Having one or more credit cards

@early3 (60)
Philippines
December 23, 2011 7:49am CST
As we all know having a credit card is a convenient way to shop anywhere even online. I for one have one or two but to some they own four or maybe even five cards. I think it doesn't matter at all as long as you pay on time. But then the problem arises when all are maxed out...like what happened to my friend, she has 4 credit cards with different banks although according to her she has a good credit reputation and credit standing that's why. She uses it one at a time but sometimes she can only afford to pay the minimum fee or worse she can not comply paying on the due date..she may be able to pay the 2 but late for the other 2. The hardest part is, late payments and finance charges are starting to accumulate. Any suggestion guys? Any advice will do. I know she's coming up with a proper solution but then she's confused right now.
1 person likes this
8 responses
• Canada
23 Dec 11
I work at a store where we also have a credit card. Many people bring their statement into the store to make their payments. Everyday I see people who are in debt because of their credit cards! I've seen people who owe 20 000 dollars but they come in and only pay 20 dollars! Then I've seen people who want to pay off their whole credit card with another credit card.. You cannot do that.
1 person likes this
@taomoney (648)
• Hong Kong
24 Dec 11
OMG! Those people trapped by Credit Card! How can they clear the payout if they pay by another credit card! I will be a big snowball at the end!
@taomoney (648)
• Hong Kong
24 Dec 11
I have a lot of credit card. Only two will be frequently used. One for visa, one for master. In case one is not accept in online shopping, i still have another one. While I only use two, I still have other credit card. Because, my mother force me to apply them. YES, my mother force me to get more credit to be her referral. Hence, she can get those GIFT! Fortunately, I am a person under control. Never buy what I cannot afford. And my mother will remind to stopped those card after she get those gift! Opps! Is there another mother will do the same ?!
@early3 (60)
• Philippines
26 Dec 11
Gee thanks for the advice! What I knew was when the first time she acquired her first card she got so excited without thinking of her monthly obligations...that time maybe she lost her control... But will relay her your idea.
@KrauseHome (36449)
• United States
15 Jan 12
Personally this becomes part of the problem sometimes is people tend to go overboard with Credit Cards and other things, and next thing they know even though they were really trying to keep from avoiding that pattern they end up late on a Bill, or forget to pay something and then next thing they know they are paying a lot more for a while and the interest rates go up, they have late fees, etc. It becomes a never ending circle and No Fun for sure. Only thing I can suggest is try getting a Credit counselor or someone she can talk too about her problems and maybe consolidate some of the Bills. Then quit using the Cards and keep caught up and avoid using Credit Cards for a while.
@Keola12 (795)
• United States
24 Dec 11
People have to be careful with credit cards, because before they know it they are in debt, as you mention in your discussion. I think the best thing to do is for people to use their debit cards in place of credit cards. With debit cards, as long as they have a Visa or Mastercard logo on them, they can be used in place of credit cards. It's better this way, because you are using the money that's already in your checking account, and you don't get charged any interest or finance charges like you do with credit cards. I use my debit card all the time to make purchases online. However, I always make sure I have more than enough money to cover the cost of the item or items I wish to purchase. My debit card is the only card I use, especially if I want to purchase anything on credit. It's safer, because I won't be as likely to go into debt, as opossed to using regular credit cards.
@early3 (60)
• Philippines
26 Dec 11
Thank you for responding and I think that is a good idea. You will never have to worry about interest and finance charges especially if you can not pay in full or even half. Maybe if I will be in her situation I will do the same.
• Australia
24 Dec 11
i have a problem with credit card although i only have one and i am still slowly paying it. it is hard and i could not imagine how harder it is for her. maybe she can consider getting another job just to pay it out? and stop using the card again when she still hasn't paid it in full? but the only sure solution is when she pays all credit cards out, she needs to cut them. if she can't control herself one credit card is enough. there is a saying if you can't afford it dont buy it.
@early3 (60)
• Philippines
26 Dec 11
Yeah you're right, only one or two will be enough. Will relay her your advice but if she will ask me i think will consider yours. But of course it will take time. I know she's been paying it monthly and slowly. Thanks!
@KostaK (5)
23 Dec 11
Fore me I think Is good to have more credit cards, because for security reason.Also is good when you have more cards for different banks if you want to give money from cash machine you don't give tax.
@early3 (60)
• Philippines
26 Dec 11
Yes I agree with you, because you do not have to bring cold cash whenever you shop. There are a lot of thieves, pick pockets and snatchers around. Must be very, very careful. Thanks!
@bounce58 (17387)
• Canada
10 Jan 12
Has she tried approaching the banks and may be get a consolidation? If she has a mortgage in her name, then I think it would be easier. That's what I did. I only had 2 credit cards, but I consolidated so I could pay off one. Now, I'm only paying off one credit card. Plus my total debt servicing has gone down.
@CTHanum (8234)
• Malaysia
7 Jan 12
I don't have any credit cars so I am not sure what is a good solution for her to do unless she should pay what she need to pay. That is one of the reason I hate about credit cards. It just like a hole and we fall down and get trap in it it seems that we can't come out from it. For me it is better to bring cash all the time. The less cash is better so we will not going to overspend it.(^^)