penguin Posted November 4, 2011 Share Posted November 4, 2011 ... once had a credit card too - 9k in debt and 23 years old with a 16k job! lesson learned was never spend what you dont have! no cards, cash only! Quote Link to comment Share on other sites More sharing options...
Getrag Posted November 4, 2011 Share Posted November 4, 2011 Apply for 3-4 credit cards so this issue never arises, and if your credit rating is good bank will automatically increase your limits, banks have lot of money to give for reputed customers good luck LOL, do not do this. If banks automatically raise your limit and you dont need it, call them and lower it again. They are b@st@rds simply trying to get you into debt and its more risky if your cards get stolen. Quote Link to comment Share on other sites More sharing options...
tbourner Posted November 4, 2011 Share Posted November 4, 2011 LOL, do not do this. If banks automatically raise your limit and you dont need it, call them and lower it again. They are b@st@rds simply trying to get you into debt and its more risky if your cards get stolen. As above it's only an issue if you can't control it. I love having a huge amount of credit available on a card. Quote Link to comment Share on other sites More sharing options...
Guest ugp Posted November 4, 2011 Share Posted November 4, 2011 I've always had a view of "if you ain't got it, you can't spend it". I know some people on here who have racked credit cards up and took out bank loans to build their cars, definately not for me, I'm not at the "risk it" / obsession stage, yet! I do however have a CC with a 2000 limit, used for my company expenses every month, which gets paid off in full when the wages come in Quote Link to comment Share on other sites More sharing options...
Getrag Posted November 4, 2011 Share Posted November 4, 2011 Fair enough, its good for the ego if your credit limit is £xxxxxx but whats the point when its the most expensive way possible to borrow money. Quote Link to comment Share on other sites More sharing options...
tbourner Posted November 4, 2011 Share Posted November 4, 2011 0% on balance transfers makes it the cheapest way to borrow money. //edit: In fact you can make money with stoozing if you're strict enough with dates and moving money around. Quote Link to comment Share on other sites More sharing options...
Geo Posted November 4, 2011 Author Share Posted November 4, 2011 So what do you guys do, that don't have CC when something expensive has to be done. I.e fix your car(your daily one), or something has to be fixed in the house, like boiler(no heating over winter etc? CC are there IMO for emergency use only. Quote Link to comment Share on other sites More sharing options...
Getrag Posted November 4, 2011 Share Posted November 4, 2011 tbourner I know you can play the card game and get "free" money at times but its a dangerous one and I just view them very negatively, not to mention the impact they have on credit rating if the slightest thing is missed. They are a useful tool though as you say Geo for big, unseen one off's that you know you can pay back instantly - or you start paying stupid %. Also if your thorough and organised, use it as your monthly and get the benefits like air miles. I just see CC's for what they are though, they arent a friendly service that mr banker is trying to help you with, they serve one purpose, to get people into debt and make money for banks. Quote Link to comment Share on other sites More sharing options...
Snooze Posted November 4, 2011 Share Posted November 4, 2011 So what do you guys do, that don't have CC when something expensive has to be done. I.e fix your car(your daily one), or something has to be fixed in the house, like boiler(no heating over winter etc? Common recommendation is to have 3 months' of household income sat in some form of instant- or quick-access savings. I've found that this sort of buffer not only generates a little bit of money in earnings (although it's tough to keep up with inflation on most easy-access investments), but most importantly gives you an invaluable feeling of comfort and confidence. THAT should be your emergency fund, rather than relying on access to credit. Quote Link to comment Share on other sites More sharing options...
Ricky49 Posted November 4, 2011 Share Posted November 4, 2011 So what do you guys do, that don't have CC when something expensive has to be done. I.e fix your car(your daily one), or something has to be fixed in the house, like boiler(no heating over winter etc? CC are there IMO for emergency use only. The missus and I have bank account with 7.5k in that we both have to sign to get money out. Its for anything major that goes wrong and when we need to use it we top it back upto 7.5k. I so wanted to use it when going single. CC are work of the devil, not a good think to have when going single. Quote Link to comment Share on other sites More sharing options...
snake Posted November 4, 2011 Share Posted November 4, 2011 joint accounts are also the work of the devil Quote Link to comment Share on other sites More sharing options...
Ricky49 Posted November 4, 2011 Share Posted November 4, 2011 joint accounts are also the work of the devil Very true thats why my wages go into my own account thats just an account that doesnt get touched unless needed. Quote Link to comment Share on other sites More sharing options...
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