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  #1  
Old 10-10-2006
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Default 10 Dumb Credit Card Moves

http://finance.yahoo.com/creditcards...e?a=20030905a1&


Dear Debt Adviser:
Would you please name 10 ways you can get in trouble with a credit card?
Brenda Dear Brenda:
Brenda, you appeal to my dark side! What a great question. Seriously, if more people thought about how to avoid problems with credit, they would enjoy the benefits of credit without the heartache of too much debt. Here you go:
My top 10 ways to get in trouble with credit cards
1. Choose a card with a fee, high interest rate and poor customer service. Everyone uses credit differently. Those who pay off their balances at the end of each month may benefit from a rewards card with a reasonable annual fee. For those who plan to carry a balance from month to month, a low annual-percentage rate and no annual fee would probably work best. Shop around for the right credit card for you. Bankrate's credit card search engine is an excellent place to start.
2. Make your payments a day late. The fastest way to lower your credit score is to make late payments on your credit accounts. It is important to come up with a system of paying your bills so that all payments are received on or ahead of time. Remember that your payment must reach your creditor before the due date and many do not post credits after 1 p.m. Late payment fees for credit card accounts are as high as $39 and add up very quickly.
3. Pay only the minimum payment. A mistake often made by consumers is that they believe they are doing OK with their credit cards as long as they can make the minimum payment. For anyone who has not done the math, paying the minimum is not OK. As an example, a credit card balance of $5,000 at 15 percent APR with a minimum payment of 2.5 percent would take more than 21 years to pay off and the amount paid would be $9,757.98. That is almost double the original balance!
4. Accumulate all the cards you can. The more cards you have, the more difficult it is to keep up with timely payments and how much you owe. Department and gas cards are convenient and often offer incentives for signing up such as an immediate discount or discounts on future purchases. However, one or two bank cards such as MasterCard or American Express are all that most people need. They can be used most places, offer better APRs and don't use up your credit availability.
5. Spend today; worry about how to pay it off tomorrow. The convenience of buying now and paying later sometimes gets the better of us. It may not seem like a $500 purchase when you hand the sales clerk a credit card as much as it does when you place $500 in cash on the counter. Be aware of the temptations of credit and ask yourself how you will pay off that $500 purchase. Have a plan in place to pay off purchases in no more than 90 days. To avoid impulse purchases, tell yourself that you will have to work for X number of days to pay for the item.
6. Use credit as additional income. Most of us get in trouble when we try to keep up with the Joneses. Do not purchase $200 tennis shoes for your child because they want them if you can only afford $50 tennis shoes. Having credit is not the same thing as having more income. Credit is only another way to spend the same income you already have! Live within or even below your means.
7. Share it with a friend who has none. This is not kindergarten lunchtime. If someone you know has no credit, don't share your cards with him or her for any reason. There is probably a real good reason why the person has no credit, like they don't pay their bills or they are chargeaholics! You share, you pay, don't do it!
8. Use cash advances from one card to pay another. It's hard to believe that people still do this, but it remains a big problem. This should be a wake up call that you are in serious debt trouble and need to seek help.
9. Hide debt from your spouse. After all, if your spouse doesn't know about it, it really doesn't exist! The very act of hiding something says you have made a mistake and are trying to cover it up. Money is in the top five list of things about which couples fight. If you are concealing a credit card balance from a spouse for whatever reason, come clean and discuss the debt and how you plan to pay it.
10. Ignore the problem. If you really want to foul up your credit, whistle in the wind and pretend the problem isn't there. It will only get worse the longer it is ignored. Credit counseling agencies are available to help you set a budget, manage your debt and educate you on money management skills. Remember it's not the person calling you to collect a balance who has a problem ... you do! Don't put it off, call today!
Brenda, this list of 10 is not all the ways to get into trouble with credit cards. There are as many ways to get into trouble as there are credit cards and new ways are created every day.
Best of luck.
The Debt Adviser, Steve Bucci, is the president of Consumer Credit Counseling Service of Southern New England. Visit CCCS for additional debt advice or click here to ask a debt question.
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  #2  
Old 10-10-2006
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Default Re: 10 Dumb Credit Card Moves

I choose number 10 ------- ignore the problem, maybe it will go away

--------------------

But all kidding aside. These are very good articules!
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  #3  
Old 10-11-2006
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Default Re: 10 Dumb Credit Card Moves

We were just talking about the evils of credit card companies the other day. There is no way I would ever get into the mess some college students get into. Why? Because I don't have any credit cards!!
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  #4  
Old 10-11-2006
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Default Re: 10 Dumb Credit Card Moves

I taake care of my credeit so much!!
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  #5  
Old 10-11-2006
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Default Re: 10 Dumb Credit Card Moves

i fucken hate credit cards... i only have one... and i ve had it for a while now.... i only pay the minimum and i have bill pay so the shit is always on time...


which reminds me... i have to pay that shit off soon enough...
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Old 10-11-2006
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Default Re: 10 Dumb Credit Card Moves

Quote:
Originally Posted by FreedomNow
i fucken hate credit cards... i only have one... and i ve had it for a while now.... i only pay the minimum and i have bill pay so the shit is always on time...


which reminds me... i have to pay that shit off soon enough...
I have 3 credit cards. I hate their guts and their interest.
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Old 10-11-2006
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Default Re: 10 Dumb Credit Card Moves

i cant believe u have 3 man....
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  #8  
Old 10-11-2006
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Default Re: 10 Dumb Credit Card Moves

Quote:
Originally Posted by FreedomNow
i cant believe u have 3 man....
2 are music (as in instruments) stores and another is my main one.
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  #9  
Old 10-13-2006
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Default Re: 10 Dumb Credit Card Moves

I have one....
but its not under my credit.. lol..

my mom got it under her... but I only have a balance on it...

and I think it is just my Camera...

