Comments on: How to Put Credit Card Companies Out of Business http://www.creditinfocenter.com/wordpress/2009/12/11/how-to-put-credit-card-companies-out-business/ For the Up To Date News Tue, 07 Feb 2012 22:26:40 +0000 hourly 1 http://wordpress.org/?v= By: kyle bisch http://www.creditinfocenter.com/wordpress/2009/12/11/how-to-put-credit-card-companies-out-business/comment-page-1/#comment-3845 kyle bisch Tue, 26 Jan 2010 18:21:25 +0000 http://www.creditinfocenter.com/wordpress/?p=5764#comment-3845 The only way to use credit cards is to not carry a balance every month; think of it it as a bill that has to be paid at the end of the month. Credit card companies are still making money off of you (since they charge the business a % fee to use their 'service'), but you will not incur exorbitant fees and be paying them more money. I know that there are people saying: "Yea, that's great for you, but I already have $8,000+ in credit card debt." Layout a plan to payoff the debt. Start with the smallest balance (if you have multiple) and pay extra each month. When the first is paid off, pay the same amount into the next card. In a relatively short amount of time you can be free of your debt. Having credit card debt is throwing your money away. Just don't do it. Here is a resource for getting on track: http://cgi.money.cnn.com/tools/debtplanner/debtplanner.jsp On a side note, try to spend cash at small or local businesses. If you use a credit card they lose 2-3% to the credit card company. If you spend cash/check then they get to keep that money! The only way to use credit cards is to not carry a balance every month; think of it it as a bill that has to be paid at the end of the month. Credit card companies are still making money off of you (since they charge the business a % fee to use their ‘service’), but you will not incur exorbitant fees and be paying them more money.

I know that there are people saying: “Yea, that’s great for you, but I already have $8,000+ in credit card debt.” Layout a plan to payoff the debt. Start with the smallest balance (if you have multiple) and pay extra each month. When the first is paid off, pay the same amount into the next card. In a relatively short amount of time you can be free of your debt.

Having credit card debt is throwing your money away. Just don’t do it. Here is a resource for getting on track: http://cgi.money.cnn.com/tools/debtplanner/debtplanner.jsp

On a side note, try to spend cash at small or local businesses. If you use a credit card they lose 2-3% to the credit card company. If you spend cash/check then they get to keep that money!

]]> By: Nancy Tossell http://www.creditinfocenter.com/wordpress/2009/12/11/how-to-put-credit-card-companies-out-business/comment-page-1/#comment-3530 Nancy Tossell Sat, 12 Dec 2009 22:48:45 +0000 http://www.creditinfocenter.com/wordpress/?p=5764#comment-3530 One of the reasons I use credit cards is that it allows me to carry much less cash in my purse and I feel less vunerable to being robbed. Although I can be robbed of my cards, should that happen, I can call the credit cards and have purchases stopped. Robbers are usually looking for cash. Being one of the lucky ones who has not paid interest on a card for over 10 years, I would encourage people to pay down on their cards as soon as possible. Even if it takes a long time, the goal is to use the card issuers money for as long as possible, and pay off the card in full each month. This way, you have good credit management, don't have to carry a lot of cash on hand, and get to the money in your account longer. Although interest accumulated may only be pennies, it beats paying out the extra dollars to the institutions who seem to have no limit to the amount of money they take from us. One of the reasons I use credit cards is that it allows me to carry much less cash in my purse and I feel less vunerable to being robbed. Although I can be robbed of my cards, should that happen, I can call the credit cards and have purchases stopped. Robbers are usually looking for cash.
Being one of the lucky ones who has not paid interest on a card for over 10 years, I would encourage people to pay down on their cards as soon as possible. Even if it takes a long time, the goal is to use the card issuers money for as long as possible, and pay off the card in full each month. This way, you have good credit management, don’t have to carry a lot of cash on hand, and get to the money in your account longer. Although interest accumulated may only be pennies, it beats paying out the extra dollars to the institutions who seem to have no limit to the amount of money they take from us.

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