Credit Cards and Store Cards

[babybuffy84]

Well me and DH are in a lot of debt we were stupid when we first met and just did wahtever we wanted we had a period where he was out of work and we lived on credit cards for that then about 2 years ago we started on a debt management plan,it was the best thing we have ever done now we pay for everything we buy and am saving hard to pay it all off.I never ever want to get into debt again dont have any overdrafts or anything any more.We ae not quite sure what will happen once the baby is born as i cant go back to work full time as i have no family near me and child care is so expensive so think i will have to go on an IVA which will then mean it will all be paid of in 5 years or less.I regret it now and pay it back at £1000 a month and cant help but think what we could do with that spare money but we are well and truly learning our lesson now

 

[ellismum]

OH is the only one with Credit in our house as I learnt the hard way and currently 4 years into an IVA which was the best thing I ever did!! Spent a stupid amount of money that I take full responsability for and wish I had something to show for it!! Now of I want to buy something I budget for it and pay cash. OH has a CC which is paid off every month, an Argos card which is used for large purchases only in emergencys only and a Next account. Both have £0 balance. We both drive modest cars which we paid cash for after saving up. The only other credit we will get is a mortgage but once we have saved a sizable deposit.

 

[Michy]

None here.

 

[Rumpskin]

Credit cards scare me so they are a big no no as are store cards.

I do have an overdraft facility on my current account and have a car loan which is now down to just over £3000 and will be paid off by Oct 2010

OH has a few credit cards but is working hard to pay them off

 

[Lucy&Pard]

I have 2 credit cards not used altho I used one recently to pay for a course. Hubby has like 4 bank accounts with o/d and 3 credit cards but pays them off every month - and we have £20k car loan. Yikes sounds bad now I wrote it down!

 

[special_kala]

We don't have any store cards or credit cards but we do have like a £800 overdraft. We are considering getting a credit card for big purchases. Just for the security like if company goes bust or something purchases over £100 on credit card you can claim back ( i think )

 

[golcarlilly]

I am really surprised reading through this thread that so many people are managing to lead debt free lives! If you listen to the media you are told that most people are in debt of some sort! DH and I had credit card debts of around £10K between us until recently but we have been very fortunate in inheriting some money which has enabled us to clear them and I am determined NEVER to be so stupid again!!! DH had his when he was studying and I ran up mine whilst a single parent. Currently I have a loan with his parents for my car and an old loan for a holiday (how stupid is that?) which amount to £150 a month and DH is debt-free. I cut up all my credit cards and just have an overdraft now in case of emergencies.

When I was 18 I ran up £600 on a top shop store card and the interest rate was 20% (I think they are even higher now?) it took me months to pay it off - these companies should not be allowed to exist IMHO!!!!

 

[MummytoOscar]

I have an overdraft, 2 credit cards and an Ikea store card

One of my credit cards has a £6,600 limit! But I've never had more than £1,000 on it, they just keep upping the limit so I can see how easy it is for people to get caught up in debt.

At the moment I owe £1,800 max. Well when I say I owe, I mean it's in my name. Half of that debt was used by Oscar's dad

 

[Blah11]

I have one credit card, and I pay the full balance off every month.

I've never had a store card.

I have no debt at all to my name, and never have. Not even a phone contract.

OH is a different story though

Same here. I panic if I go into my overdraft OH is over a grand into his... plus he has a loan and a credit card. So hes about 5k in debt, im not in debt at all


Edit - except my mortgage!

 

[impatient1]

I have 1 store card, and 2 credit cards. In some debt right now from OH and I both being off work but getting it paid off.

 

[Fern.x]

I have my bank account and an rbs credit card which is payed off will only use it in emergency's

 

[Dream.A.Dream]

I have no credit cards. I have one store card with next, only because I didn't seem to have any choice, to buy something off the internet they automatically opened me an account with a £300 limit. I just paid it off in full when the bill came through.

I still have a student overdraft, because I wasn't due to graduate until 2010 so it's still 0% interest. Although now I've been paid twice it's very nearly paid off, and next month it will be paid off completely because I won't need to dip into it again to live that month. I think once it's paid off I'll reduce my overdraft facility.

I also have a phone contract. But that's on direct debit so gets paid fully each month without me having to do anything xx

 

[CrystalBell]

No credit cards, no store cards and no debt to anyone ( i.e family, friends) HOWEVER I have a student loan which I'm hoping to clear over the next 5 years.

 

[aimee-lou]

My husband and I are in the middle of paying off our credit at the moment.

Over the last 2.5 years we have managed to pay off £7500 of debts. We still have £13000 of debts left on 2 credit cards, 2 personal loans and a variety of HP type agreements for kitchen stuff, cars etc. We will freely admit that we each brought our fair share of debt to the table when we got together but when we got the joint account we said that the debt was OURS to pay off. I'm very proud of what we have acheived...especially when you consider we have also manged to get married, get our dog, keep the house going and have a couple of decent holidays. I'm a great believer in paying what you owe without it being to the detriment of your life. We should be debt free by June 2012 (less than 3 years! Wooohoooo!!!!! )

Golden rules I follow.....if you cna't afford it, don't buy it. Always keep an eye on what's going in and out, and have a pot for emergencies...no matter how small that pot....you may need it. (Actually breaking my rule at the moment as I have no savings due to big outlays coming out this month. Back to the grindstone )

 

[aly888]

Both me and the OH try to live on what is in our banks at the time. He has a credit card which we use for things like online buying (plane tickets etc) purely for peace of mind if something goes wrong and we can charge-back, and we also use it for emergencies (ie, last month our dyson packed in so had no choice but to buy a new one...) but we always pay it off before they even ask for the money!!
I do have a credit card to my name, but they sent me a letter today saying i havent used it in so long that they are closing the account. in fact, iv not used it even once
We both have overdraft facilities, but only to avoid bank charges in case we spend too much without realising. Now we manage all our accounts online including 'baby fund' and joint account so its easy to see whats going on!!
I tend to constantly have it in my head that I have no money, therefore I avoid spending money, therefore at the end of the month I usually still have a £100-200 left which i then spend how i want. haha

 

[DizzyMoo]

I don't have any credit cards or store cards.

 

[K1nS]

I have too many tbh lol, I have 3 HFC accounts which is from getting things on credit from Currys, and I also have an Argos store card (which once is paid off will be getting cut up!)

 

[x_kitty_x]

1 Natwest Student Credit Card - £500 limit, Interest free for 56 days though so that's quite good

Also have an interest free overdraft of £1250 with Natwest.

Unfortunately the two are currently about at their end with paying for university and I work aswell