I know most of us, in one way or another, had been hit by this economic crisis. So when this happened, I decided to NOT use my credit cards anymore. It is a hard decision but I have to make a decision that would help me have less debt and therefore, pay less interest on those debts. So now, if I am buying something, it's either I am using my credit card or I am paying for it with cash.
[question posted by bubblyapple]
responses and comments:
I use cash.... I like that better. Save on charges and the annual fee. And I tell myself not to buy anything that I do not have the money to pay fully at that time. Of course sometimes, I regret i can't have that one thing I really want but I just console myself it may not be the time for me to have that one thing I want. [rosapai]
You're right. Only buy things that you can afford. [bubblyapple]
I had to stop using my credit cards because I owe on them. I decided to keep my credit cards out of my wallet so I won't have the temptation to use the credit that is on them. Now if I have to purchase something I either use my debit card for purchases especially online or cash if it something small like chips or pop. Once I have paid them off, they will be for now on used for something major like a couch or something. [BinaryKat]
Like you, I took out my credit cards off my wallet. This helps me not use them with non-emergency expenses. [bubblyapple]
I guess it depends on what I am buying. We don't or are not buying any large objects that we do not have the cash for. However, I don't carry large amounts of cash around either so if I take my car in for the tune up or something like that I still use the card. I never run the bill up for more than I can pay off right away.happy [mscott]
You're right. It depends on what we are buying. But right now, since I am not buying anything "big", I don't have to worry about carrying big amount of cash. Right now, I'm focusing on saving. [bubblyapple]
Yes, I do understand what you are saying. For me, I travel a lot to foreign countries. So, when I am back home, most of the times I make payments with cash. But, when on a trip, I often use my credit cards, because I do not wish to carry too much cash. [greenline]
I do that. Although before I leave for other countries, I call the credit card company first because I don't want them to block my card. A friend of mine got hers blocked because the company thought someone was able to get into her account without permission. She did not inform the company that she's going out of the country so when they see that there is a charge from a different location, they blocked her card. What a hassle. But still, she got to know that her card is being protected. [bubblyapple]
I have started using cash more often, in order to keep track of my expenses. I find that when I use the credit card, I can't keep track of my spending as much as if I were to use cash. I still have a credit card though for emergency purposes. [SydneyHazelton]
That's a good way of keeping track of your expenses. Good job. I am doing the same as well. [bubblyapple]
I use my credit card as little as possbile. I prefer to use my debit card. I dont use alot of cash, but the debit card works well as kind of a cross between cash and credit. it is a really nice way to be able to pay for things and I like to have it as an option when paing for things. I like it. [snowy22315]
I use my debit card most of the time as well. It is using the cash that I have and not a cash that I don't have like credit cards do. If I use my debit card I don't have to worry about bills coming along the way. [bubblyapple]
I don't really use credit cards much anymore, but I do use a debit card sometimes still. I like that much better, since the money I spend comes out of my account right away, and I can keep track of it more easily online. I have started using cash a lot more often lately, though. I think that it does really help me to spend less money, which is always a good thing!! [elisa812]
I use my alertpay account to pay. I do not use my credit card coz credit card no. can be miss used by online sites on internet. Happy mylotting and happy earnings my friend. Bye. [dhingan]
I over shop once in a while too. That's why I try to stay away from credit cards as well. [bubblyapple]
We are still using our credit cards, as we usually pay in full when the statements arrive. Quite a number of the banks and hypermarkets have worked out programs when they offer discounts of 2-5% on purchases, so this helps us to save. Moreover, we are also collecting points which we could redeem for shopping vouchers or cash. [lazeebee]
It is good if you are able to pay them in full each time. That way, you would not accumulate debts. [bubblyapple]
I never using credit card, and definitely never rest of life. Paying cash helps me to manage money wisely. I also have no good permanent job right now, so its much better for me not to use credit card. [zwitdh]
Your decision is right. [bubblyapple]
