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  • FIRST POST
    • Bloopyboy
    • By Bloopyboy 10th Nov 18, 9:23 AM
    • 4Posts
    • 0Thanks
    Bloopyboy
    Feel addicted to credit
    • #1
    • 10th Nov 18, 9:23 AM
    Feel addicted to credit 10th Nov 18 at 9:23 AM
    Hello to make it short. I feel addicted to credit and love the feeling of getting new credit cards. I am 19 and got my first card in may 2017 which was a capital one card. From then I got a decent sized overdraft of £500 (not a student or anything) then I have acquired total 5 cards. Rates are awful of course because Iím young and barely have a credit history. Credit limit total isnít very high, itís £3400 currently

    I do not abuse my credit limit nor make purchases I canít afford on them but I keep having the desire to get more and more. May not seem like an issue really but maybe someone has some advice on how I can break from the attraction of credit cards
Page 1
    • Bloopyboy
    • By Bloopyboy 10th Nov 18, 9:24 AM
    • 4 Posts
    • 0 Thanks
    Bloopyboy
    • #2
    • 10th Nov 18, 9:24 AM
    • #2
    • 10th Nov 18, 9:24 AM
    Sorry if Iím in the wrong sub forum. This seemed like the appropriate area but I may be mistake
    • Gary_Dexter
    • By Gary_Dexter 10th Nov 18, 9:26 AM
    • 2,584 Posts
    • 1,455 Thanks
    Gary_Dexter
    • #3
    • 10th Nov 18, 9:26 AM
    • #3
    • 10th Nov 18, 9:26 AM
    Well for a start £500 isn’t a decent sized overdraft.

    And £3400 isn’t a large total limit to have.

    Simply stop applying for them
    • Roland Sausage
    • By Roland Sausage 10th Nov 18, 9:27 AM
    • 564 Posts
    • 411 Thanks
    Roland Sausage
    • #4
    • 10th Nov 18, 9:27 AM
    • #4
    • 10th Nov 18, 9:27 AM
    I suppose as long as you’re not buying things you can’t afford then you’re not really doing anyone any harm.
    • Bloopyboy
    • By Bloopyboy 10th Nov 18, 9:33 AM
    • 4 Posts
    • 0 Thanks
    Bloopyboy
    • #5
    • 10th Nov 18, 9:33 AM
    • #5
    • 10th Nov 18, 9:33 AM
    Well for a start £500 isnít a decent sized overdraft.

    And £3400 isnít a large total limit to have.

    Simply stop applying for them
    Originally posted by Gary_Dexter
    Decent for me I should of stated
    £3400 isnít large I know that but over 5 cards itís silly

    I know it seems simple to stop applying but itís honestly a strange feeling to me and I always hope each card gives me bigger and bigger. Itís not like I sit and apply for them all day but every couple of months I see a card and apply and I feel like it will just continue for the desire of access to more credit
    • Bloopyboy
    • By Bloopyboy 10th Nov 18, 9:35 AM
    • 4 Posts
    • 0 Thanks
    Bloopyboy
    • #6
    • 10th Nov 18, 9:35 AM
    • #6
    • 10th Nov 18, 9:35 AM
    I suppose as long as youíre not buying things you canít afford then youíre not really doing anyone any harm.
    Originally posted by Roland Sausage
    Yes thankfully I lurked this forum before I got my first card and learnt how to be responsible with them but on the downside I keep bloody applying for them every so often for fun really
    • Ilona
    • By Ilona 10th Nov 18, 9:57 AM
    • 2,172 Posts
    • 7,441 Thanks
    Ilona
    • #7
    • 10th Nov 18, 9:57 AM
    • #7
    • 10th Nov 18, 9:57 AM
    That £3400 isn't yours, it belongs to the banks. They are just numbers on a shiny piece of plastic. So what do you think when you look at them? Oooh look, I've got all this money? Well you haven't, you've just got shiny pieces of plastic.

    Keep applying for more makes you look desperate. Cut them all up bar one, use it, and clear it every month. Start looking for something else to collect, dinky toys, or lego, or anything small and colourful that you can hold in your hand and admire.

    ilona
    I love skip diving.
    • MABLE
    • By MABLE 10th Nov 18, 10:00 AM
    • 3,654 Posts
    • 1,923 Thanks
    MABLE
    • #8
    • 10th Nov 18, 10:00 AM
    • #8
    • 10th Nov 18, 10:00 AM
    Yes thankfully I lurked this forum before I got my first card and learnt how to be responsible with them but on the downside I keep bloody applying for them every so often for fun really
    Originally posted by Bloopyboy
    I have countless credit cards with limits ranging from £1200 to £15000 but I treat them with respect and make them work for me and I never pay interest. Also I have found rather than keeping applying for cards its best to find out first what one of my existing cc providers are willing to offer me. I suggest you do the same.
    • stehouk
    • By stehouk 10th Nov 18, 10:21 AM
    • 172 Posts
    • 70 Thanks
    stehouk
    • #9
    • 10th Nov 18, 10:21 AM
    • #9
    • 10th Nov 18, 10:21 AM
    It's an addiction.

