Credit Cards . . .

NewJerseyMeatHook · April 10, 2006 9:56AM

How many do you devote to your "hobby."

baseballfanatic · April 10, 2006 10:03AM

Zip. All transactions for the last 40+ years have been paid for in cash. If I need to use a credit card, as handy as it may be, I dont need the card or will wait til another comes around when I have the cash on hand.......

BigRedMachine · April 10, 2006 10:06AM

Uh.......more than baseball fantatic.

Actually just one for eBay. When I keep the balance below $500 I feel like I'm ahead of the game.

shawn

Boopotts · April 10, 2006 10:18AM

I'm with baseballfanatic. I have one card, a Capital One, that has a balance of about $40 on it, and that's all the plastic I own.

halosfan · April 10, 2006 10:21AM

None ... I use the wife's for all of my purchases for the miles. Pay it off each month.

roastedcat · April 10, 2006 10:48AM

I used to be devoted to paying with a Creditcard, when you have a great high paying job like mine sometimes you think spending a few thousand bucks on your CC, you can pay it off the following month. But then when that month rolls around and the bill comes due. You think hey I'll just pay the minimum payment not realizing your setting yourself up in a trap. The next thing you know you forget that your morgage is due and your short on cash. And your kids are hungry, I had to put my foot down and made a decision to get out of debt and it took me 4 painful years to get out of debt, lucky for my wife who manages money so well, with out her I'd still be stuck in a hole trying to get out.

For those of you that are still stucking in a hole and want to get out fast, and get rid of them high interest creditcards call this number.

1(800)251-CCCS (2227)

OR YOU CAN VISIT THEIR WEBSITE: www.CCCSatl.org

Consumer Credit Counsiling services

They have locations all over the US, they told me it would take me 9 years to pay off my debt, they work with all the creditcard companies and in most cases slash the high interest rate. I got lucky, they took my 5 cards and got rid of the interest and I just had to pay the balance. They set up a repayment plan you can afford and help you get out of that hole you created. One catch is if you decide to go through it, you need to cut up all your CC cards. I contributed extra funds towards the repayment and knocked my CC statement quickly. The next thing I know I have a really high fifel score, and everyone wants to issue you a high creditcard again with low interest.

I don't use a CC anymore, I currently have a paypal card linked to a seperate checking account which my wife puts in a monthly allowance for me to use. I'm out of debt and I'm going to stay that way.

Jery

tkd7 · April 10, 2006 10:55AM

I use a credit card for buyer's protection, but I don't carry a monthly balance.

I made a few purchases last month on credit card, so I'm off ebay this month, and have stuck to it.

TNP777 · April 10, 2006 11:24AM

I only own one CC and use it for almost all my evilBay purchases. Balance is paid each month.

Heard once that the average American has 16 credit cards. That means that my one card is balanced out by some dude with 32. Unreal.

Geordie

jmbkb4 · April 10, 2006 11:30AM

<< I only own one CC and use it for almost all my evilBay purchases. Balance is paid each month.

Heard once that the average American has 16 credit cards. That means that my one card is balanced out by some dude with 32. Unreal.

Geordie >>

Use my discover for everything, pay off in full every month. Gets me 1% back on all purchases, which adds up remarkably fast.

DeutscherGeist · April 10, 2006 11:37AM

I use a Chase Visa for everything. I get 1% rewards on it. I never carry a balance. I spend carefully and pay the balance off each month. Its not like I don't like buying stuff, I am just patient about it. Its less stressful this way to be content with what you have for longer periods of time.

dontippet · April 10, 2006 12:59PM

I'm with Halosfan. Use one credit card for miles on American Airlines and pay it off every month. My family is going to Colorado this summer with three free tickets partly due to ebay transactions.

Don

volmaniac · April 10, 2006 1:19PM

Hey roastedcat, were you just on a commercial for TransUnion? Just saw it during Sportscenter. I had read this post and then 5 minutes later the commercial came on. There was a guy telling his story the was the same as yours. Kinda caught me by suprise. Even had clips of the guy in the card shop, then the ball field.

BigRedMachine · April 10, 2006 8:14PM

Hey, I remember that commercial!!! Had a guy sitting in a baseball stadium talking about his past credit troubles which he claimed he got into buying cards, among other things.

Surely that's not our friend roasted cat........but the story does sound familiar doesn't it?

I learned my lesson several years back when the cards got up over $5K. I put the halt on spending and got things back under control. Perhaps having a few cards and a high balance in the past is why I feel comfortable having 1 card with a few hundred on it now.

shawn

ArchStanton · April 10, 2006 9:43PM

I don't use a credit card for cards or anything else. I use a check card or debit cards instead. A check card has the same protections as a credit card. Also, the average person spends something like 12%-16% more money when they use a credit card versus cash. I gave up on them five years ago. Thank Heaven!

If you sign up with a company like CCCS, your credit report will look like you filed for bankruptcy. So, only use one if it is absolutely necessary.

