The end is near for CC

[Anonymous]

A year an a half ago i had 0 credit cards now i have 12 i lived before without them i can do it again. Don't get me wrong they are a big help when you don't have cash or being able to use them until payday but we all can live without them.

Message Edited by mjbfan79 on 02-21-2009 04:34 PM

[Anonymous]

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@Anonymous wrote:
  Don't get me wrong they are a big help when you don't have cash or being able to use them until payday but we all can live without them.

Message Edited by mjbfan79 on 02-21-2009 04:34 PM

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I concur. When things started going south, I felt it was critical to payoff all CC debt and did so. I now have a PIF policy and will continue with such. With that policy, taking my cards away perturbs me but doesn't harm me.

I think everyone should be looking at ways to clear their tradelines as soon as possible. I know, easier said than done. Just my opinion.

[Anonymous]

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@barbaralee wrote:

About a year ago I watched an episode of Oprah where two frazzled parents were on the couch and explaining how their teenagers were driving them into debt. The parents had financed new cars for both kids, as well as put them as AU on some of their credit cards. They justified this by saying they were good kids, A students, and had earned their financial privileges through academic and social responsibilities that they had shown.

The thing was, the children lacked any sense of financial responsibility, and the parents were enabling their kids spendy behaviors. 

I know this is only one family, but I do wonder how many more American families are like this?

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Sounds like my boss' family. The parents make something like $150,000 per year, but they run constantly out of money. They have joined accounts with their children, and those spend, spend, spend. What I don't understand at all is that the parents put up with those constant over limit fees. My own child or not, I would let this slip once, and then it would be bye bye to the joint account.

[Anonymous]

no end is near.. maybe lower limits yet but not no end of credit cards. We cant judge what's going to happen just by looking at the stock markets. I highly doubt congress would let Citi or BoA go out of business.

[dallasjetfan]

I am in the process of paying off all my CC's.  After a BK in 2005, I felt the need to increase my credit score so I could buy a house.  I now have 12 credit cards.  UGH!!  I will have all these paid off before the end of the summer.  I will sock drawer all of my cards.  And I will never buy pay another penny in interest on CC's.  These companies have screwed us all so many times.  I am done with it all.  Let all these banks fail.  BTW, my credit score is now close to 700....Who gives a crap?????

Message Edited by dallasjetfan on 02-21-2009 07:24 PM

[kjm79]

DallasJetFun - Our posts could be identical, but instead of a sock drawer mine are in a fire-safe lock box.  What I actually did was take a reoccuring payment and assign it to a certain cc.  Example, my gym $30 gym membership goes on an HSBC card, MyFico monthly payment goes to another and my hubbys another.  Just little charges like that.  I pay in full each month.  My cards still get used, I pay no interest, and credit file keeps a good mix of credit.  Although, I just closed a WalMart CC cause they cut my CL after two years and two previous increases. 

[Anonymous]

If something becomes too expensive or difficult to use, it might as well be terminated. I think credit card accounts (in their present form) are on the heals of the Dinosaurs. Credit limits are dropping like a lead airliner, interest rates are soaring; people need to look at what their CC debt is costing them.

Seriously people, payday loans and Don Corleone are looking better every day compared to credit cards. 

I think we are headed back to what this monster was supposed to be at inception, a PIF monthly charge.  Large purchases are made on installment, not revolving.

And no, the Gov't will not let the big banks fail but that doesn't mean they will stay the same.

IMHO/YMMV/I am not an economist but I play one on the internet.

Message Edited by contractor on 02-21-2009 07:39 PM

[dallasjetfan]

Well, last time I checked credit unions weren't in trouble like these big banks!!  I may be wrong, but if I am I will just pay cash for it even though it will take me a couple of years to save for it.