Credit Tips: Credit Card Usage 101

Posted On: March 1, 2005

Author: archive
Joined: 23 Jul 2004
Posts: 5007
Posted: Thu Jan 13, 2005 5:30 pm
Post subject: Credit Card Usage 101

Daren
Date: 3/19/2000 0:28 am CDT

Unfortunately credit cards do not come with instructions, and
many people get into some unending payment plan. I too was in
this position years ago and have turned the tables around! I now
use my card for “all” purchases for which there is money in the
checking account to cover. When a charge is made, I simply
deduct the charge amount in the check book as if I would have
written a check! Next, when the credit card statement comes, I
am totally prepared and am anxious to see how much “rebate” I
earned. In closing if you are not in a position to “payoff” the
bill when it comes, DONT BUY IT! Wait a month, year or ?
Otherwise you wil be paying 2-6 times the actual price of that
item. Well, that’s my opinion, yours may be different.

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Author: NightStar
Board Monitor
Joined: 07 Nov 2003
Posts: 2634
Location: Illinois
Posted: Sat Jan 22, 2005 8:26 am

Would be nice if everyone could limit spending to just what they had to cover that month, but unfortunately emergencies can come up to prompt usage of credit cards be it medical or otherwise, just the way it goes sometimes.

Myself, when I did use the credit cards, it was not an everyday thing, it was just for major purchases which were needed. Then spend the next few months working to pay more then minimum to pay the bill off completely.

Was never really comfortable using credit card on a regular basis.

Other option would be to establish a savings account, rainy day funding, but that too is easier said then done.

Best Regards,
Pammila Phillis
Board Monitor
U.S. Citizens for Fair Credit Card Terms, Inc.
http://www.cardratings.com
501-663-0314 PH
501-663-0033 FX

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