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Have You Sworn Off Credit Cards?

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  • #16
    Originally posted by Snax View Post
    We have never had an issue with hotels accepting debit cards.
    I wouldn't know about Hotels. I only stay in the cheap dives-- motels where I can park right next to my door, so I can keep an eye on my vehicle.
    The world's simplest C & D Letter:
    "I demand that you cease and desist from any communication with me."
    Notice that I never actually mention or acknowledge the debt in my letter.

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    • #17
      Originally posted by lillymarlene View Post
      Then I remember that's what got me in trouble in the first place. For over 20 years, I managed to spend about $3,000 more per year than I was taking in. So, in some ways I am grateful for this forced budgeting of chapter 13.
      Exactly!

      Having no credit to use keeps you from even having the possibility of spending more money than you can afford to pay back. That's what I love about it.
      The world's simplest C & D Letter:
      "I demand that you cease and desist from any communication with me."
      Notice that I never actually mention or acknowledge the debt in my letter.

      Comment


      • #18
        .

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        • #19
          Originally posted by GoingDown View Post
          Exactly!

          Having no credit to use keeps you from even having the possibility of spending more money than you can afford to pay back. That's what I love about it.
          Congratulations you've seen the light! If everyone could realize this they'd be in better shape financially.
          The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.

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          • #20
            Thanks for the information.

            Comment


            • #21
              Credit Cards are only good if you can pay off the balance at the end of the month other than that they provide a false sense of financial freedom which will get you into trouble very quickly if you are not careful, I can attest to this. I got into credit card debt at around $25K+ and paid all them off nearly down to 0, listened to Suze Orman who said "Do not close your accounts" because of my FICO, so I tucked them away in a secret place for emergencies and used them lightly paying off the balances owed just to keep the active since it looks good on your credit report. That felt good, I felt like I was on top of the world, that was short lived. In terms of emergencies there is no denying the usefulness, if you are maxed out or near it then the usefulness is non-existent.

              I used my debit card a lot over the past 5+ years but in that time my wife lost her job, cars needed this and that usually big repair bills, my income wasn't enough for groceries and etc., expenses soon grew made a lot of bad financial decisions but really have nothing to show for it, then the downturn in the economy grew worse, I slowly accrued debt going back into the hole I just crawled out of. I started making a dent in my debt over the past year or two, then I lost my job, the cards I was not using started becoming a lifeline after severance, savings ran out and unemployment which in Florida is only $275/week could not cut it.

              I look at my debt and I hate to say it but I attribute much of it to groceries, dining out and transportation. We never go on vacation and if we do it's a staycation, personal property amounts of nothing abnormal in my opinion compared to others we know and work/worked with. Fact is my expenses are way beyond my income and it's not typical measurable BMW in the driveway, McMansion and trips to the timeshare. We just don't fit the stereotype.

              Do I blame the credit card companies, nope I blame myself. I do think it was way too easy to get credit cards back in the day, I had $25K in credit one time on one card and was going to school full-time with no income, what is wrong with that picture? This is before the internet and when they use to use those credit card machines with the carbon copy and most places did not have the means for credit, it was a cash only society and to tell you the truth I never really used it for anything.

              The problem with Credit Cards and my debt issues, isn't the balance owed it's the interest rate. I could have paid off my current debt in 5 years or less if it was interest free and I still had a job at the time. I bought a lot of things, electronics, furniture and etc with no interest for 90 days, 1 year or 2 years and paid off all 100% in time or early. When your paying 15 to 25% interest on $10K and 15% on this and 10% on that and so on, it's hopeless to pay the minimum but when you got $30K+ in debt and not enough income to go above that substantially it's a hopeless cause.

              Isn't' it interesting how CD and interest rates are not what they use to be, remember when a CD would pay 12%? You would have to go back to 1984 to remember that. Banks are making a fortune off of interest and with more and more people carrying the so called bad debt like what I am, I am what they call a "good customer" believe it or not, I hear it all the time when I call them.

              Debit cards are good, but you still have to manage your money because you can easily overdraft your account with ease.

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              • #22
                That's a very instructive dose of reality that most of us know too well.

                At almost two years out from our filing date, we do continue to utilize the one credit card for non-emergency stuff very regularly for one reason; to make money!

