Cheri

You've seen those commercials? "You're not just in debt, debt is all around you." No way!.. I am sure we all know that debts are always around us. Some people are consider lucky when they live with their parent and don't have to pay a penny in rent, unites like we homeowners or renters do. I've read that being in debts cause a lot of stress along in people and can lead to heart disease, high blood pressure, diabetes, and even some forms of cancer, So I've cut all my credit cards and got rid of them all years ago to avoid any extra debits, because my credit cards had became a huge headache for me, paying it off monthly including interest rate. It's not worth it for me.


How about you guys?

__________________

Deafness

__________________
This advertising will not be shown in this way to registered members.
Register your free account today and become a member on AllDeaf.com

TongueOnFire

arghhh credit cards.. drive me nuts by debts which it increasin the interests up up up and up up up! .. i am glad that i only using credit card when i was in college for books , etc.. still owe for it.. blah .. scoffs.. seem like forever for me to pay off on that idiot credit card.. other loans like 2 of computers .. and college loan .. blah .. scoffs.. but they will pay off between 2006/2007 .. hurry up .. so i can be FREE in 2008 til rest of years til i dying


TOF

tekkmortal

If debt payments dont exceed what u can earn & pay AND it is necessary to have since u need money to buy a house or a car, then it is not a problem. I have been paying off my debts slowly for about 2 years. I didnt have to pay interest on the debt since it is government funded.

Codger

Good posting Cheri! Credit cards are deficit spending. It leads to a lot of bankruptcies each year. I cut up my cards in the early eighties and have not had another one since. They are o.k. for the minority who handle them wisely, but most people don't. I use prepaid cell phone for the same reason. You don't spend more than you have. I wish some governments worked this way!

Angel

Believe it or not I had no credit cards in my name when I was married for 15 years, it was all in my ex husband's name and the only thing I agreed on was to pay one of his credit card so I could keep the dryer.... ..

Now I only have one credit card in my name and that's all I need...

I have a mortgage payments but it's worth it since I own this house and I could sell it if I wanted to but I'm not planning on selling it anyhow!

Cheri

Thank-you Codger

I have one pre-paid Master Card, It is headache free for me, Don't have to pay no interest rate. I love it.

__________________

signer16

Being in debt sucks, but if you want to go to college, and your parents can't/won't pay, you have no choice. I wish I didn't have to get a credit card either, but you have to build up a credit score to get any kind of loan or buy any expensive item and pay it off. Credit card companies and most banks suck, they will take you for everything you've got, but you really can't live without them.

diehardbiker

Who wants debts? The truth is... RICH PEOPLE LIKES THEM! Oh no, not that way your thinking... the other way around... The more debts people have, the rich people is the one who is taking advantage of it. They (rich people) invested their money into debtors credit card, thus let the sucker borrow their money, so that the suckers pay insanely high interest rate in return to rich people. Meaning what? Rich people are getting richer from high interest debts.

Codger

Then on the other hand, a lot of rich people got that way by investing and not borrowing money at high interest rates. I don't fault the rich for people being poor or middle class. Wise spending, saving, and investing put many poor people in better conditions. Why blame them because their frugailty made them sucessful? Sure, there are a few robber-barons and silver spoon heirs, but for the most part, people get rich by being smart.

By the way, I am not rich. I invested in five kids and five grandkids, an I am comfortable working on my small farm and being a contractor. I am doing what I enjoy doing while exercising personal responsibility.

Liebling:-)))

We have VISA card but we do not accept "credit" on it.

I only use VISA card to every stores where they have points to add on VISA card "PayBack point". I use VISA with points at Supermarket mostly because of foods and drink eg. They give me €15 coupon when I collect up to 1,500 points. Also any electricial material where they offer on each months. We got DVD recorder thru points last year.

We use bankcard only if the VISA card is not acceptance to any stores or for the cash from bank. We limit the VISA card because we dont accept credit in VISA card.

