When will people learn it's not the number of credit cards but how you use them!

Former_MSE_Andrea

Click reply to discuss Martin's blog entry.

Walletwatch

Agreed. One possible measure for how neck deep you are in debt is the amount of interest you pay on a monthly basis on your credit card debt. You can probably refine it a little by having it as a percentage of your outstanding debt (gives you a weighted average cost of funds) or as a percentage of your personal / household income, which also is a good measure.

Joe_Bloggs

There is not enough independent educational material to prevent the uninformed public from getting into debts that they cannot cope with.
Even when you get into trouble there are adverts that promote debt consolidiation secured on assets from previous unsecured loans. They then invite you to take a holiday abroad with the money you have 'saved'.

So many advertisments are carried by tabloid newspapers that it should raise a question as to the independance of any financial advice given by those who write about it in such organs.

Is it just me or is the TV media skewed to big business/investment rather than money savings ? The answer is yes because the latter would tend to skew the markets and create mad rushes for things if not handled properly.

I think Alvin Hall and Martin should do a series together. Perhaps Martin should participate in a makeover show beforehand to establish a profile and to look the best given the best advice. I recommend a cravat or a headband rather than a tie or bra.

Perhaps what we need on TV is more debate/explaination about what is best money saving rather that the humdrum Tonite with Sir ... slot .
There are enough channels out there given the digital revolution.

J_B (Only my view.)

michaels

Debt consolidation is a tricky one cos it almost certainly does save money - however if the additional credit made available is just squandered then maybe the borrower was better off blowing all there income on high interest payments as this was reducing the amount of capital they could borrow - sad but true

boogiemaster

Its like its not the size that matters its how you use it? Well i use my credit card for ice cream! If it drops onto the wife? its good for scrapeing it off lol.