Tilted Forum Project Discussion Community - View Single Post - Credit card debt is unbeatable...here's the story behind it

Jimellow · 12-21-2005, 10:27 AM

My parents always stressed the importance of buying only what I could afford, and not going into debt; and I haven't.

I do use a credit card for all gas and grocery purchases, thus getting 5% cash back throughout the year, but I never carry a debt, and pay the balance off in full each month. I have, and continue, to buy everything I own outright, and not through credit and periodic payments. It also helps that I am pretty frugal by nature.

Credit cards can be rewarding if used intelligently, but otherwise they are an easy way of putting oneself in a lot of trouble, for a lenthy portion of their life.

Personally, I find that using, and paying off, a credit card each month gives me a feeling of responsibility and also comfort, because it's an indication to me that I am handling my finances well, not getting in over my head, and also being rewarded lightly for doing so.

Aside from that though, a credit card would be the last thing I turned to in case of emergency, strictly because it will ultimately only extend the emergency/fallout for many years down the road.

Emergencies can't be prevented, but their fallout can be controlled; and to me using credit cards specifically with an emergency, is a sure way of causing long term fallout.

Also, I am not concerned with a high APR%, due to it being motivation for me not to go into debt. Low APRs make it much more tempting to run up a high balance, so in a way I kind of prefer having a high APR rate to sway me from even considering going into debt in the first place.. Cash rewards cards seem to have higher APRs by nature, and thus, I consider such a card ideal for me on all levels.

12-21-2005, 10:27 AM	#35 (permalink)
Jimellow Junkie	My parents always stressed the importance of buying only what I could afford, and not going into debt; and I haven't. I do use a credit card for all gas and grocery purchases, thus getting 5% cash back throughout the year, but I never carry a debt, and pay the balance off in full each month. I have, and continue, to buy everything I own outright, and not through credit and periodic payments. It also helps that I am pretty frugal by nature. Credit cards can be rewarding if used intelligently, but otherwise they are an easy way of putting oneself in a lot of trouble, for a lenthy portion of their life. Personally, I find that using, and paying off, a credit card each month gives me a feeling of responsibility and also comfort, because it's an indication to me that I am handling my finances well, not getting in over my head, and also being rewarded lightly for doing so. Aside from that though, a credit card would be the last thing I turned to in case of emergency, strictly because it will ultimately only extend the emergency/fallout for many years down the road. Emergencies can't be prevented, but their fallout can be controlled; and to me using credit cards specifically with an emergency, is a sure way of causing long term fallout. Also, I am not concerned with a high APR%, due to it being motivation for me not to go into debt. Low APRs make it much more tempting to run up a high balance, so in a way I kind of prefer having a high APR rate to sway me from even considering going into debt in the first place.. Cash rewards cards seem to have higher APRs by nature, and thus, I consider such a card ideal for me on all levels. __________________ Desperation is no excuse for lowering one's standards. Last edited by Jimellow; 12-21-2005 at 10:32 AM..