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Credit Cards!!

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Credit Cards!!

Please, somone, disuade me from getting a credit card!

Ive managed to avoid them for 3 of my student years now, i have TWO student overdrafts both not looking very healthy, and am feeling particularly poor Sad

I know credit cards are not a solution to poorness (lol) but it would get me some money to play with in the mean time :s

Give me some CC horror stories please!
11 REPLIES
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Credit Cards!!

I have a small loan I used to purchase my PC and two CCs totaling £7,000.

I just lost my job and have no way to pay. Nuff said.
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Credit Cards!!

Lost your job because of surfing here perhaps? Smiley

That bites.

I'm in placement year at university, so im working full time in the computing services at a different university (weird eh) as my placement. Best wage ive ever had but that isnt saying much Wink

Still owe my Dad and various people money for my 2nd adiction, mountain bikes :/

Bad credit cards, bad Sad

They are so tempting with the offer of 0% interest (student).

Must.. Ressist....

As you can probably tell my new job doesnt entail much, so im rambling on here passing the time.
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Credit Cards!!

I strongly urge you to avoid getting a CC at any cost unless you can pay off the full amount every month without fail, otherwise getting a CC would soon result in having less money to play with.
CC companies just love people paying the minimum payment each month. When your bill comes and it says pay the full £400 or make a minimum payment of £20, it's just to easy. Interest racks up at a alarming rate if you go down this path.Late payments can add a good few pounds as well. Offers of 0% interest for so many months are often worded in a way that can catch you out.
A purchase of a few hundred pounds can end up costing you thousands over many years, especially if you keep adding purchases every now and then.
It's far to easy to make an impulse buy when all you have to do is flash the plastic.
I was shocked and distressed to see my 28 year daughters CC bill of over £5000, I believe her boyfriends who she lived with was something like over £7000 a large part of that amount was interest occurred over some years. The end result of that was having to sell their home and splitting up. The parting of their ways was coming any way and nothing to do with the debt, it just meant they had nothing to show after 5 years of paying a mortgage.
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Credit Cards!!

Sorry to hear of your plight accar. I know it's a bit late now but when taking out loans it's often worth getting them from a bank and paying a bit extra for redundancy insurance.
I would think it wont take you too long to find a job, as you are obviously talented in the I.T. field.
Good luck.
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Credit Cards!!

Ta.

Forgot to say. I did take out the insurance on all three. I have been out of work two weeks now, and I can't even start claiming till monday.
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Credit Cards!!

Tongue Don't do it. Tongue
Look what a mess you can get in to :!: even a forum moderator :!: WOW
an all that money, more than I paid for mi house :!: Tongue
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Credit Cards!!

Credit cards are seriously bad news, I ended up with huge debts when I left uni and it's taken me years to pay them off and it's totaly screwed my credit rating.

:roll: Cry

Sorry to hear about the job acarr, I had that happen to me a while back.
worcsdave
Grafter
Posts: 72
Registered: 15-08-2007

Credit Cards!!

Suggest a good deterrant is 'Your Money or Your Life' by Alvin Carr (think that's the name - the guy who did the money programme on BBC). His advice on how to double your money: fold it in half and put it back in your pocket!!
csogilvie
Grafter
Posts: 5,852
Registered: 04-04-2007

Credit Cards!!

Alvin Hall I think...
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Credit Cards!!

Well i got myself in about £6000 of debt with credit cards. I cant affors to pay it back and have had to go to citizens advice to get help. Im now having all my payments reduced so i can manage to pay them Sad

Dont get any credit if you can help it. It will only mount up and you'll be more stuck than ever when you have to pay it back.
Alecto
Grafter
Posts: 2,886
Registered: 30-07-2007

Credit Cards!!

As John Mortimer, who wrote Rumpole, says at the start of his latest book , "All advice is perfectly useless".
Those who are going to make mistakes will carry on and make them anyway.
While those who have made the mistakes already advise them not to.

Funny old world, ain't it?