buy a good business, well placed real estate, quality shares. Eventually those things may take care of their own repayments. But even then, you wouldn't do that with a credit card because the interest rate would be too high. You'd use a special loan for the purpose. It doesn't make sense to borrow money for lounge suites, TVs, washing machines etc. These things wear out and break. After you've paid them off, they are no longer worth the money you spent on them.
At school, pay attention in maths class. Learn algebra. Learn everything you can about calculations involving compound interest. If you're good at algebra then you can work out for yourself the bits that the teachers say are 'too hard'. This will give you good grounding in what borrowing money is all about.
Credit cards are an 'easy way out' for desperate people. They can be used for your good if you have lots of discipline and pay things off in the interest free period but it's not worth the risk. Sometimes shit just happens, the temptation is too great and before you know it your repayments equals your disposable income. The rate of interest is usually extortionate. Understand that credit cards are a great way to make money out of 'foolish' (for want of a better word), desperate or uneducated people. That's why they are so popular. Banks love them.
I was over thirty before I got a credit card and even then, I only got it because it's hard to hire cars and things without one (though that's not a good excuse, really). I hate the thing.
If/when you get one, always remember that you can just keep putting money on it so that it is in credit, not in debt. That way when you spend from it you'll be using your money, not the bank's money and so you won't be paying interest.
by Tinkerbell on October 7th, 2007
As Steve Martin and SNL said once
"Don't buy things you can't afford"
With a fair bit of experience in the debt industry I can assure people this is good advice! Don't get a credit card until you are in a position to make it work for you as opposed to the lender.
by Wise Latina on July 2nd, 2008
not to use them! That creditors are loan sharks and not ethical people.
by needtoknow on July 2nd, 2008
Not to ever get one. Or if they have to have one, most people have to nowadays, it should be one with a small credit line and paid each month in full. Emergency use only. That's what I've taught all my young people:)
by Sodahead on June 17th, 2008
THat it's not free money!
by holeinthewoods on June 17th, 2008
Self control.
by James Soto on November 16th, 2007
Credit card is not a TOY!!!
by Koz - Passion Perseverance Patience on November 15th, 2007
The very basic. It's not free money. You will have to pay for it later and the sooner the better.
by Toki_bowl on November 15th, 2007
they are pure evil....and whats worst the devil offers a better apr....
by little dog on October 7th, 2007
If you use your credit card make sure you have the money to pay it off that mmonth.
by what on August 19th, 2009
pay the bill in full.
by 1858 Remington 1-21-13 on July 7th, 2009
How to cut them up and throw them away. :-)
by Bjones on July 5th, 2009
Simple; dont spend what you dont have.
by tooty_fruity88 on February 24th, 2009
Don't get one. Your better off without the debt in the long run. I'm 20 and keep asking my mum if I can get one, I always get the answer "NO".. I understand that.
by curiousgeorge on February 12th, 2009
I would advice anyone to use a credit card as it was a debit card. Don't spend more than you can pay off by the due date.
by ThorThpot on January 15th, 2009
They will work on learning where mom and dad keep them.
by QueenR eats the Terminator for breakfast on November 1st, 2008
They're made of cheese!
http://uk.youtube.com/watch?v=ziRBdj5ZQuc
by proven delusion on October 6th, 2008
They give you AIDS.
by taco007 on October 4th, 2008
They are the first step to indentured service.
by Wulfweard on October 4th, 2008
The eternal burden they can be
by taco007 on October 4th, 2008
That greed equals pain.
by KarolinaD on October 4th, 2008
credit card is just a solution for those who do not have money right away but likely to have in near future. With credit card purchase only those item which you can afford and soon you can paid off the credit. otherwise you might be in bad condition.
by - Katelyn is a party animal - on September 28th, 2008
Stay well away from them :P
by Krumple on September 28th, 2008
We used to be told that mortgages were "good" credit, and credit cards were "bad" credit.
LMAO !!!!!!
by yellowcat16 on September 26th, 2008
They are great. I enjoy having one. BUT you must learn how to use it. NEVER, Never, Never not pay off the entire balance at the end of the month. Never run a balance from month to month. Never just pay the MINIMUM amount. Never buy something you cannot afford. If you don't have the disipline, then don't use one.
by bigdada on September 19th, 2008
"RUN AWAY!!!!! They are eeeeviiillll" Exactly, I haven't used a credit card in over 25 years or had a car payment. Credit cards are legal loansharks.:(
by NeverWas on September 19th, 2008
They are your first big chance to irreparably screw your life up.
by Froggy on September 5th, 2008
If you never had one when you were young, you will never be able to get one when you get old. They call it "You have no revolving credit history". Even though i have $10,000 in MBNA stock, they refuse to give me a credit card.
by TERRYTUKER on September 5th, 2008
never max, charge a little pay the minimum build your score that way it works great if you have control
by Lalala on September 5th, 2008
Dont just pay your minimum payment each month.....dont become careless eg a one day millionaire...u do eventuallly have to pay it back & dont allow the company to keep increasing your credit if u think/know u cant handle it. & remember u need more of an input that u do an output! If your feeling overwhelmed cut it up and pay it off before it gets out of hand...trust me it could ruin your life!
by rj on August 31st, 2008
i think credit card is like a masquerading monster, at first you think it's nice to have credit card because you can buy anything you want without paying for it right away but when your bills come you have no choice but to pay for it because if you can't pay on time there would be interest. and because of that interest, you'll be paying more than what you have actually spend.
by Anonymous T on August 28th, 2009
Don't use them.
by Gaby D. on August 22nd, 2009
its not Jesus card, you will have to pay it back, use wisely, its not for every shiny thing u see
by Nightwatchdog on August 22nd, 2009
They are serious financial tools, and not playthings.
by Thriftymaid on August 22nd, 2009
They are evil should be killed.
by MicrocosmicOrbit on August 22nd, 2009
It's hard to get credit without them. They will ruin your life when you get them.
by sharpjwe on August 21st, 2009
all should not use them
the banks pay them selves heafty wages on your money.
by MicrocosmicOrbit on August 20th, 2009
Don't even get one.
by Nicola on August 19th, 2009
Never get them!!!!
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Comments
Thanks LynfromNM for some good advice.
by keithold is a prodigal bagger on October 6th, 2007
Thanks for another good question!
by LynfromNM on October 6th, 2007
might I add; 4)credit card balance doesn't mean money you have.
by mitcham on March 13th, 2008
yes, it helps to know the terminology!
by LynfromNM on March 13th, 2008