credit card debts

Philippines
October 25, 2008 9:42pm CST
with today's economic turmoil, did you turn to credit cards? how do you avoid credit card debts?
1 person likes this
6 responses
@chiaeugene (2226)
• China
26 Oct 08
turning to credit card is never a wise options. i was in one myself and chalk up debts of $100,000 within 2 years of spending unnecessary and gambling online. i had 8 card during my time and several line of credits giving me about $150000 to draw with and i almost max out all my cards. each month i had to pay about 5000 in min payment to all the cards and this is barely over the interest incurred for the month. i managed to clear them in about 1-1.5 yrs and since then, i had cancelled most of the cards leaving only a visa and master card and i felt this is sufficient. the high interest rate ranging from 18 -24 % per annum is very high and you would have a hard time serving them once u chalk up balances in these cards. once started, it is likely that you will fall into a vicious cycle of taking from one card to pay another card if your monthly income cannot sustain the repayments. in the end, you will end up with debts faster than you can imagine so avoid at all cost and do not see them as a temporary measures.
• Philippines
26 Oct 08
once you started borrowing cards, you get trap into a cycle of debts.....hopefully, we wouldn't be trapped by those companies again....
@underdogtoo (9601)
• Philippines
26 Oct 08
I don't have a credit card and it might be a blessing. I want a credit card only because of the things I want to buy on the internet. I keep resisting because it is a big problem once you become a victim of identity theft and credit card theft. I just content myself with earning a few dollars via mylot. Cheers!!
• Philippines
26 Oct 08
good for you....i think it's better if we all pay in cash....
@lavendar (99)
• United States
26 Oct 08
I don't have a credit card yet, The only reason I want to use is that it has cashback, But I haven't the credit, so I can't apply for the debit card What a pity
@tonytt2009 (1706)
• China
26 Oct 08
I did have credit cards before the turmoil economic,emm~5 credit cards~I think it's good with them when shopping.I will not let the debts happend to me coz I will clear them off before the account date in the bank or internet~have a nice day``
@BinaryKat (738)
• United States
26 Oct 08
No I don't turn to the credit cards to deal with the economic crunch because I already have to pay the big one down. It doesn't make sense to keep charging up the card. What I am doing to deal with it is budget the money and make do without certain things for the mean time.
• India
26 Oct 08
I have a credit card but I hardly ever use it. I use it only in an emergency. If one starts using a credit card regularly for all payments, it becomes a habit and one starts living beyond one's means. to avoid credit crunch, avoid Credit Cards.