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So is everyone going to be saying goodbye to their credit cards?

Frequent Contributor

So is everyone going to be saying goodbye to their credit cards?

With everything going on, is the next financial crisis going to include the consumer credit card debt? I don't see how it can't. Should I even bother paying my bills?
19 REPLIES
Regular Contributor

Re: So is everyone going to be saying goodbye to their credit cards?

What!?

Starting Score: 702
Current Score: 728
Goal Score: 760


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Regular Contributor

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Moderator Emerita

Re: So is everyone going to be saying goodbye to their credit cards?

I have no idea what's coming, but I plan to be one of the survivors. I'm blessed with an affordable mortgage, very little debt, and what appears to be a semi-safe job, although you never know.

So I'm just going into hunker-down mode and wait things out. And certainly I will use (and pay) my cards. Talk about a predictor of future consumer behavior!
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Super Contributor

Re: So is everyone going to be saying goodbye to their credit cards?



Jubeyy wrote:
With everything going on, is the next financial crisis going to include the consumer credit card debt? I don't see how it can't. Should I even bother paying my bills?

In hard times, people should do everything to protect their assests as best as they can.
 
Your FICO score is an asset so you need to do everything to protect it.  You may need it during the crisis and after.
 
7 years is a long time to wait to get your credit back in line.  It took me over 5 years and I have 4 more years to go.
10/17/2017 FICO: EQ 829 TU 830 EX 826
Valued Contributor

Re: So is everyone going to be saying goodbye to their credit cards?

Why would you not continue paying your bills?
 
 
New York Yankees - 2009 World Series Champions. 27... and counting.....
Established Contributor

Re: So is everyone going to be saying goodbye to their credit cards?

I agree I have come to far to let my credit go now--I am just going to keep doing what I am doing and hopefully my companies will see my value and not let me go or decrease my limits---but this little crisis will not allow me to destroy my CREDIT---I will just live within my means and try to manage it and areas where I may have cards higher limits than I would wish--work them down but still show along the way timeliness and worthiness......If anything getting credit and loans will get harder to come by -sure not going to make it harder on myself ....Been there and done that!!
I want to join the 700 club one day I am getting there Smiley Wink
FICOS 12/17/07 EQ-597 EX-651 and TU-651
FICOS 01/18/07 EQ-594 EX-651 and TU-662 FICOS
04/21/2008 TU-680 EQ-613 EX-688
Established Contributor

Re: So is everyone going to be saying goodbye to their credit cards?

Thats crazy... what if it gets better by next year.  Then you will have all these bad markings on your credit report for 7-10 years!
Gardening since 5/3/2016
Valued Contributor

Re: So is everyone going to be saying goodbye to their credit cards?

Yeahhhh... what they said... and umm, people not paying their bills (whatever the reason) is kinda one piece of the problem that's been created NOW.
What you're suggesting is another version of a "run on the banks" where consumers pull their money from institutions. Bad idea for you, and for them.
Regular Contributor

Re: So is everyone going to be saying goodbye to their credit cards?

Business as usual here I spend the same as always on my cards. Maximize rewards and PIF. Even though I have gained an order of magnitude more available credit my spending is flat as ever.
FICO TU 730 EQ 731 EX 706