Credit Cards and Store Cards

[Vici]

I have no credit cards and no store cards! However, my story a few years ago was slightly different. I went bankrupt a yr and a half ago! It was the best thing I ever did. I did have some of my own debt and was in a well paid job. I then got made redundant (from a 35k a year job) and was left with just over 20k debt on top of my own little bit (5k inc my car finance!!) by an ex!! I entered into a payment plan as the last thing i wanted to do was go BR but after 2 years of this and then having to live independantly, I was advised that my credit rating will be exactly the same after the plan as it would have been should I go BR. I chose the latter. I now have nothing on credit and it is the best thing ever!

 

[Vickie]

We have two credit cards and maybe one store card? That we never use. We pay the balance most months (sometimes it's harder than others but we generally pay it quickly). The only reason we even have two is that one has free car insurance on rental cars on it because of Stan's credit rating so we've kept it for that and that alone.

Oh and we do plan to get one under my name so that I can establish credit here.....I had one in the States but it's been a few years

 

[polo_princess]

After experiencing debt a few years ago i definatley now dont spend out what i cant afford to pay off. Too many houses in the UK are debt ridden and i just dont see the point, one day its going to bite you in the ass just like it did me.

My credit card i use on larger purchases and for christmas and birthdays, that way i can pay the balance off over the next 3 or 4 months without having to pay out one big lump sum. I always pay off a good proportion of it rather than keep paying min payments as they get you nowhere.

Up until christmas my debt to income ratio, was probably 5% of my monthly income, not a lot at all, but i have no monies outstanding now as i wanted to get them all paid off before i went on mat leave and had a smaller income

 

[Vickie]

same as holly we got into credit card debt in the beginning of our marriage and just recently paid it all off. So we do try to be very careful about what we put on the cards and pay it off usually the day we put something on it

 

[polo_princess]

Its just handy say if your tv broke ... you could go out and buy a new one on your card and then pay it off over a few months, whereas if you didnt have one youd have no tv until you saved up

 

[princess_bump]

it really is amazing with regards to the amount of cards offered - every other day there is an ad through the letter box have to say, with re store cards, you obviously don't pay the interest if you clear the balance in full! so its good to get the discounts without paying for them! a martin lewis secret! lol! if you've ever seen him he's fab with money! xx

 

[danni2609]

I dont have them anymore i got into debt with my store cards and credit cards so got rid and now like you say pp live to my means if i cant afford something i dont get it...im not one of those people that feels the need to keep up with others iykwim

 

[Becky]

My ex left me with alot of debt, I have paid a bit chunk of it off but still have about 5k left. This is holding me back from moving out

I have a Mothercard signed up thinking it would be great and then saw the interest rate and thought sod that so I have never used it.

I also have a £50 overdraft for emergency use only.

x

 

[nessajane]

None i hate having debt

 

[Jemma_x]

No credit or store cards, i just dont want to get into debt and to be fair if i had either of these i probably would

 

[BlackBerry25]

I have a Visa that is always almost maxed out, and they keep upping it, like I pay it, but I never have paid it back down fully.

Brian has one Visa and 2 store ones, one is paid off and one has a couple thousand on it. :/

 

[Tasha]

I have one and that is the only one between us.

 

[Deb_baby]

i have none but OH has quite lot of debt from when he was younger and stoopid x

 

[x-amy-x]

I have loads but i only use the cards if i get benefits. Eg, i use my ASDA card for petrol because i get 1p off a litre. Always pay it off when the statement comes. Our main credit card that we use in 'emergencies', we cleared this month. So it feels good to finally not be in debt to companies! Wonder how long it will last!

 

[caggimedicine]

I've got no store cards or credit cards and never have had either! I've also never had a loan. The most debt i've had is an overdraft which has never been more than -£100 and that was years ago.

Sounds good hey? Well.... try getting any credit from anywhere when you've never had any! Even when I tried to open a savings account I got knocked back because I've never had any debt. This of course did beg the question... why would I be opening a savings account if I had a load of debt? The bank couldn't answer that one.

Hubby on the other half has had enough debt for the both of us, all run up before we met. He's only just finished paying it off after 3 years.

Everything i've ever wanted to buy, i've saved up for and then bought outright. I'm scared of credit I think!

 

[Donna35]

I have 1 credit card - only has a 500pound limit so I can't do much damage with that lol. We use it to buy on ebay etc but clear it off every week or so when there's a bit on it so they don't get a chance to charge me interest

Few years ago I was up to my eyes in debt - had store cards, credit cards, car finance, loans allsorts but not any more. Helps that OH doesn't believe in debt and keeps on top of our finances

 

[ablaze]

i have a CC which had a credit limit of £3000 but now is £1000 it has £0 on it tho :thumpup:

i have a storecard for my work (yes shittest way to get discount ever!)

and one for argos(handy for big purchases)

thats it

thankfully i have no balances on either, after darren left me in £2400 of debt which i had to pay off.. wont be using either of them unless i need to.

 

[candeur]

I have 2 store cards, owe about £600 between them... I did have a credit card which I maxed out on a holiday to Florida, got myself in a huge mess with it, and ended up having to get a loan to cover the debt so I can just get rid of it, and actually start chipping away at the debt.

I'm quite naughty with this kind of stuff if I'm honest... I'd never get into massive debt again, but I do like to treat myself and my family occasionally with presents.

 

[xJG30]

I have none.

 

[Jem]

What does everyone think regarding the current rate of personal and household debt in most households in Europe and N. America?
I think we live in a "buy now, pay later" society, myself. We just never seem to be satisfied and have lost the patience to wait and save for things. I know my mum finds consumer debt in young people really shocking. She said in the 60s and 70s, it was not easy to get a credit card. You saved up the money, and then you bought the desired item, or you went without.
Nowadays, it is unusual to meet someone who doesn't have credit cards. Or debt. Part of this is personal responsibility - we all have to be adult and manage our finances. No matter how it came about, we are the ones who spent the credit, we have to pay it back.
On the other hand, credit companies use the dirtiest tactics to get us all to spend and owe.
I myself have had my credit card companies up my limit without asking or informing me. Once, the limit on one card was increased by 500%!!!!
Or the fact that they target people who don't have much income and will have trouble paying it back - like students? My brother was approved for a computer store credit card upwards of $2500 when he was an 18-year old, fresh out of high school with no job. They knew his type - he wouldn't be able to resist the computer gear and he'd be paying them 28% interest on it for a long time. It makes me want to give my brother a slap upside the head, but it also makes me want to tell the credit company to back the hell off. It's positively predatory!
What do you think? Is it a case of people needing to be more responsible with credit or so we need better regulations to stop predator creditors?

Absolutely agree with you! We've learn't the hard way and currently sorting out debt management. We're in tens of thousands worth of debt and unless I get a better job, it'll take years to pay and I mean years! But I'm determined to pay it and refuse to go bankrupt and lose my house so I'm fighting for it. Plus the fact we are guilty of the buy now pay later and then it turned into robbing peter to pay paul. We are now learning to live the correct way x