POLL:Credit cards Good or Bad? Why?

[disneysteve]

Re: POLL:Credit cards Good or Bad? Why?

I'd love to be proven wrong, but I bet the majority of people do not use credit cards responsibly (maybe I'm being too pessimistic?).

Actually, 55% of US households either don't have any credit cards (24%) or pay their bills in full (31%), so the majority (granted not a very large majority) are just fine. As for the remaining 45%, at least some of them are carrying balances on 0% cards and making out better than paying off their cards. So the overall picture isn't completely bleak.

[MonkeyMama]

Re: POLL:Credit cards Good or Bad? Why?

I can't really vote - I think they are evil and great.

I don't like credit card companies and frankly think they are out of control, they prey on the poor, some of their practices, and their interest rates, should be illegal.

On the flip side I love credit cards as a tool since I know how to avoid the traps. The 0% interest is great, the convenience is great, the cash back is even better.

If you are not well educated on credit cards, I would consider them evil, if you are educated they are great.

most peopple have to learnt he hard way it seems, which is sad.

[simpleyme]

Re: POLL:Credit cards Good or Bad? Why?

I have never had a problem with credit cards but i do not really use them much I have had them for 20 years and the change in terms has been terrible! the universal default thing kills me
I have no risk at being in default but the slightest thought of even ever having to pay 32 percent on anything makes me feel physically ill.

I am crossing to the dark side i got a rewards card I only use a credit card when i travel to buy vacation packages so I am not sure if that kind of use will be worth it or not I charge about 3K a year and have it paid before i even take the trip


my son is 20 has a great job and a lot of money in the bank he is saving for a house

he was sent the most horrible credit card offer I had ever seen he would get 200 dollars credit and it would only cost him 69 dollars a year! he has no credit yet at all at the rate he is saving he will probably have enough to pay for a house in cash ,I told him to keep saving and we would help him by introducing him to the loan officer at our bank that does manual underwriting

I do not want him to pay money on these predators that know how desperate young people are to establish credit and take advantage of it

[Aleta]

Re: POLL:Credit cards Good or Bad? Why?

They are good if you use them correctly. I pay mine off monthly. I use their money for a whole month and don't have to worry about carrying around alot of cash to be stolen. Also, if you have a problem with the merchandise, it is easier to dispute the charge if it's on a credit card.

[disneysteve]

Re: POLL:Credit cards Good or Bad? Why?

If you are not well educated on credit cards, I would consider them evil

If you are not well educated, how is that the credit card's fault? It is what it is. How you use it is entirely up to you (general you, not you MonkeyMama).

[Hez]

Re: POLL:Credit cards Good or Bad? Why?

I like having a credit card, I don't think I could go without one. I might be singing a different tune if I couldn't pay it off online though; the computer makes it completely hassle-free. I can respect people who don't think they're good, though.

[PRICEPLUS]

Re: POLL:Credit cards Good or Bad? Why?

I guess this site is full of responsible card users. I was taken aback by the results of this poll!

[rags2riches]

Re: POLL:Credit cards Good or Bad? Why?

Credit cards are good but the key to managing credit cards is not getting over your head and understanding how minimum payments work and affect the total amount you pay back.

[disneysteve]

Re: POLL:Credit cards Good or Bad? Why?

I guess this site is full of responsible card users. I was taken aback by the results of this poll!

Even if someone doesn't use their CC responsibly, they may not blame the card as much as blaming themselves. As I said, the card is what it is. If you choose to use it wrong, it doesn't make the card evil. Maybe there are just a lot of people here who take responsibility for their own actions - that's a good thing.

[Thrif-t]

Re: POLL:Credit cards Good or Bad? Why?

I think credit cards are GREAT for me. I like a lot of others use them for the rewards and pay my balance off every month. Plus I have a lot of my household bills automatically charged to my card every month, pay them online and only have to order checks maybe once a year or two. But realistically they have been bad for the country fostering a gotta have it now mentality.

[Squantum]

Re: POLL:Credit cards Good or Bad? Why?

I'm not surprised by the results of the poll, although of course it is not scientific. It seems that many people may have answered, "it depends whether you use them responsibly and to your advantage, or irresponsibly and to your detriment" if that had been a choice.

I also think that people with tons of credit card debt are more may make the news more, talk about it more, etc., than those that pay in full each month, so we hear more about the former than the latter.

[disneysteve]

Re: POLL:Credit cards Good or Bad? Why?

I also think that people with tons of credit card debt are more may make the news more, talk about it more, etc., than those that pay in full each month, so we hear more about the former than the latter.

This is a very good point. Media bias is a problem in many areas. The general public comes to believe that situations are a certain way because of the way they are portrayed in the media. And, of course, bad news garners higher ratings than good news, so we hear a lot more bad news.

Statistically, 24% of American households do not have a credit card and 31% pay their bills in full each month. That means 55%, more than half, of all American households have zero credit card debt. So it is a minority 45% that carry a balance, and some of those are relatively small and even people taking advantage of 0% deals.

[meaghanchan]

Re: POLL:Credit cards Good or Bad? Why?

The biggest problem to me is not with credit cards themselves, but with the credit system. I don't think that you should have to have been in debt to rent an apartment, get a good job, or get a good rate on your car insurance- all things that can be affected by your credit score. There are people who should use credit cards, there are people who shouldn't... And there is a major problem in that the people who shouldn't (many of whom know they shouldn't) feel like they have to.

[disneysteve]

Re: POLL:Credit cards Good or Bad? Why?

The biggest problem to me is not with credit cards themselves, but with the credit system.

The other problem is the easy availability of credit. A college student with no job, no income and no money should not qualify for a credit card. When I was in college, my friends and I used to go to the mall and apply for all the store cards to get the free gifts, because we knew there was no way we would get approved, and we didn't. Today, that situation is totally different. They'll give a credit card to anyone with a pulse.

[DC?]

Re: POLL:Credit cards Good or Bad? Why?

Hello, this is my first post.

Credit cards or some kind of credit is a necessity unless you're fortunate enough to have enough cash to accomplish goals such as buying a car or a house. But it's very easy to spend more than you have or view your credit line as money in the bank.

Responsible usage of credit cards is great and makes life easier (convenience, security, tracking spending, rewards, etc.) but irresponsible usage can have serious consequences.

I agree that credit is too easy to come by for college students without a real income but it is also important to instill the concepts of frugality and budgeting in our young people.