One simple rule to follow. If you can’t afford it don’t buy it. That would eliminate most credit card debts. It would probably go a long way to eliminating credit card companies.
What if I need to borrow money to buy or fix a car to get to a job?
My only regret in running up a credit card balance was that the money wasn't spent on toys! Your advice is good, but realistically it is not possible if you have a real emergency situation that requires money to be spent immediately.
Of course though, I won't buy any toys until the balance is paid off.
Oh really, Paul. If you can’t afford it don’t buy it. Brilliant.
There are many valid reasons (medical expenses, auto repair, unforseen emergencies) that people have to put on credit cards.
Save your sanctimonious crap dude. Credit card companies suck. The average credit card holder does not.
Yeah, and learn to live a mediocre life with no investments... no thank you.
I have taught my son this simple rule many times but he still pays 22% interest and thinks he is a winner. Some kids never learn until they are bankrupt, but old Dad won't bail him out and neither should the FEDs bail out moronic card holders at taxpayer expense.
Since we’re on the subject...you might get a kick out of this!
http://www.milkandcookies.com/link/41738/detail/
You missed the point of the article with your simplistic reply.
I certainly understand that people create many of their own problems with credit cards. However, when CC companies are loaning money to people without jobs, and people whom they know are a poor risk, they ought to bear the brunt of that bad business decision.
did you read the article?
It says you can borrow because under the terms of the agreement you can afford it, the company can unilaterally for no reason change the agreement and your original decision would have no meaning under the new terms and you still owe the money.