                We have a Capital One Card, pay $30 annually, have never paid an interest charge since we got it, and have received over $200 in cash back in the 18 months we have been using it. That's not frequent flyer miles or credits only useable at some overpriced retailer, but credit either directly to our account - or a check in the mail. Of course the trick is to use it like a two-step debit. We don't purchase anything on it unless we have the cash in checking to back it up except of course for the emergency I noted earlier in the thread, and I make sure that the balance is paid off not just every month, but at least once a week if not more.

                Of course this cash back is coming from somewhere, and that is unfortunately from the retailers who are charged for the credit processing service (who roll that back into prices, but that's another issue), but many of the fees for using a debit card are similar to them, making little difference to them which one you use, so use the one that pays you!

                I must sound like an ad for Capital One at this point, but used prudently, their ads for "The Card That Pays You Back" aren't hype and are worth the trouble.
                Chapter 7 Filed 1/4/11
                Discharged No-asset 4/1/11
                And definitely NOT an attorney.

                Comment


                • #23
                  Originally posted by ccmisery View Post
                  Credit Cards are only good if you can pay off the balance at the end of the month other than that they provide a false sense of financial freedom...
                  Debit cards are good, but you still have to manage your money because you can easily overdraft your account with ease.
                  Just as you say. Plus credit cards give you a little warm sense of security. I miss that sense of security, even tho it's false. Guess I still am in withdrawal from CCs, and would use one in a minute if I could. I am getting sick of having to watch my checking balance all the time before I use my debit card.
                  Financial mgmt my arse, it didn't teach me how to not miss a credit card.
                  Last edited by kawh; 11-08-2012, 05:12 PM. Reason: change 'ass' to 'arse'

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                  • #24
                    I've sworn off ALL debt!! I'm quite extreme in my views on debt these days. After a looooong hard look at my situation and our debt based society in general, I've concluded it to be a form of modern day indentured servitude.

                    Thanks to credit, everything is overpriced. Look no further than the student loan and housing crisis for evidence of this! Medical care is another prime example. Medical tourism is on the rise as health care costs sky rocket! Most of us can no longer afford basic health care costs.

                    America was founded on the concept of Freedom, yet somehow we've decided to trade it to the banks for crap advertisers and others convince us we want or need. They convince us that without these things we are not worthy. I know we have the free will to choose a different life, but it is difficult. It has become so ingrained in our culture. It's human nature to want to be accepted.

                    It is a struggle, but I choose freedom from this day forward. If I can't pay for something in cash, I don't want/need it. If someone doesn't accept me for this, good riddance!

                    As Parick Henry so eloquently put it, "I know not what course others may take, but as for me, give me liberty or give me death!"

                    Comment


                    • #25
                      Yes, I have been in debt several times with CC's being my major downfall. NO MORE! I have 2 debit cards. One I use for shopping, gas, etc and I went back to writing checks for everthing else for the household and using snail mail. The other debit card is for my savings account only and can only be used to withdraw at an ATM.

                      Comment


                      • #26
                        Originally posted by aquabluesrq View Post
                        I've sworn off ALL debt!! I'm quite extreme in my views on debt these days. After a looooong hard look at my situation and our debt based society in general, I've concluded it to be a form of modern day indentured servitude.

                        Thanks to credit, everything is overpriced. Look no further than the student loan and housing crisis for evidence of this! Medical care is another prime example. Medical tourism is on the rise as health care costs sky rocket! Most of us can no longer afford basic health care costs.

                        America was founded on the concept of Freedom, yet somehow we've decided to trade it to the banks for crap advertisers and others convince us we want or need. They convince us that without these things we are not worthy. I know we have the free will to choose a different life, but it is difficult. It has become so ingrained in our culture. It's human nature to want to be accepted.

                        It is a struggle, but I choose freedom from this day forward. If I can't pay for something in cash, I don't want/need it. If someone doesn't accept me for this, good riddance!

