MBNA I love you !

Daytona_nev

"Fools love debt"

What a very small minded view. You obviously didn't read Glastonians post properly, or just maybe you didn't understand it.

Unfortunately debt is a necessity for many who want to buy cars, houses etc where they just don't happen to have thousands of pounds kicking around in a bank account or a bank pocket.

The only fools who love debt are the ones who get into so much that they can't afford the repayments.

I hardly see exploiting the major banks by in effect getting 'free loans' as foolish.


I've met many who say people who are in debt are fools.
They usually fit into 2 categories.

1) Wealthly & narrow minded with a complete lack of empathy for how other people have to live.

2) As tight as a ducks !!!!!!. The type of people who never go out, never spend anything, have thousands in savings which they never spend ( unless its to buy that people carrier ) & never, never, ever stand their round in the rare occasion that they're out with friends at the pub.

Galstonian

"Card debt is stupid debt"

galastonian "I wouldn't say so."


well you wouldn't.

fools love debt.

A foolish approach to card debt would mean it would be stupid.
To ignore the possibility of leveraging card debt to save thousands of pounds with absolutely no risk and very little effort is, in my opinion, just as foolish, if not more so.

If you can't see it there is little to gain by me labouring the point. The fact of the matter is I pay no interest on any credit cards. I save over £3000 of interest on my mortgage. Just think about that for a moment. For me that would be the same gain as a pay rise of over £5000. Why on earth would I turn my nose up at that? If you want to that's your business but please don't start offering up judgement on others when you quite evidently don't understand what they are doing.

Daytona_nev

Well said that man!

sicker

I too agree completely. Well CONTROLLED card debt is like 'money in the bank'. I would say it's the very opposite of stupid.

John

System

So what am I then if I've got no card debt and have to rent because I can't afford a house due to the high cost of buying?

I await some insults (joking Galstonian ;D)

DiggingOut

No debt is great. But if you have it, 0% is the best kind.

Buying a house with debt and getting the debt at 0% is a pretty good investment.

scattycat_3

I once had an MBNA card, somehow managed to get up to a £4,200 limit. Being only 23, what would I want a limit that high for?

I cancelled the card as I felt that, even though I could have reduced the limit, MBNA make it too easy to build up debt.


Card debt is stupid debt!!! I don't want to ever have to play the 0% game again.

Once bitten?, sounds like you dont trust yourself.

You don't have to spend up to your limit, even though MBNA would like you to. The higher the limit the better, shows you are gettin there, wherever there is. Your £500 limit wish is admirable, but what if a £1k+ disaster happens to you. We are talking CC not AA.

Mbna supply the biggest lifeboats, thank good.

Scat

Daytona_nev

Daveboy, as you get older & you start to have more disposable income, you'll feel richer. Then you'll start to want some of the more expensive luxuries in life because you know you can afford the repayments.

If you can afford the repayments & have the self discipline to ensure you don't go beyond what you want to put on a card, there's nothing at all wrong with 0% debt, nothing whatsoever. You're only here once. Live your life, after all, thats what you go to work for.

I spent 7k on a bike this year, i don't regret it, i can afford the repayments, though i could never have afforded it if i wanted to buy it outright, its also a luxury that going to give me years of pleasure.

Its when people begin to use credit cards to cover everday expediture because they have no other cash that it begins to be a problem. Thats when it builds up.

An egg credit card would be useful for a house deposit. Use their super balance transfer straight into your bank account. You can then move that debt round every 6 months or so as you steadily pay it off.

Credit cards are only evil when they are not used advantageously, credit card companies by many on here are played like a finely tuned piano.

DiggingOut

IMO, daveboy, it is a wise person who knows his own limits. If you don't trust yourself to have high credit limits, don't have them.

Card tarting is most certainly not for everyone. Martin says this repeatedly.

There is nothing stupid about doing it as a way to clear debt inexpensively.

There is nothing stupid about avoiding it because of concerns about debt, either.

If you aren't comfortable with high credit limits, etc., then don't do it.

Daytona_nev

precisely. I'm only speaking for myself btw.

I used to have the opinion Daveboy did, but as i've got older & more cynical i've decided the mundane routine that is work, is there for a reason, i.e. so i can live my life whilst i'm not there.