Here is a little tip with your credit card. Stop using them. lol sorry I had to say that. If you do have a credit card then think about paying it off weekly or fornightly or each time you do get paid. Don't wait until the bill comes in. Try and not to use it except in extreme emergency. Don't use it for anything that you would like to have. So it is best to keep the credit card for things like repairing the house or car and don't use it for buying clothes or getting something that looks nice in the car or sounds good in the car. When it comes to christmas time, now is a good time to have a seperate account to put away even $10 per week. You will still be able to get a few hundred dollars for christmas. Even $20 now, the amount will double. This way you know how much you have to spend and only use that money for christmas presents instead of using your credit card. Things will be alot easier. [cookie1971]
Thank you. As of now, I don't use my credit cards anymore. I'm planning to save more this year. [bubblyapple]
Actually, I use my debit card for the most part. That way I don't have cash laying around. I use my credit card sparingly for certain types of purchases that way I can have no problems when I make a dispute. Yes, the economy isn't doing well at all. We can't let that stop us from spending on what we need but it will do us a lot of good to find ways to use alternative brands to save. [leonelaphotography]
Economic crisis or not, I still use credit card. You see I always clear my credit card balance in time so that I won't be charged any interest on the outstanding balance.I just know that I need to control my spendings either I use cash or credit cards. It just doesn't make any difference to me. [flowerhorn]
my husband and i agreed to stop using our credit cards from now on because we have gone too far from our limits and got to spend on things we don't really need. our credits interests are eating on our budget right now and we have learned our lessons. :-( [okoyskabo]
We do have credit cards but seldom use them at all. When we do it is usually something that we need from a new supplier for the things for the Farm or perhaps getting the vehicles serviced etc. When I was married to my now ex-wife, I had a credit card and she had one on my account as well. Problem was I forgot to cancel the card in her name when we separated and she continued to use it plus as most of my cash money was going on other things I used the credit card too. The other thing I forgot to do was change the address on it so the statements were going to our old address where she was living. I had a pretty good idea what I was spending so every week when I was paid, I would transfer that amount onto the credit card. Several months later, after being nagged by my brother and sister-in-law, I started to tidy up those loose ends and the address for the credit card statement was one. Imagine my shock when I saw this HUGE balance outstanding. My ex refused to pay it as she said she had only used it for essential things that were my responsibility. The bank said as the account was in my name, I was legally liable for the entire debt. I cancelled her card immediately and then spent the next 3 years not using the card but paying back that debt. angry When I met my partner, she was also was still paying back a credit card debt from her marriage. At the time she had been paying the minimum for 4 years and not getting too far so eventally afer 7 years, she cleared that debt. So since that time we have been very careful when it comes to credit cards. Each fortnight when I am paid, we draw so much money out of the bank and that has to last us for the fortnight. If we run out of money that is too bad as we do not get anything else till the next pay day. Now that there are just the 2 of us at home, we do not have any serious worries really. Every couple of months we do a huge big shop for grocery items. We take so much money from our account and that is all we spend, so if we go over the limit, we put stuff back. So for us, if it is a business expense for our small Organic farm, we either put it on the account or use the credit card. Before we buy anything we make sure that the money is there or our customers will be paying us for the produce we have supplied, before the bill is actually due. For personal things, we only use cash and if we have no cash then we do not need the item. whistle We enjoy not having big debts and not having to worry about whether we can afford to pay the or not. [oldboy46]
Yeah, why take the chance. This is one of the complications of separating. We just have to deal with it. [bubblyapple]
I use cash, always have, always will. I do not like credit cards and i have never had one. It is to easy to spend what you don't have. and all they do is make the banks richer. [dlr297]
Sad to say I still use my credit card to pay something for my needs, but I make sure to pay it on time as soon as I received my salary, for me it is just for emergency use but when I have cash, as much as possible I don't use my card anymore. Before, credit card is sometimes a temptation for me because I did't use it properly that is why sometimes it's hard to find ways on how to be debt-free...so now, I've learned to just use it only in times of need. [becdmd]
