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  #21  
Old 07-02-2009, 09:46 AM
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One more, MORE thing! The economic situation itself has been forcing banks to up rates and cut services. Banks are suffering many more defaults than ever before. They have tons of bad debt in the credit card sector and much of it stems from job loss.

Everyone, don't be fooled into thinking this new law was a bad idea, because it was NOT. It was grossly needed.
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  #22  
Old 07-02-2009, 10:53 AM
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I have two credit cards. One I use solely to pay my intenet provider (long story) and the other for mostly online purchases or the few instances when I'm running low on cash.

What keeps me out of trouble with both cards--my balances are zero at the beginning of each billing cycle and I don't pay any kind of maintenance fees or whatever--is that I really prefer to use cash more than anything and that I am inherently a cheap bastard to begin with.
Don't be surprised when you find you are forced to pay a maintenance or annual fee.
I do pay an annual fee, but I don't pay monthly finance charges or interest because of my balance at the start of each billing period. Sorry, I should have said finance charges in my post instead of maintenance fees.
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  #23  
Old 07-02-2009, 02:02 PM
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I do pay an annual fee, but I don't pay monthly finance charges or interest because of my balance at the start of each billing period. Sorry, I should have said finance charges in my post instead of maintenance fees.
No apology required. There are many people that use credit cards and pay them off every billing cycle. Basically they use them like plastic cash, no interest! My dad is one such person that pays no service, maintenance, or annual fee. I'm thinking that situation will change next year.
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  #24  
Old 07-02-2009, 05:08 PM
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Unfortunately credit cards have almost become a necessity. It would be very difficult to take a vacation without one. Somewhere along the line you have to use a credit card just to make reservations for things like hotel rooms and rental cars.

it should be obvious that living off of credit, not just cards, is NOT a good thing. Sometimes crap hits the fan and people are forced to do so, then the spends years trying to recover from it. Banks are now being told to do business in an open and fair way. That's why they are crying so much.

Think about the next time you celerbrate a birthdday, aniversary, New Years, Christmas, Halloween, think about how many Birthdays and Gifts and Parties you buy for....

The American Society written for the Credit Card.
If you find yourself celerabating most of these then like most of America you can't possibly provide the necessities and lavish these expenses with out Credit.
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Old 07-03-2009, 07:40 AM
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Think about the next time you celerbrate a birthdday, aniversary, New Years, Christmas, Halloween, think about how many Birthdays and Gifts and Parties you buy for....

The American Society written for the Credit Card.
If you find yourself celerabating most of these then like most of America you can't possibly provide the necessities and lavish these expenses with out Credit.
I don't think this is true. Many people live within their means and are able to celebrate and "lavish" themselves with things with money already in the bank. I haven't reached that point and I am still very much living paycheck to paycheck and paying down debt, but I hope to one day be out of debt.
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  #26  
Old 07-06-2009, 11:43 PM
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I look at it this way...If I cannot save up enough cash in a bank account to plan for something, then I do not need it. Also, if after paying my bills each week, I do not have enough cash on hand to buy thing like cigarettes, or to go out, then again, I don't need it. I pay for my housing, food, then my transportation...in that order. if after i pay whatever is due on payday, I don't have more than one hundred dollars in any given week, then I sit my butt home, except to go to work. anything else is a luxury, and that means not necessary.
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Old 07-07-2009, 09:35 AM
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The only card I have is a direct debit card, I don't have any problems coming along with that, mostly I even still use cash, that's easier to control, easier to keep order between all the chaos. I also try to never expend more than I actually have on my bank account and so I live a good life. But who knows what the future will bring, in these times unemployment can come easily.
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  #28  
Old 07-07-2009, 10:35 AM
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The only card I have is a direct debit card, I don't have any problems coming along with that, mostly I even still use cash, that's easier to control, easier to keep order between all the chaos. I also try to never expend more than I actually have on my bank account and so I live a good life. But who knows what the future will bring, in these times unemployment can come easily.
Debit cards are great. They offer many of the same conveniences as credit cards, but not all. When I worked at Enterprise Rent-A-Car (I ran my own small 30 car office in my hometown) we were trained to NOT use debit cards in the same fashion as credit cards. ERAC used to do cash rentals for local renters only and the qualifications were very strict with large security deposits. With a credit card anyone could rent and the paperwork was much simpler. I also know that some hotels will automatically run an authorization in order to make a reservation (usually $250). If you use a debit card your bank may NOT treat an authorization differently than a purchase so that money comes out of your account!!

Many years ago I got into trouble with BofA because of authorizations on my debit card. I would buy gas at the pump. What I didn't know was that the machine would take a $50 or $75 authorization, which effectively took that money out of my account, then when I purchased $30 of gas that would also come out as a purchase. So for a day or two, while the authorization was still NOT refunded, my account would sometimes over $100 missing because of a $30 purchase. I over drafted because of it. I got my fees reimbursed and I never repeated the situation. I think these issues have been addressed by banks, but they were a HUGE headache for people living paycheck to paycheck (like me )
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  #29  
Old 07-07-2009, 01:05 PM
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I told my bank to disable my debit card from being able to run as a credit card; that way, if there was not enough money to pay for a purchase or cover an authorization, it would not go through...and I would not overdraw.
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  #30  
Old 07-07-2009, 01:09 PM
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Originally Posted by MrQ1701 View Post
Unfortunately credit cards have almost become a necessity. It would be very difficult to take a vacation without one. Somewhere along the line you have to use a credit card just to make reservations for things like hotel rooms and rental cars.

it should be obvious that living off of credit, not just cards, is NOT a good thing. Sometimes crap hits the fan and people are forced to do so, then the spends years trying to recover from it. Banks are now being told to do business in an open and fair way. That's why they are crying so much.
That's true, especially when dealing with hotels etc and cars, but there indeed remains a difference between having one for emergencies and living off one month to month.

I used to be very bad with them, and learned my lesson the hard way. I now only have one (which does still have a balance) but nothing like what it used to be.

They can be incredibly useful as a short term source of funds, but they should never be relied upon.
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