I applied for one of my own, but only because I want to build my credit

Thankfully my parents have taught me well on how to manage my finances... we have quite a few of credit cards well my parents anyways...


and only 3 of them which are used... this is including mine...

My dad has his which we use to remodel the houses we buy, and the 3rd one is when we buy big things for ourselves....

But my dad makes us pay them off right away...
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  #10  
Old 10-13-2006
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Default Re: 10 Dumb Credit Card Moves

I havent had a credit card in almost 10 years. Not worth it.
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  #11  
Old 10-24-2006
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Default Re: 10 Dumb Credit Card Moves

I dont keep credit cards either. But I do keep banks banking card with the mastercard logo. It helps when you want to stay in a hotel or need to rent a car. Also, whenever I go to the movies, I buy my tickets online and use the card so that I dont have to wait in line when I get to the theatre.
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  #12  
Old 10-24-2006
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Default Re: 10 Dumb Credit Card Moves

Quote:
Originally Posted by LaChavela
I choose number 10 ------- ignore the problem, maybe it will go away

--------------------

But all kidding aside. These are very good articules!

lol totaly #10.
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  #13  
Old 10-24-2006
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Default Re: 10 Dumb Credit Card Moves

I have wayyyy too many credit cards. I always send more than the minimum though usually it's 3x more than the minimum and the payment is always on time. My only problem is that I have too many accounts open.
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  #14  
Old 10-24-2006
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Default Re: 10 Dumb Credit Card Moves

i got my first credit card all my own.. yay


I have 2 now... but the other one I am just an authorized user under my parents...


the only reason I got one for myself is to build up my credit....

But I wont go craZy...

at least I hope not... lol
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  #15  
Old 11-10-2006
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Default Re: 10 Dumb Credit Card Moves

Another thought on this topic would be for all those people who get credit card applications in the mail. They come in first class or third class. Tear them up to shreads. If someone were to pull it out of the trash and fill it out with a new address to it, you might just be like the commercial where you are buying plenty of items for someone, and never ever getting to see the products.

So always tear those credit card applications up.
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  #16  
Old 11-10-2006
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Default Re: 10 Dumb Credit Card Moves

i dont im not even 18 yet
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  #17  
Old 11-10-2006
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Default Re: 10 Dumb Credit Card Moves

HA HA!!! I know all of this stuff...I just learned it in my "senior Survival" class!
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  #18  
Old 11-11-2006
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Default Re: 10 Dumb Credit Card Moves

Quote:
Originally Posted by Amparito
HA HA!!! I know all of this stuff...I just learned it in my "senior Survival" class!
Really? Now thats a school I want my kids to go to. So many schools dont teach a true economics class. So many students that go thru high schools and graduate that dont even have an understanding of how to balance a checkbook. Even how to setup a bank account.

Amparito take heed....... keeping your credit good can lead be the difference between paying $700 a month on a $200,000 house or $1800 a month. You can pay under a $100 a month for a brand new car or up to $400 for a used one.
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  #19  
Old 11-11-2006
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Default Re: 10 Dumb Credit Card Moves

^^Yep..I learned all of that. I learned so much in that class about money..Its amazing. And yes youre right about how many people get out of high school and dont even know how to handle their money or howto spend it. I know where all of my money goes.
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  #20  
Old 11-11-2006
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Default Re: 10 Dumb Credit Card Moves

my sisters techer got a credit card in college and she spent 10 yrs!! paying off the debt!
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  #21  
Old 12-22-2006
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Default Re: 10 Dumb Credit Card Moves

just wat i needed cuz im thinkin bout gettin a credit card myself sum time soon
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  #22  
Old 12-22-2006
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I say if you don't need a credit card, don't get it. People make the mistake of using credit cards as additional income, when it really isn't.

Rule of thumb is this: If you can't afford what you want to buy now, you especially can't afford to buy it with a credit card either.

I do what LB said above; Just use your banks Check card with a visa or mastercard logo if you need convinience. But if you need cash, credit cards arent the answer.

Quote:
Originally Posted by SuaveHighTimes
I havent had a credit card in almost 10 years. Not worth it.

You're a smart guy suave

Last edited by tecpaocelotl; 12-22-2006 at 08:09 AM. Reason: constant post
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  #23  
Old 12-27-2006
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Default Re: 10 Dumb Credit Card Moves

the forgot one

0 Applying for the credit card in the first place. Its better to pay with cash, money order, or debit card
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  #24  
Old 12-27-2006
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Default Re: 10 Dumb Credit Card Moves

i heard that if you apply for a credit card at a store, and u get denied, you get bad credit
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  #25  
Old 12-28-2006
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Default Re: 10 Dumb Credit Card Moves

Quote:
Originally Posted by SoChicana
i heard that if you apply for a credit card at a store, and u get denied, you get bad credit
A point is knocked off every time you apply.
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