Yup With this heavy crisis in the economy it very difficult to thinking of using credit cards. Me too have taken my cards out of my wallet and putin in the safe and decided not to use Credit Cards any more. Once the person comes under the trap of Credit Cards he/she cannot come out. But yes many time it happens when there is shortage of money while shopping credit card is additional help at that particular time [devganrahul]
I used to have multiple credit cards, but now I decided not to have those at all, I am already a mom and have priority in every purchase that I would make, when you have credit cards, this will only encourage you to purchase even you don't need that particular items, especially if you are inside the mall , once you see a particular items you like most but not listed in your priority, there's a tendency you would purchase that. At least I don't have to worry every months that I would be receiving monthly billing. anyhow credit card is good if you know how to handle well your credit limit and know your limitations in using the card. likewise, credit card is good during emergency situations. [additionalincome]
hi bubbly apple, i am using credit card but at the end of the month i pay for my credits to avoid interests. i am not being careful with my finances. its hard to pay the credit cards when the interest is so high. its a matter of discipline to avoid headaches at the end especially when it deals with money and finances. happy mylotting. [roselynm1023]
I use my credit card for ALL purchases. My credit card has no annual fee, and it gives me a 1% cash rebate on my statement every month. Since I pay my full balance every month - I don't spend my paycheck because I use the card - then it's like they're paying me now instead of me paying them. It actually costs me money to use cash or my debit card. I never charge things I can't afford, unless I can get a 0% financing arrangement and know I can save the money by the end of that term. [reinydawn]
Yes, even if we didn't have the rebate, I am getting a few pennies on interest for the money that I leave in the bank while I am waiting to pay my credit card bill... [reinydawn]
I never apply jfor a credit card, I think it would be stressful to have a credit card once you started using credit card as payment and you will keep credit it, it might get over limit that you don't even know... so I always like cash, it's most convinient payment. [mermaidivy]
Good for you. Don't be tempted by it! [bubblyapple]
I ran up some serious debts a few years ago, and eventually I came to the decision that I would get rid of my credit cards altogether. On my birthday in 2003, after much dithering, I cut them all up and returned them. You wouldn't believe the feeling of relief. I've still got my debts to pay off, but at least things aren't getting any worse, and I've found that I don't actually miss out on an awful lot by paying cash for everything. It just means I've got to be careful and I can't take any big holidays till my debts are cleared. [Citizen_Stuart]
I pay cash. I don't like using credit cards anymore because I don't have the discipline using credit cards. I only ended up in debt. [anne25penn]
I usually pay with my credit card, and then I pay my credit card off in full near the due date. I actually make money by doing this because my credit card pays me cash for a certain percentage on every purchase. Plus, I also keep that money in saving until I pay the bill. Therefore I am earning interest on the money. Right now ING Direct is paying about two and a half percent interest. So if you figure that plus one percent cash back, it all adds up. Every penny counts in today's world. Have a great day Bubblyapple. By the way, cute screen name! [kykidd]
I´ve never beena big fan of creditcards so I mostly use cash anyways =) [Marie2473]
well at this moment its hard to use credit card because if we cannot pay the amount back before due date then we will have to pay extra fine which is hard time at present. but well i use my credit card to pay my policies other then that i am not using my credit card for any thing , when i pay my policy i will have 45 days for my card so in this 45 days i will adjust my balance and pay back in card in this way i am in safe side, else at present i am in huge loses where i am not able to pay my policies in time well in this moment my credit card is help full to me [vijayanandp]
Everything's getting really tough... Sure hope nothing worse comes in the next few months... ^_^ On the question, Yes, we still use Credit Cards...We own a small store and whenever we buy some goods in big groceries for our store, we use credit cards, not just for the reason that you can pay it after a month, but because of the Safety measure it offers. It's kind of dangerous to carry large amounts of cash here... ^_^ [jd107nette]