Seraph · April 11, 2006 2:36AM

I need help. I am deeply devoted to the hobby. I have 4-digits (3---) on my one and only CC and I can't seem to stop. This PayPal thing is a very dangerous creature. Or is it the CC? I used to have 4, but things got way out of control. I was $13K in the hole. I was back to zero for a few years until I started up with eBay again in 2005 and got PayPal.

Knuckles · April 11, 2006 2:47AM

They keep up'n my limit.. I phone them every couple months to lower it back down to an amount that won't get me into too much trouble. Credit cards are evil.

Southsider · April 11, 2006 2:52AM

<< I don't use a credit card for cards or anything else. I use a check card or debit cards instead. A check card has the same protections as a credit card. >>

This is not true. Credit cards have greater protections under Federal laws regarding liability for stolen cards and fraudulent purchases. By law, your liability is capped at $50 for unauthorized purchases on a credit card. A debit or check card are not as protected by Federal laws. Liability is capped at $50 only if you report the stolen card within 2 days. If you wait more than 2 days, your liability is up to $500 and if you don't discover the theft until 60+ days, you can be liable for the entire amount stolen from you. Additionally, with a credit card, you have the right to withhold payment for faulty goods purchased using a credit card. With a debit/check card, since the funds are pulled from your account first, you must request a refund from the merchant for faulty goods. Huge difference in getting results.

I didn't mean to criticize the quoted poster, but I felt that I needed to clear up some perceived misconceptions about credit cards and debit cards offering the same protections.

ArchStanton · April 11, 2006 4:55AM

Southsider, I think this is a great topic, and I appreciate your input. This is a great way to share information. You are actually liable for zero fraudulent purchases on your card. That is why it is called fraudulent. It is a crime. Therefore you are a crime victim. The credit card companies will tell you that you are liable for X amount, but leaglly, you are not responsible for any illegal purches on your card.

I think the reason that CC companies will take $50 and eat the rest of the loss is because the illegal charges are usually made by the card holders relative or friend and the CC companies never prosecute anyone. They are not willing to spend the time/money to go after anyone. They are happy to charge folks 18% interest and $39 late fees and suck up various losses.

I realize that most people here don't have outrageous balances or interest rates. The reality is that the average household has over $8,000 in CC debt on a dozen cards. I would be willing to bet that an individual's interest rate is probably inversley proportional to his income. Also, I believe that about one third of the CC industry's income is from various fees - not interest.

I certainly am not mad at anyone who uses their credit cards wisely or anyone with a CC balance. I just think that the whole credit card and sub-prime lending community is a blight on the lowest end of the economic population and therefore a strain on the economy in general.

Thanks for letting me vent. I hope I'm not too offensive.

Southsider · April 11, 2006 5:05AM

Sorry, that is not true. I am studying Commercial Payment Systems right now and I have the relevant sections of the law in front of me.

According to the Truth In Lending Act, consumer liability for fraudulent purchases on a credit card is limited to $50 max. It is a statutory ceiling. Card companies will often waive the $50 as a gesture of goodwill or by terms of the Cardholder Agreement.

Debit card liability is governed by the Electronic Fund Transfer Act. Under this provision, consumer liability for fraudulent purchases on a debit card is limited to $50 only if the card is reported stolen/lost within 2 days. Liability increases to $500 if reported after 2 days, but before 60 days. If not reported within 60 days, there is no limit. Once again, Cardholder Agreements may waive these liabilities.

To the extent that you may be a victim of fraud, the thief is ultimately responsible to you for your loses. However, by law, you are responsible for the above amounts in the situations described. You would then have to seek reimbursement from the thief. This is not the same thing as not being responsible for the loss.

earlycalguy · April 11, 2006 5:17AM

if someone is maxed out on their card due to EBay purchases and paying 20% plus in interest then why not sell some of the stuff that got you into debt?

larryallen73 · April 11, 2006 5:18AM

I agree with southsider.

roastedcat · April 11, 2006 5:28AM

People like us have a hard time letting go of material possessions!
Everytime I buy something I tell myself I'm not owning it, I'm just temporary holding on to it as an investment. When the time comes to sell, I don't want to let it go. I'm afraid I won't get as much back because nobody's bidding on it. Or Regretting I sold it, and tell myself I used to have that one. As a collector, it's just hard to let your collection go so easy.

earlycalguy · April 11, 2006 5:42AM

it sounds like you weren't using discretionary income. it's probably not this is easy if you are in trouble but for me to choose from house payment, a necesity, maintaining good credit, not going into debt etc....I'd sell to pay off those debts and stop the high interest.

say bought something for $100 - paying 20% in interest is going to cost you a lot more than re-selling that item and say getting $95 for it.

ArchStanton · April 11, 2006 5:49AM

I stand corrected and defer to the man referencing the Truth In Lending Act.

Visa recently made a really big deal about how their check cards carry the same protection as their credit cards. Was that advertising speak or truth?

Southsider · April 11, 2006 6:16AM

<< I stand corrected and defer to the man referencing the Truth In Lending Act.