    I'm always looking for the next credit card, current account, savings account, p2p account, sipp, whatever it is i need to apply for it, my credit score is up and down like a yoyo (i know it doesn't exist or matter) all the accounts have a usage though
    I don't have any debt and i cannot wait till the statement arrives so that i can pay it off in full
    • NoodleDoodleMan
    • By NoodleDoodleMan 10th Nov 18, 10:24 AM
    • 665 Posts
    • 219 Thanks
    NoodleDoodleMan
    Maybe I'm reading this wrongly - but it sounds as if you like collecting bits of coloured retangular plastic ?
    • chattychappy
    • By chattychappy 10th Nov 18, 10:31 AM
    • 6,950 Posts
    • 3,795 Thanks
    chattychappy
    I can relate to the way you feel.

    I was obsessed with money/saving from an early age, opening a "national savings bank" account at the post office as soon as I was 7. I once withdrew all my savings in the morning just so I could look at it, before redepositing it in the afternoon. It was the first time I had seen a £20 note (one with Shakespeare on it, still perhaps the nicest BoE notes ever issued IMHO).

    I got a girobank account at 15 because that was the fastest way of getting a chequebook. They gave me a guarantee card soon afterwards (despite not being 18) and I loved the idea I could write out an entire cheque book of guaranteed cheques, even though I didn't have the money. The spending power was great. But I also liked the "business" of it all... the way the cheques looked, the watermark, the cheque card design etc.

    I had two credit cards when I was 18 and several more as years went past. I got a buzz out of the spending power - the idea I could walk out of my home and spend thousands on "stuff". This was the era of posh American Express adverts and Alan Whicker's Barclaycard "replies". Google if interested. Credit was more glamorous in those days IMHO and the possession of a gold card impressed others.

    BUT, I never did "go mad". I lived within my means and always paid the balance in full. I've grown out of it, though I still like to have lots of credit available "just in case".

    So unless it's causing you to spend more than you should, I wouldn't worry!
    • Sncjw
    • By Sncjw 10th Nov 18, 11:48 AM
    • 1,956 Posts
    • 1,152 Thanks
    Sncjw
    What is your income level.
    • K80 Black
    • By K80 Black 10th Nov 18, 4:31 PM
    • 119 Posts
    • 347 Thanks
    K80 Black
    I'm similar, in that getting new credit is exciting and fun. I have 5 cards currently too, and don't see any harm in collecting credit for 'emergencies' that will likely never come, as I have a savings pot too. If you're not carrying debt on your cards, I don't see the harm in continuing to get more credit - if you're looking at a mortgage or other large borrowing soon, you should probably take advice on what lenders look for, but otherwise... whats the harm in having a little collection of cards?

    As for the feeling of being addicted - I'd talk to your GP, especially if you are on any medication already. I was on a medication for about 2 years that hugely increased my desire for instant gratification and reckless compulsive behavior - I've only been off it for a few months, but I've already noticed a change. It's worth mentioning it to them if you feel out of control, even if you don't take any medication currently. It may be an early sign of mental illness.

    As addictions go, getting more credit that you don't use isn't the worst!
    • A4445
    • By A4445 10th Nov 18, 5:15 PM
    • 836 Posts
    • 389 Thanks
    A4445
    Well for a start £500 isnít a decent sized overdraft.

    And £3400 isnít a large total limit to have.

    Simply stop applying for them
    Originally posted by Gary_Dexter
    Sometimes the advise you give isnít very good. For his age that is a decent limit on a overdraft. If someone is addicted to something itís not as easy as stop applying. Addiction comes out in many ways. Would you tell an alcoholic to just stop drinking?
    Last edited by A4445; 10-11-2018 at 5:22 PM.
    • unmonied
    • By unmonied 10th Nov 18, 10:56 PM
    • 1 Posts
    • 0 Thanks
    unmonied
    I can relate to the way you feel.

    I was obsessed with money/saving from an early age, opening a "national savings bank" account at the post office as soon as I was 7. I once withdrew all my savings in the morning just so I could look at it, before redepositing it in the afternoon. It was the first time I had seen a £20 note (one with Shakespeare on it, still perhaps the nicest BoE notes ever issued IMHO).

    I got a girobank account at 15 because that was the fastest way of getting a chequebook. They gave me a guarantee card soon afterwards (despite not being 18) and I loved the idea I could write out an entire cheque book of guaranteed cheques, even though I didn't have the money. The spending power was great. But I also liked the "business" of it all... the way the cheques looked, the watermark, the cheque card design etc.

