Did anyone else do this?

givememoney

I did a little exercise to prove to my son what damage credit cards in the wrong hands (i.e. his) could do.

This was a year or two back and interest rates could have changed and I don't take notice as I always pay off the bill.

I worked out from his statement that if he borrowed £100 and not a penny more but continued each month to just pay back the interest.

It would take him 4 years to pay it back and the £100 debt had turned into something like £460.

A sobering thought.

keith_lard

Was behind a Girl at a ATM she used 3 cards (maybe Credit cards)
got out cash, then I got my £10 out:o

was behind her in the bank Q

and did hear her say

'can I pay £400 of my mortgage arrears':eek: :eek: :eek: :eek:


Very sad to see, state of the nation eh?:cool:

k.:A :A :A :A

loobyloo1980

I have never withdrawn cash to make the payments on my cards, but have withdrawn cash to go out on the beer before, which wasn't a wise idea!!! I nearly always have managed to scrape enough for my minimum payments, or have just not bothered and incurred the charge the following month instead. I'm also actually quite pleased that no matter how bad things have got, I have never ever completely maxed out my CCs to the absolute limit either.

robinson79

oh dear....i paid a credit card cheque for £500 into my current account to pay my rent!!
the card is incinerated now i've come to my senses
x