Hi allWhat are your views on credit cards. Some opinions i have heard.
Cut them
Burn them
treasure them for a rainy day
Spend with them then pay of each month with LOC
Never pay interest on themAny thoughts
alf
G’day Alf,
I believe a credit card used wisely can be beneficial, used unwisely can be a disaster. The banks are partially to blame for the situation of some gullible people by offering higher credit limits to those who really can’t afford them.I know it’s up to the individual to say no to these offers, but some people are weak where money is concerned.My personal experience with a credit card is this, i have a card with a high limit and was working as a casual in my job, though i was working 40 hours every week.My wife and i applied for a housing loan, the bank would not take my income into account because of my casual status but would take my credit card limit as a debt, therefore they rejected our application. My wife applied on her own and the loan was approved. The system stinks.Cheers
TonyHi All
I just re-read my account statement which has the cheque book attatched and we pay no fees. We are with CBA but we also have alot of debt with CBA and this gives us transaction free accounts.Alot of the govt fees that you used to pay you dont anymore, like there used to be one for depositing money into an account, thank god they stopped that.
Anyway we dont use our cheque book that much but living away from our houses have found it useful to pay people who dont take credit cards.
Cheers Erika
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