How do you manage your credit card?
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Poll Start Date: 22nd October 2003
Is it a friend or an enemy?
We are constantly told that credit cards are the worst possible means of acquiring a loan, yet many people build up considerable debt on their cards, debt that attracts an extremely unattractive rate of interest. Do you borrow money on credit cards?
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Your Comments
Posted By: Emily
22-Oct-2003 22:00
My credit cards are fairly under control but my boyfriends aren't. He was made unemployed and ended up running up £2000 worth of debt on a credit card. When he got a new job he began to pay it back, then was offered a bank loan to pay it off. He took that and lost his job subsequently. Fortunately he had Loan Protection on it. He was just about to use that when he started a new job (this week). Hopefully he will finally be able to pay it off.
His debts drive me nuts but I don't know how to help him.
Posted by: Sadie
22-Oct-2003 20:01
I was in a dreadful state with cards about 3 years ago, not just credit cards, store cards too. It got to the point that if I managed to get one under some control I then immediately used it to pay something off one of the others before it went bust. Crazy stuff.
Finally I just couldn't deal with it anymore - my whole life was given to worrying about it all. I cut up my cards and lived like a hermit for almost a year - little or no going out, no holidays, no new clothes etc - to get it back under control, I was lucky enough to get a loan from a credit union to pay back most of them, so at least I was then paying off debt at a more reasonable interest rate.
I have one card now, but I only use for things like buying online or tickets and things. And only if I can afford the stuff anyway - not to buy because I want and cannot afford. I sleep at night. I am never going back to those days. If you are struggling with this now my advice is DO SOMETHING - it will not go away by itself but once you have tackled it life is sooooo much simpler.