    I had two credit cards when I was 18 and several more as years went past. I got a buzz out of the spending power - the idea I could walk out of my home and spend thousands on "stuff". This was the era of posh American Express adverts and Alan Whicker's Barclaycard "replies". Google if interested. Credit was more glamorous in those days IMHO and the possession of a gold card impressed others.

    BUT, I never did "go mad". I lived within my means and always paid the balance in full. I've grown out of it, though I still like to have lots of credit available "just in case".

    So unless it's causing you to spend more than you should, I wouldn't worry!
    Originally posted by chattychappy
    Serious question but what's glamorous in 2018 on MSE in your view?

    My view is that it is now all the metal cards from the fintechs (N26, Revolut) and in America (Chase Sapphire Reserve, metal AMEX cards), but love to hear what you think as I wasn't around in the era where AMEX was glamorous and not mass-market.
    • dave1345
    • By dave1345 10th Nov 18, 11:09 PM
    • 4 Posts
    • 0 Thanks
    dave1345
    Hello to make it short. I feel addicted to credit and love the feeling of getting new credit cards. ... I do not abuse my credit limit nor make purchases I canít afford on them but I keep having the desire to get more and more. May not seem like an issue really but maybe someone has some advice on how I can break from the attraction of credit cards
    Originally posted by Bloopyboy
    Maybe the act of applying and being granted credit is some kind of validation of you being worthy of trust? I can relate in part to what you are saying, and applying and getting something is usually a pleasant feeling.

    Perhaps you/we are addicted to "validation"
    • sourcrates
    • By sourcrates 11th Nov 18, 12:51 PM
    • 15,718 Posts
    • 14,783 Thanks
    sourcrates
    Its the lure of easy credit, back in the 80`s/90`s banks literally threw money at new customers, leopards, it seems, don`t change their spots, once hooked, its a customer for life, or until they go bankrupt, then if they still haven't learnt there lesson, they start all over again.


    Take this from someone who has been insolvent twice in his life, credit is fine, if you manage it well, and if circumstances favor you, unfortunately, that is not always the case, the fact you have 5 cards at your tender age sets of alarm bells for me.


    Instead of using your income to live on, you find it all goes on credit card and loan payments, and after a while, this seems like the norm, but it isn't, so you try to get every 0 % deal you can, fine until the offers run out, then your next brainwave is to consolidate your debt, but in 12 months you've run it all back up on the cards, and you literally don`t know what to do now.


    Finally the credit bubble bursts, and bankruptcy stares you in the face.


    Nightmare scenario maybe, but reality for lots of people, including me, i`d get off this train before it crashes if i was you, as these things tend to spiral out of control very quickly, and very messily.


    Try paying off these cards and living within a budget, save for what you want, you really don`t want the alternative i describe above, trust me on that one.
    Last edited by sourcrates; 11-11-2018 at 12:56 PM.
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    • ViolaLass
    • By ViolaLass 11th Nov 18, 1:02 PM
    • 5,458 Posts
    • 7,537 Thanks
    ViolaLass
    OP, if you're not in debt, what's the problem?
    • Terry Towelling
    • By Terry Towelling 11th Nov 18, 2:33 PM
    • 704 Posts
    • 563 Thanks
    Terry Towelling
    OP, if you're not in debt, what's the problem?
    Originally posted by ViolaLass
    The problem is nothing to do with debt - per se - it is the potential for this behaviour to become an addiction that is the problem. It's probably nothing to do with money and shouldn't really be aired on a money saving forum but should be discussed with a doctor/counsellor - as suggested by others.

    You asked for advice on how to break the attraction. I don't really know but why not try to understand your motivation by scrutinising the reward you feel. The need for 'validation' mentioned by dave1345 may be down to that old chestnut, 'self esteem'. The cards and their potential to provide access to value might be making you feel worthwhile - so, not to put too finer point on it, what is it about your life that is making you feel undervalued and worthless?

    If your answer is, 'nothing' then think a bit harder, or the bells I hear might just be because you have decided to pull the other leg.
    • fozmcfc
    • By fozmcfc 11th Nov 18, 4:51 PM
    • 3,021 Posts
    • 2,194 Thanks
    fozmcfc
    It could just be, because like a lot of young people when you were 16 or 17, you craved being able to do what adults do, such as drinking, gambling etc...

    Maybe once credit was possible, you had craved it so much, you just went out and got as much as possible.

    There will come a time, when you won't be able to get anymore, because either you will be seen to have too much credit available to you or because you run up too much debt. Hopefully it won't be the latter.

    I would be content with what you have, don't use the cards unnecessarily, but use them wisely. Credit can be useful for purchase protection etc...but can quickly become a problem.
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