Yes, we have mortgage payments on our house. It´s value to own the house for our future pension. We do not need worry because we will have free-mortgage when we are on retirement. We will never sell our house as long as we are alive because that´s house is our dream house, we built.

__________________

*sniffing you*

diehardbiker

This is MISTAKE!!! Using Debits instead of Credit on transaction cost you on average of $2.00 per transaction!!! There is really no difference between Debit and Credit for those who have debit card!!! Of course, best to try to avoid using the real credit card.

here is how it work to avoid paying transaction fee on debit card is to use credit instead of debt (Without pin). It will STILL automatically deduct from your checking account (Usually within 3 days) so you really don't have debts afterwards anyway. This won't charge you 2 dollars. I think most people are really confused on how debit card really works. BTW, I still able to get alot points from using credit part of my debit card. :-D

Liebling:-)))

Thank you for share your feedback/tip with me. I appreciate it very much.

No, I dont pay any charge because I dont have debt on VISA card. I have to apply if I want credit on VISA card but I already filled out the form that credit is not accept on my VISA card. They give me limit €2,000 ($2,600) on VISA card. I would not accept VISA if I know I have to pay charge when I dont use credit. They only charge you % if you withdraw the money with VISA card at Bank or money automaic machine but I never do that but use my Master card (Bankcard) with no charge if I want withdraw money from bank or money automaic machine. I use VISA card at Supermarkets with double points (PAYBACK points) with no charge because I dont have credit on it.

I received VISA monthly statement to check... All of money where I spend with VISA card for month is transfer from my bank account to VISA company straight way without "monthly payment". They do not charge me because of no "monthly payment" on credit card.

I only use VISA card because they have "PAYBACK" points when I use for every stores..... I receive €15 to €20 credit from points to buy anything what I want which it´s good per month or 2 months.

I only pay charge for re-new VISA card which I get every 3 years, that´s all.

__________________

*sniffing you*

Angel

Actually they take 4.95 per month for the service of that Debit Master card...Everytime I reload the card and call them to add onto my debit Master credit card, it will also tell me the balance of my account which I noticed they do charge you per monthly for the service charge no matter if you don't use the card often....

So it wouldn't make no difference really.....

Liebling:-)))

Yeah Angel,
For debit master card I paid €15 ($19) per quarter charge for bank service..... which it´s 4 times a year to pay bank service.

Visa card - €20 ($26) a year for VISA service but I still get the profit thru double PAYBACK points like what I said in my last post because PAYBACK points are including VISA card.

If you will receive one point if you dont want to have VISA card but just BACKPAY card to use any stores. I use VISA card with BACKPAY points because of double points.

__________________

*sniffing you*

IcedTeaRulz

Interesting...my bank won't cost fee after time I use Debit card. Whooo!!!

Liebling:-)))

No charge for bank service ?????????????? How could the bank get the profit from their customers?????????????????? Without fee is impossible.

__________________

*sniffing you*

Banjo

I don't pay any fees when I use my debit card at stores too as well.

Banjo

It's very important that you don't spend what you don't have. I have a credit card myself, and I spend what I know I can pay off.

But I don't see people using their brains in many cases leading to bankruptcy. :-(

Cheri

I know that, It is a lot cheaper than interest rates on credit cards. $4.95 dollars was forward to monthly maintenance.

__________________

Ethereal

Exactly. I have a credit card. I only use it when I have money already in my possession. Then I spend the amount of money that I have (or less) and pay the bill when it comes. Then, the credit card company reports that I'm making my payments on time and my credit goes (slowly) up. I don't have debt because I use my card wisely.

diehardbiker

Oh now this clarifies me, your in europe, I was thinking of in America... Didn't realize banking system is totally different from your home and my home.

netrox

Many people file bankruptcy to relieve their credit card debts and I think that's the biggest mistake they ever make. Forget what financial professionals tell you. They're wrong as well. I considered bankruptcy but I decided not to after discovering how FICO operates.

First of all, credit agencies made scores using FICO or similair systems. If you're 30 days late, your score gets worse.

