Your #1 Credit Card Mistake

debtisslavery

Looking back, what would you say the single most grievous misuse, abuse or lapse in judgment with your credit card was?

Mine would have to be getting my first card in college, before I had any kind of stable employment (followed closely by the dreaded Cash Advance!)

gfplux

getting a second credit card

nwlondon

I'd Say getting a credit card in the first place. I feel like standing for government and getting credit cards completly banned?!!

Anyone else with me?

They bring misery on all they touch they ruin lives and are given to the most vunerable. They are not "credit" cards but DEBT CARD.

ViHan

I agree with getting a card in the first place. Getting one in the first place was my financial downfall. One led to another led to another and so on... got into the cycle of robbing Peter to pay Paul for a couple of years. Dh and I took the bull by the horns and paid them back via debt management (the only way we could afford to pay them with Dd1 on the way).
We became debt free in 2006 and now although we have a live credit card each its rarely used and paid off as soon as possible.

Gorgeous_George

I pay my card in full each month. I often pay from two or three accounts and once, I inadvertantly paid a penny too little. The result was I was charged interest on the whole balance.

They refused to waive the interest so I paid the card off and closed it.

GG

benf90

nwlondon wrote: »

I'd Say getting a credit card in the first place. I feel like standing for government and getting credit cards completly banned?!!

Anyone else with me?

They bring misery on all they touch they ruin lives and are given to the most vunerable. They are not "credit" cards but DEBT CARD.

You'd lose my vote. Credit cards have many benefits and can be used to a persons advantage, especially with the help of sites like this.

You do know the definition of 'credit' don't you? I understand what you're trying to say... but they're called credit cards for a reason.

King_Weasel

nwlondon wrote: »

I'd Say getting a credit card in the first place. I feel like standing for government and getting credit cards completly banned?!!

Anyone else with me? ...

Some people are alcoholics. So let's ban alcohol!

I'm not being judgemental, but I hope you can see the parallel. I certainly believe we mustn't make it too easy for people to get alcohol or credit cards and who get exploited as a result.

jackieb

Listening to the bank when they offered a way to clear our cards. We only had to add it to our mortgage. We added £14k to our mortgage and we still have about £11k of it left to pay, and that was years ago.

nwlondon

Now the credit crunch has happened it should now make it harder for banks to peddle their trade of giving "credit" cards to people. And less people will get into to the world of debt

Im for banning alcohol like KING WEASEL as well if you must know so I dont just pick on "credit" cards

chuckles1066

benf90 wrote: »

Credit cards have many benefits and can be used to a persons advantage

I put all my shopping, petrol, eating outs etc etc on my credit card and pay the bill off in full once a month.

Not only do I get all that lovely interest free credit but I get cashback on my credit card for every pound I spend.

It's a no-brainer............used sensibly, credit cards are fine.

Daft_Monkey

About £4.5K debt on a Barclaycard, about 10 years ago which accumulated in 3 months after an X-mas holiday due to unforeseen circumstances. Prior to that the balance was cleared on a monthly basis.