Visa recently made a really big deal about how their check cards carry the same protection as their credit cards. Was that advertising speak or truth? >>

Probably a little of both. It's possible that Visa or other card-issuing companies *could* provide the same protections through the cardholder agreements that you sign when you apply for the card. However, there is nothing preventing Visa from later altering those rights in subsequent amendments to their agreements. You get them in the mail all the time with your statements and no one ever looks at them. Your protection is only as good as your contract with Visa (or, rather the issuing bank). When it comes to relying on a constantly updated contract with a profit-motivated party or Federal laws, I'm going with the Federal laws.

Hope I could shed a little light on this subject.

Now, let's get back to talking about cards of a different kind!

Downtown1974 · April 11, 2006 6:42AM

I use cash only when I buy cards. Got in over my head in the late 90s with a credit card used for baseball cards. I owed 16,000 big ones on it! Paid it off in 2002 and have never bought cards with it since. Best thing now is, my collection is paid for, and I own it now!

theo934 · April 11, 2006 6:44AM

<< I use a credit card for buyer's protection, but I don't carry a monthly balance. >>

DITTO

shambo2000 · April 11, 2006 6:44AM

I use a PayPal visa debit card. The money is debited from my PayPal accout, so I can only spend what I have available. I also earn 1.5% cash back on purchases when I use the card.

gregm13 · April 11, 2006 6:52AM

I charge almost everything on a credit card (on which I earn frequent flyer miles), which I pay off at the end of the month. If there is anything that I can't pay by the end of the month, I charge on a second secret credit card on which I keep the balance to $1k or under. Unfortunately, every time I pay off the secret credit card, I tend to charge more on it...

Regards,

Greg M.

theo934 · April 11, 2006 6:53AM

<< People like us have a hard time letting go of material possessions!
When the time comes to sell, I don't want to let it go. I'm afraid I won't get as much back because nobody's bidding on it. Or Regretting I sold it, and tell myself I used to have that one. As a collector, it's just hard to let your collection go so easy. >>

DITTO! DITTO! DITTO!

gregm13 · April 11, 2006 6:53AM

<< 

<< I stand corrected and defer to the man referencing the Truth In Lending Act.

Visa recently made a really big deal about how their check cards carry the same protection as their credit cards. Was that advertising speak or truth? >>

Probably a little of both. It's possible that Visa or other card-issuing companies *could* provide the same protections through the cardholder agreements that you sign when you apply for the card. However, there is nothing preventing Visa from later altering those rights in subsequent amendments to their agreements. You get them in the mail all the time with your statements and no one ever looks at them. Your protection is only as good as your contract with Visa (or, rather the issuing bank). When it comes to relying on a constantly updated contract with a profit-motivated party or Federal laws, I'm going with the Federal laws.

Hope I could shed a little light on this subject.

Now, let's get back to talking about cards of a different kind!

>>

Credit card is the ONLY way to pay, especially over the internet. I have been scammed several times and have been protected via the credit card fraud protection.

Regards,

Greg M.

DeutscherGeist · April 11, 2006 4:38PM

if you keep your records and proceed wisely with each purchase, credit cards can bail you out many times when you get bad service or item.

cohocorp · April 11, 2006 11:35PM

i only use cc to purchase when i have any doubt in mind. for instance i bought a 1968 dodge charger on ebay for just under $18k delivered only because i could pay by cc. that was an easy flip as i sold it locally fairly quick. but if they didnt take cc, i would have passed altogether. funny thing, i never even drove it and already had 2 chargers at the time. so sometimes using a cc is good, only if you dont run up the balance though.

coho

bjork73 · April 12, 2006 3:32AM

<< I used to be devoted to paying with a Creditcard, when you have a great high paying job like mine sometimes you think spending a few thousand bucks on your CC, you can pay it off the following month. But then when that month rolls around and the bill comes due. You think hey I'll just pay the minimum payment not realizing your setting yourself up in a trap. The next thing you know you forget that your morgage is due and your short on cash. And your kids are hungry, I had to put my foot down and made a decision to get out of debt and it took me 4 painful years to get out of debt, lucky for my wife who manages money so well, with out her I'd still be stuck in a hole trying to get out.

For those of you that are still stucking in a hole and want to get out fast, and get rid of them high interest creditcards call this number.

1(800)251-CCCS (2227)

OR YOU CAN VISIT THEIR WEBSITE: www.CCCSatl.org

Consumer Credit Counsiling services

They have locations all over the US, they told me it would take me 9 years to pay off my debt, they work with all the creditcard companies and in most cases slash the high interest rate. I got lucky, they took my 5 cards and got rid of the interest and I just had to pay the balance. They set up a repayment plan you can afford and help you get out of that hole you created. One catch is if you decide to go through it, you need to cut up all your CC cards. I contributed extra funds towards the repayment and knocked my CC statement quickly. The next thing I know I have a really high fifel score, and everyone wants to issue you a high creditcard again with low interest.

I don't use a CC anymore, I currently have a paypal card linked to a seperate checking account which my wife puts in a monthly allowance for me to use. I'm out of debt and I'm going to stay that way.

Jery >>

Here's another CCCS member. I like the concept, but I don't think they worked real hard to knock down my interest rates. Oh well, the main thing is that my spending is definitely in check, so my collection growth has slowed down significantly

Credit Cards . . .

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