                        As Parick Henry so eloquently put it, "I know not what course others may take, but as for me, give me liberty or give me death!"
                        Originally posted by Eguy View Post
                        Yes, I have been in debt several times with CC's being my major downfall. NO MORE! I have 2 debit cards. One I use for shopping, gas, etc and I went back to writing checks for everthing else for the household and using snail mail. The other debit card is for my savings account only and can only be used to withdraw at an ATM.
                        The first time I ever had a credit card was when I got married my second husband. My first husband died in a car accident when our kids were still babies. As a single mom of three kids, I lived below poverty level without government handouts and managed to pay my bills, feed my family, take care of all our needs (as well as a few wants) and I still put money aside every month.

                        I'm not saying this to brag but to make a point. After I got married again, my husband was already using credit cards and had a couple of student loans. No matter how much money we made together, we still managed to outspend ourselves. I would have said we used credit very responsibly and the truth is that according to our lenders, we did. We were never late, always paid off our loans early and until a few years ago, we paid our credit cards in full every month.

                        Eventually though, between us both losing our jobs, the collapse of the economy, some losses in the stock market, and years of habitually turning to credit cards, the domino's began to fall and our house of cards came tumbling down. Living life financially the way you (Eguy) are describing it has always been more comfortable to me than using credit. However, not having credit cards is still very uncomfortable to my husband. For now, he is in agreement with me that we won't be ever getting into debt again. The further we go into our chapt 13, the more he's getting used to it. My hope is that after three years of living without credit, he will finally become comfortable with the new financial habits we are forming and experience the sense of freedom that only comes from being completely, totally debt-free.

                        Cheers!

                        The Bajan
                        Filed Ch 13 Feb 9, 2012, 341 meeting Mar 15, 2012, Confirmed Apr 5, 2012
                        Anticipated freedom party Apr 2015

                        Comment


                        • #27
                          For many folks never using a credit card again, is easier than using a credit card responsibility and not carrying a balance.
                          The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.

                          Comment


                          • #28
                            Originally posted by HRx View Post
                            For many folks never using a credit card again, is easier than using a credit card responsibility and not carrying a balance.
                            Exactly. I agree 100% with this statement.
                            Filed Ch 13 Feb 9, 2012, 341 meeting Mar 15, 2012, Confirmed Apr 5, 2012
                            Anticipated freedom party Apr 2015

                            Comment


                            • #29
                              I have a CapOne/19$ year with a 750$ limit. I also have a Navy Fed with limit of $1000. My income dropped $1100 a month Jan 1st and I found myself almost in trouble. I had to scrape to get the money to pay in full this month. That was scary! We are now officially in the poverty level area. So, the CapOne card is put away and I carry the NFCU one for REAL EMERGENCIES!. What I have done is to get two prepaid Amex cards. Both of them are fee-free. The first I got through AMEX, but they wouldn't let me put hubby on it. Walmart has their "Blubird" AMEX. It's 5$ activation fee at Walmart, but 0$ if you apply online.I got that one so I can put hubby on it. There are some fees on it, but I don't need to or wouldn't use them those ways. I load them by taking a picture of the check, just like the TV commercials. I don't use debit cards because of a very bad, months-long experience with someone stealing an unauthorized and unsigned debit card out of my mail box (Now I get all my mail at PO Box). So, I generally transfer money to the AMEX cards where there is absolutely no way to go over our serf-imposed limit.

                              Our real problem is that I take about more than 14 prescriptions a month. I'm really good at cutting pills. I've told my docs that I do that and most of them give me a double prescription for the same price. Even then, I cut my pills in half, so I get 4 months of prescriptions for one copay. Good for my health? No, but I have Medicare and a supplement. I still have to pay the rx copays. But I pay not a penny if I have to go the the ER, Urgent care, specialists or my pcp because I can't afford my medications. Now that's cost efficient, no? I think it's insanity, but we wonder why there is such a "sick" system here. Medicare and insurance willl spend thousands of dollars both avoidable and unnecessary on me because I can't pay my $260 monthly copays for all my prescriptions. And that doesn't count my non-prescription meds/supplements: probiotics, zyrtec, fish oil, multivitamin, vitamin d, biotin, calcium and 5 other OTC meds I take daily. And I can't get any help from any of Big Pharma companies because I have prescription coverage, no matter how much I have to pay in copays.

                              Comment


                              • #30
                                When I was going into debt it was not common for companies to take a debit card to buy things on line-- now I can use a debit card for anything I used to use a credit card for.
                                Not all those who wander are lost....

                                --J. R. R. Tolkien

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