OK,
So I am thinking while looking through my wallet and my husbands how many credit cards we have and how many get used??
Aexpress, Diners, ++++++++++++ … so the country has a 43Billion dollar problem and growing faster than any country in the world.
We have boycotted petrol stations before so I thought if every person in Australia cut at least 1 credit card up and learned how to live on the others HOW MUCH MONEY would we save off the bottom line … not to mention putting the fear of god into the banks etc
D
I ONLY HAVE 1 CC SO I CANT JOIN IN THIS GAME!!
we have 2 CC, use one as 6 months interest free while money working in the PPOR loan and live on 30 day account on second card. We have not paid 1c in interest on CC's for about 5 years now. Will drop one card off in 6 months – I am in
Good point. Unfortunately many would rather do nothing and when they hit the wall,they will bitch that no one helped them or warned them of there impending financial doom.
PS I have two of which one i could cut up tomorrow.One of my friends had more than 10 credit cards with an outstanding balance of $230,000! She has now cut them all up (or had them taken from her) and her balance is down to $73,000, so she is doing her bit to help out.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw, I wonder if we happen to have a common friends
Anyway, imagine paying interest on 230K CC account. It is not your ordinary 7% home loan, more like 17% for AMEX…Great …
I believe that if this one message could be spread round we could change the MIND SET of this country from spending to savvy and intelligent spenders.
It's not about going with out it's about asking ones self "do I really need to put that on a card or credit?"
People said I was mad when I predicted that CC debt would go over 40 billion dollars in 2007 … it did and I was right … unsophisticated investors and mums and dads are hurting because the don't follow the basics of SPENDING or "cash flow"
If you want to become wealthy or rich one day "treat your money with respect and it will respect you back" … I personally guarantee to all you start up investors on this site that if you did some research of successful investors here that they would ALL be careful with their money …
Come on Aussie "cut a credit card or two"
D … have a great day
Did that Petrol Station Boycott thing really ever happen?
I've never ever heard anyone actually talk about it anywhere – except in the emails I received about it.
Sounds like an urban myth to me.As for the credit card thing; we have one, pay for every thing with it, then write a cheque at the end of the month. Lots of lovely frequent flyer points!
I'm the Bank's worst customer I suspect, and we don't have any other accounts with that Bank – ha! ha! ha!
It's N.A.B by the way, and we took all our investment loan business away from them years ago, so I'm loving it that they make no money out of me anymore.We have no CC at all and survive well without one, never had one and never intend to get one. It's simple realy if you cant afford it then dont get it.
I still believe the majority of people should still have one. Emergencys cash excess i believe is good.Phone purchases and bookings often only except card.Many friends of mine say they survive just fine without one. Then when it comes to booking a hotel or paying for concert tickets,guess who they look too.
Can't help out either. We have only 1 CC, use it for all bills etc then pay it off every month. Used properly (i.e., don't pay interest) it is the best thing since sliced bread.
MargI absolutely LOVE my credit card!
I frequently use it as a "Ready-credit" style account.
I borrow $10,000 cash (at $4.60 per day) to purchase stock that I can turn into $12,000 in 5 days.What is it I do you ask?
I buy stock from one market and sell it in a different market.
Let's just say a form of legal arbitrage.It's true that the poor work for their money, and the rich have their money work for them. Credit cards are great if used wisely. Mine has a 17% interest, but a great frequent flyer program.
Wait until the day a bill is due then pay on a credit card. Wait until the day the credit card is due then pay it off in full. The difference is amazing, but it takes the right mindset. Me and the wife went to the UK business class on the points.
If you cannot pay off a credit card in full every month, then you really shouln't have one. There are cheaper ways to borrow money.
Credit cards are useful in emergencies, and if everybody oaid them off in full each month Visa and Mastercard would be out of business, so as long as there are plenty of people out there abusing there plastic, the rest of us can take advantage of it.
Oh and try renting a car without a credit card…..
i refinanced recently and changed banks. went in to get rid of three accounts ($5 a month each )and a card (17%)
IT TOOK AGES ! suddenly the good offers came out ! like 8% if i keep the card ……
i had to raise my voice (which i dont do very often )
my wife had the same experience ( she s nicer than me and still had to demand "strongly" )
so if you want a discount on your intrest rate just offer to hand the card in …..
and hand it in any way ! " too little… too late "If you have a Visa debit card you can use that in the same way as a credit card – except of course it comes out of your bank account.
The wonderful bank we're with (and have been with for several years before we moved from the UK) decided that even though they knew how much money we had in the bank they wouldn't give us a credit card for $5000. Even our bank customer service person was annoyed with head office! So we've survived without one since July and my visa debit card works just as well.
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