I love my credit cards. My goal is to eventually get about 30k credit, for reasons I won’t bother going into, but they can work for you rather than just against you.
I used to work in a bank though, and the sheer amount of people that had maxed out credit cards never failed to amaze me. What’s worse, some of them kept using them even though they had hit their limit and copped massive bank fee’s and charges. On top of this, most would only pay the minimum payment each month, but then go spend that bit of credit and never really getting anywhere.
They fuck up alot of people’s lives though. The worst part is that I would blame the banks more then the consumer. They give them out when they really shouldn’t, and offer increased limits to people with maxed out cards who can’t even pay what they owe. All because they are great for making profit.
Money > People’s lives.[/quote]
True, I work at a bank and my old position (in a new spot now) was as a credit analyst. Amazing how many people don’t grasp that you have to pay that money back plus incredible interest…I think credit cards are great tools if you have discipline. A good credit score can save you tons of money in the long run on a mortgage or other loans, but it you dig yourself a hole it could bite you in the ass for years. I would highly advise anyone thinking about a card to open a seperate checking acct. and deposit cash equal to your credit card limit and budget your card that way until you trust yourself…