One of the reasons why I got into debt! (Credit Cards in general)

Member Name: Claribella

Product:	Credit Cards in general
Date:	08/01/09 (69 review reads)
Rating:

Advantages: Can't lose actual cash. Have things when you want them.

Disadvantages: Tremendous interest rates.

When my parents were young they had very little. My dad worked really hard to provide for our family and if they didn't have the money for something then we just didn't have it, it was as simple as that. Over the course of just 20-30 years people (including myself) have got it into their heads that they can have what the when they want. If they want the lastest TV or car then they sure as hell will have it. If they fancy a meal out at the most expensive restaurant in town then whats stopping them? The answer is nothing to a point. I think one of the reasons for this is the fact that credit cards are becoming easier and easier to be accepted for.

My husband and I have learnt how Credit Cards can become a hinderance on the quality of life. We lived as I have described and ended up in nearly ten grands worth of debt (see my dealing with debt review for the full story). Thankfully we got to a point quite early in our life where we decided to stop living above our means and relying on credit cards to fuel this 'I'll have what I want when I want' mentality. Our situation could have been far worse and for some it is.

The thing we have found is that a company will offer you a credit card on 0% interest for a year which sounds great but then they up that in terest rate after that year. If you haven't paid off what is on the card by then, then you are paying tonnes of interest at the end of every month which increases your debt. We decided that as soon as the 0% interest was up we'd just tansfer all of the money to a new card but we ran into some problems (again see other review) and finally this came to a stop. We were paying £100's extra on top of the minimum payment and there seem to be no light at the end of the tunnel.

When I got my teens, instead of sitting me down and giving me the old talk about the 'Birds and the bees', my dad gave me this bit of advise instead, 'Don't ever get a credit card'. Of course I ignored it and learnt the hard way but I'm glad we can say that we have learnt our lesson and next month we will be cutting up our last credit card and we will be debt free!

On the other hand I do think there is a place for credit cards. If you can have the self control to not spend 'Will, nilly' or buy something and know for sure that you can pay that back at the end of the month then its good to have one.

I also think that it's better to carry a card around than cash because I've lost cash before and it is so gutting. I'd rather pay for things with my bank card though as I know I have the money there available for me to spend.

Over all a credit card is not for me personally but if you can use one wisely then I don't see why you shouldn't carry one around with you. And me? Well I will be saving before I buy from now on.

Summary: Not for me thank you very much!