I'm just curious how everyone is viewing credit cards in this unstable economy. It used to be that I wouldn't think twice about charging something and then taking two or three months to pay it off, but now I'm paranoid. I paid off the credit cards this year and now they are reserved for emergency use only. I'm afraid to run the risk of using one for something not completely necessary and then my husband losing his job or getting laid off.
I am trying to remain very careful with my credit cards. A lot of credit card companies are starting to use some very dirty tactics to squeeze money out of people. I do not have the money to let people squeeze me.
We do still use credit cards for nearly everything. Almost never write a check, and very rarely spend any cash. BUT the credit cards are paid in full every month, and I even enter every credit card receipt in Quicken, so I always know exactly how much we owe at any given time. And the card used almost exclusively provides a little cash back bonus.
My philosophy is that I like to use the cards for the purchase. There are safeguards in doing that should problems arise. However, I pay everything off. I never carry a balance forward.
I got stuck in my divorce with a lot of credit card debt and 5 years later still trying to dig myself out of the hole! I have paid one off and it is reserved for emergency's, and taxes will go to paying off the rest of the balances. I will not freely use them anymore!
I don't see how anyone can live today without a credit/debit card. I made my weekly trip to town yesterday. Walmart $50, wine store $30, fuel in truck $60, grocery store $175, lunch $10,feed store $100, plus whatever. Plus the wife is off on a business trip, Hotel, food, gas, entertainment for business partners for a week a good $1000 plus for sure. We could not live with out them.
I use my credit card only if I really need to. Mostly I will use my debit card to make payments or just pay cash when shopping. It's not uncommon that the annual fee is the only thing I have to pay by the end of the year.
I'm sure there's much I don't know about the various kinds of cards, but (1) I don't have any cards that charge an annual fee, and (2) I do have a debit card, but it's never been used to purchase anything. Its only use has been to obtain cash from ATMs and very, very rarely even for that. I have had a few instances of charges on a credit card that were not mine, and I've never had to pay them. The card company just issued new cards with new account numbers, but if someone gets that debit card, they could empty a checking account pretty quickly. So tell me what I'm missing or how I'm mistaken.Originally Posted by Cloudywindy
You aren't mistaken, Bird. At least I don't think so. Using a good card that offers cash back or something else you may need (airline miles for people who travel frequently or whatever) and paying it off every month is a good idea. I know there are still cards out there that charge annual fees - I think it just depends on the card and the bank.
I think it's a good thing to do - emergency only. I hated paying that credit card bill each month. I don't have any balances either. If I buy something and use the card I make sure I pay it off in full. They are such a pain to have and you are right, you never know what could happen.
Posting Permissions
Reply With Quote