Credit limits might better be called "fee triggers."

[marty56]

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haulingthescoreup wrote:
Still amazes me how many people genuinely believe that it's completely appropriate to have high balances on all their cards, month in and month out. Other than maybe one BT on one 0% card, the whole idea makes my toes curl.

Other than a car or house, or something similarly tangible, if you can't pay it off in three months or so, you probably shouldnt' be buying it. I have cards for just-in-case (one of us loses a job, sudden medical disaster, house burns down and we're in limbo for a while until the insurance gets going, etc.)

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Marty v1.0 never looked at the balances on my CCs.  They only thing I cared about was what the monthly payment was and how much I could charge.  For many years I left my CCs very close to the limit.  All I cared about was the balance getting low enough so I could charge more.

Marty v2.0 Only mamtains a balance one 1 of 3 cards and that is a 0% BT.  If I use the other 2 cards, I PIF each month (even extra).

[Anonymous]

OMG!! that's higher than MERRICK BANK or most of the sub sub primes.

[RobertEG]

I could not think of a beter reason for reading, and supporting, HR 5244.

[Anonymous]

RobertEG wrote:

I could not think of a better reason for reading, and supporting, HR 5244.

regulation is serves only those who gave no business having credit to begin with. Beyond enforcing(possibly clearer) full discloser, the fed needs to stay out it as not to ruin it for the rest us

Have we forgotten why we fought for independence? to get away from centralized big government, That is a core agenda for democrats

[athensguy]

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@Anonymous wrote:
Have we forgotten why we fought for independence? to get away from centralized big government, That is a core agenda for democrats

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No need to troll.

Message Edited by erchambers on 05-30-2008 03:49 PM

[MidnightVoice]

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erchambers wrote:

Have we forgotten why we fought for independence? to get away from centralized big government,

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And here I was, for all these years, thinking it was for independance

[Anonymous]

You know, I purposely reduced my credit limit on Discover some time back, because I learned that once I maxed out 3000, I was totally incapable of making more than minimum payments- and barely those, either.  There was a period of time- nightmare, actually- of 3-4 months when I exceeded my limit and was paying through the nose to no avail...it wasn't enough to get it back under the limit after all those tacked on fees... until my tax return came in, thank god.  Talk about terrifying for awhile... it's hard for me to defend the credit cards or the whole process, really.  Now I am much better off financially and would never get over my limit.  But guess what... I don't need the credit card anymore, either.  Isn't that interesting.

[haulingthescoreup]

It's widely known that those who don't need credit can get it, and vice versa. It's like being popular in high school. The more desperate you appear to be, the more doomed you are.

I regard my CC's as lazy debit cards. Other than my BT card, they are PIF'd each month several days before the statement date. If I don't think that I can pay off a purchase in a matter of weeks, I don't make it, except in very special circumstances. I use credit instead of cash, checks, or debit cards because it's easier to keep track of stuff, and I get rewards.

Boring thing that I preach to my kids: credit is a great servant, but a terrible master.