Credit Cards - Don't You Just Wish...

Wood.Justin

Hi Folks,

I can't tell you how many times I've reflected on how I managed to wrack up the amount of debt I have by spending money that isn't mine and having no real intentions on paying it back anytime soon. (Lol!).

I wish I'd never even bothered getting my first HSBC credit card at the age of 18. I had the money to do what I needed but thought it was a step in the right direction as far as life was concerned! It only had a limit of £1000 and even then that was quite an amount of money.

I can't blame anyone but myself but hey, I had a "good time" on it and now I'm paying it back at more of a cost than the initial debt was...

What are your stories?

Regards,
- Justin

nzseries1

When my sister moved to this country in 2008 Halifax offered her a guaranteed credit card (even with no credit history) with her newly opened bank account. She took it because "it might come in handy while we settle in".

Fast-forward two years and she's sick of paying £50-odd interest every month and never seeming to make any headway into the repayments. She's said that she will never get another credit card ever again in her life.

Evilm

I think that I wish that they spent more time in school training children about the financial world they will face after school. Too few people understand credit cards and the risks with not paying them off.

For me having the ability to get a credit card on 0% that we could pay off 12 months later allowed us to do something we wouldn't have otherwise been able to do and save us £100 per month from now on. Its only worked for us because we have been disciplined with what we have used it for and have all our other cards set to pay off every month.

Lucy1010

Wood.Justin wrote: »

Hi Folks,

I can't tell you how many times I've reflected on how I managed to wrack up the amount of debt I have by spending money that isn't mine and having no real intentions on paying it back anytime soon. (Lol!).

I wish I'd never even bothered getting my first HSBC credit card at the age of 18. I had the money to do what I needed but thought it was a step in the right direction as far as life was concerned! It only had a limit of £1000 and even then that was quite an amount of money.

I can't blame anyone but myself but hey, I had a "good time" on it and now I'm paying it back at more of a cost than the initial debt was...

What are your stories?

Regards,
- Justin

Once my debts are paid I will never ever ever buy ANYTHING on credit again... If I want something I will save hard for it, I have well and truly learnt my lesson

BugsyBrowne

Lucy1010 wrote: »

Once my debts are paid I will never ever ever buy ANYTHING on credit again... If I want something I will save hard for it, I have well and truly learnt my lesson

TBH I do trust myself with credit cards but as I am not one these wallys who believes they need credit cards for their millions they pretend to get back in cashback,I feel that once my balance's are down I am going to keep 1 credit card and ask for a reduced credit limit of a 1k.

You read stories on here about how some people have about 4 bank accounts 6 credit cards and these are the people who think they are in control of their finances.

redpete

star-fire wrote: »

TBH I do trust myself with credit cards but as I am not one these wallys who believes they need credit cards for their millions they pretend to get back in cashback,

Never seen anyone claim that. Some (including me) want (not need) to use the CC for the hundreds I know I get in tesco points.

You read stories on here about how some people have about 4 bank accounts 6 credit cards and these are the people who think they are in control of their finances.

We've got 4 current accounts and 4 CCs and I know we are in control of our finances, why should you doubt this is true?

BugsyBrowne

redpete wrote: »

Never seen anyone claim that. Some (including me) want (not need) to use the CC for the hundreds I know I get in tesco points.


We've got 4 current accounts and 4 CCs and I know we are in control of our finances, why should you doubt this is true?

I am not saying you in particular just saying it in hindsight,just someone who I had a bust up with on here the other week claiming he is earning hundreds on cashback.
I am not saying I don't believe him just saying a slight exaggeration I think.
4 cc's is not that bad but its the people who are earning 20k a year and for some stupid reason they think they require having 4 or 5 bank accounts for this.
WHY!!

big_gus

I have eight credit cards and am 38k in debt on them. Not big and not clever and currently paying £750 per month in interest fees with the debt NOT going down one bit.

My fault. Hey ho.

BugsyBrowne

big_gus wrote: »

I have eight credit cards and am 38k in debt on them. Not big and not clever and currently paying £750 per month in interest fees with the debt NOT going down one bit.

My fault. Hey ho.

Not being funny but wouldn't bankruptcy be a better option?

moonrakerz

star-fire wrote: »

Not being funny but wouldn't bankruptcy be a better option?

Perhaps big gus is one of those "strange" (ie: honest !) people who believe in paying back what they borrowed..................... ultimately, from the rest of use !

Soundgirlrocks

star-fire wrote: »

I am not saying you in particular just saying it in hindsight,just someone who I had a bust up with on here the other week claiming he is earning hundreds on cashback.
I am not saying I don't believe him just saying a slight exaggeration I think.
4 cc's is not that bad but its the people who are earning 20k a year and for some stupid reason they think they require having 4 or 5 bank accounts for this.
WHY!!

Urm I have 3 bank account because I use Martins piggy bank scheme, My main where my wages go, a joint bill account which has rent, joint bills & groceries, and a personal billing account for my DD payments. It works for me