Now, if you failed to make a payment for more than 3 months, your score will get worse and it just won't get worse than that. You just screwed up. Deal with it. So, should you file bankruptcy? NO!!! It only makes things worse! Ok, how about paying settlements? Believe it or not, paying them will make the score WORSE!!! So, don't bother to negiotate for a settlement. Ignore them. Don't let their letters upset you. The only time you have a reason to be upset is if you get a formal letter for the court appearance which rarely happens.

The law states that credit reports cannot contain bad credit reports for more than 7 years while a bankrupcty record stays on credit reports for 10 years. Which would you rather have - bad unpaid debts for just 7 years OR bankruptcy with a BAD score for 10 years?

What about harrassing calls? The law protects you - you have the right to tell creditors to stop calling you. You must write a letter telling them to stop the calls. If they threaten to bring a lawsuit against you in court and it's past 4 years after the late payment, they have no case because all states forbid them to do it.

After 7 years, your credit score will be MUCH better and banks will have no way of knowing if you had bad credit or not. It will be in a great shape. It's even better if you ALREADY got credit cards and kept paying on time.

It's that simple.

-jeff

netrox

One more thing, you STILL can get credit cards even if your score is bad! I got two credit cards without problems. Banks are very competitive and will do anything to get you on their banks so they can make money from interest, transcation fees, and annual fees. They will give you low limit like $300 but that's better than none!

And don't believe when they tell you you don't need credit cards - you DO need them especially if you travel - you need it to rent car, reserve a hotel, etc. Yes, some accept check cards but they tend to charge more. You also get to enjoy the benefits that come with credit card charges - rent a car and the bank pays for insurance. You cannot do the same with a check card.

-jeff

horselover61

Yea when I used debit card, I always do credit cuz it wont charge me the fee. As for the credit card I paid it all off 2 weeks ago. Yay!!!

__________________
Check out my city!!


http://furbyland.myminicity.com/

diehardbiker

No your wrong in most case, creditors CAN renew their debts, how? Sell them off to another collectors then you have another 7 years on the report. I have seen it happen. My girlfriend's ex creditor had chased her for more than 10 years! I talked with attorney, they said its legally as long as the debts been sold, and that we have new creditor and we are stuck with them until we file bankruptcy. So, how its over, my gf is much happier now. She still was able to open credit card account anyway, could even buy car already! But we had to decline all offers.

Not necessarily always bankrupt is best solution. I filed bankruptcy before, and I was able to buy house! From my bankruptcy experience, it is really joke! Sure, I walked away all of the debts, and that creditor no longer can sell the debts to other collectors. They are final stuck with it. Suppose it was 30 years ago, then that is totally different story. bankruptcy back then looks worse than today... Know why? more and more corporation had downsized and lay off alot people, thus ended up forcing alot people filing bankruptcy. Please remember, law allows up to 7 years on report with SAME creditor. So Creditor is playing game with this law by selling the debts, then you get stuck with new creditors for another 7 years and it kepts going.

diehardbiker

I would like to warn you all, if you have auto loan, or mortgage to deal with. These two things need to have your attention. Why? First of all, if you want to avoid bankruptcy, and let the creditor repos your car, you could end up owe twice more than what you orignally owed! That is really depending on how the auction went, plus all of baloney services charges involved with repossession. As for mortgage, if you had borrowed more thank 55,000 dollars for the house, and that the mortgage decided to foreclosure your house because of failure in payment WILL COST you LIFETIME on FICO score! I mean the foreclosure will be in record until the day you die! If its less than 55k, then your alrighty after 7 years as long as the debts were paid for after foreclosure. So, that is why sometimes bankruptcy is best solution to save your auto and house. Whats more, any other creditors can take away any remain amount after all of repos and foreclosures. Plus if you have debts, and you died, your kids CAN be responasible for these debts, that is why there is life insurance there to protect your properties, and your relatives as well.

Angel

Oh, I'm sorry...