I stopped using my credit card last October, I made a conscientious effort not to use it and I took it out of my wallet in case I was tempted I have put it away and thankfully I haven't needed it, I have economized and now I pay everything by cash from petrol to clothes, and it's made a great difference, knowing that I have to pay NOW instead of the end of the month, plus I have had no near heart attacks when the statement comes through at the end of the month, so it's also healthy to me as well as my wallet LOL! [wolfie34]
I have to use credit cards on occasion because sometimes I have to wait in between pay days and I need gas and food. My car will be paid off soon which is great and will make my finances a bit easier. Plus I am paying off medical bills from cancer treatment that insurance did not cover. [nangel78]
We have paid off and canceled credit cards,using only cash now. [NettyB]
That's my goal as well. [bubblyapple]
hi friends....i am a student, and recently i have opened an account on my name in one of the banks, so i don't have a credit card, though i have got debit cards, but still i never make a use of either credit card or a debit card for shopping, neither online shopping or offline shopping....i do pay everything only by cash....hope i make a habit of using them soon....happy myLotting!!! [vk3110]
Make a habit out of it. Paying cash is the best way to go. Just be careful with your cash- you don't want to loose it nor splurge more than you can handle. Have a great life ahead! [bubblyapple]
I'm absolutely sick of credit cards! I used to have a couple in the past but I decided to destroy them! I am in debt, I have no shame in admitting this. Anyway, I think that I am better of without them, there's always the tendency to spend on things that you cannot afford just because you have the credit card. There is one advantage to having a credit card and that relates to you being stuck somewhere on the other side of the world in any country. I now use a debit card and I only spend money that I can afford, this is the safest thing I think. I budget on a regular basis as well now. Happy my lotting. Andrew [AndrewFreyne]
You are right. You are better off without them. I am on my way of getting rid of my debts- having rid myself of the card physically. They are not on my wallet anymore. That makes sure that I don't get tempted to use it whenever I see something that I really WANT that I cannot afford at the moment. So now, I am into debit cards or cash and STAYING within my BUDGET. I am crossing my fingers that I would get through this without much problems. [bubblyapple]
I actually just applied for my first credit card because most of my family and friends have really bad credit right now and can't co-sign for my school loans. So I have to build up some credit. I'd rather just use cash though. But it's impossible when I need these loans. [mmiceli]
That's what really sucks. You cannot have a loan because you don't have a credit score. But they can't build or make any credit score because they are not giving you any loan. So what gives? Right?! The best way to go about it is just control yourself. Don't make purchases that are not necessary. [bubblyapple]
I dont use credit cards to buy stuff. I dont even wanted to use it much. Credit cards are a real hasel. The companies keep charging me for nothing. I would have to call them all the time and check with them and they would say they made a mistake. So cash is all I use so nothing like that ever happens. I am thinking of getting a debt card which seems to work well. [gamingworld]
I kept my credit cards now and even cut one of them (with the highest credit limit). I can control my expenses anyways since I already bare in mind that no one will pay it but me. One time before the recession, I had like a huge credit for buying bags, shoes, cosmetics. I don't know but I felt that it didn't feel good some days after I knew I had a lot of CC debts. I had the bags and stuff but I wasn't happy. So I knew right then and there, I should control my spending or else I might be one of those who are stuck paying CC debts and cannot move on with life. I knew a frience who had like $ 10,000+ credit card debt and her paying minimum every month is around $200 and that really doesn't cut the total debt. She felt suffocated with her debts and even some men feared dating her. I advised her to live a simple life for a moment and pay more from the minimum payment to get rebates. It's like everyday she's just paying the interest rates. Once you get addicted to using the CC, it's hard to get away. It's like you'll be a slave of your CC. You work for the CC company. Now it is recession, people understands if you are too simple. Like if you don't have the new stuff or if you keep on repeating clothes, shoes and Accessories because they are also suffering from it. [gracemanotoc]
That's right. Live simply. That is what I am trying to do now. I think some of us are tempted into CC once in our life. Now that we see how bad it turned out, we are rushing to get out of the mess but it is already there. So what we do is pay off the debt and stay clear of credit cards once and for all. [bubblyapple]