finance.yahoo.com — Of all the games the credit card companies play that end up costing you thousands of dollars (late fees, over-limit fees, transfer fees, and so on), it's always been the interest rate game that hurt the most -- until now. There's a new, completely legal game they're playing, and it can literally wipe you out financially if you're not careful....
Mar 13, 2007 View in Crawl 4
pearlywritesMar 14, 2007
Credit cards and their fees and the games they play are horrid! They need to be regulated by some organization or higher company.
webwidejoshMar 14, 2007
I don't know. I'd like to have the biggest freakin' mortgage I can afford when hyper inflation hits. It will be soooo easy to pay off my established balance agreement as my income goes up and my mortgage value shrinks.
webwidejoshMar 14, 2007
Often 20% of the value of the home or loan is insured with PMI. Why would you need previous credit to buy a home?
Closed AccountMar 14, 2007
Frontline,on PBS had a really good program on this subject.You can watch it here:<a class="user" href="http://www.pbs.org/wgbh/pages/frontline/shows/credit/view/">http://www.pbs.org/wgbh/pages/frontline/shows/credit/view/</a>
Closed AccountMar 14, 2007
why not watch the show from the source?<a class="user" href="http://www.pbs.org/wgbh/pages/frontline/shows/credit/view/">http://www.pbs.org/wgbh/pages/frontline/shows/credit/view/</a>
brstilsonMar 14, 2007
"It's not that hard to build credit to a decent score without ever being in "debt.""I'll vouch for that. I'm 24 years old and have never owned a credit card. I checked my FICO score this morning and it's at 740. I have three car loans on file (one is current), all of which have near-spotless payment history. I have a store finance I used to buy a camcorder at 0% interest.You can build good credit when buying big ticket items at a retail store. First, save up enough money to pay for the item outright. Then, wait until they're offering 0% financing on the item you want to buy. Then, sign up for their credit card (only if it has no annual fee, most don't anyway but it's good to check) or financing, and buy the item. Usually there is a 6 month or 1 year no interest term. Take all that money you would have used to pay for the item and use it to open a money market account. Over the next 6 months-1 year or more, that money will gain interest while you establish a credit history, all for free. Before your last payment is due, withdraw the money and pay off the loan. You not only built some credit for free, you also made a little bit of money in the process.
lilrabbit129Mar 14, 2007
For some people, cash-only is the only way to go. I knew someone who just coudn't control themselves around credit cards. They get carried away and rack up thousands of dollars in debt. The only way they were able to pull themselves out was by going cash-only. That way it took the decision making away from them.I'm not saying CC's are bad. I use my AMEX for everything. But for some people, cash-only keeps them honest.
chilichaz33Mar 30, 2007
...actually I believe the average credit card debt is closer to $10,000 ...self control folks, you have the power to not buy what you cannot afford (and 8 out of 10 times do not need).
jojada95Jun 7, 2007
I stopped using credit 12 years ago, paid off my car and closed all credit accounts. I owe nothing. Also, paying off your entire balance every month isn't so hot with credit issuers. I've been dropped from a few banks in the past because I paid off the entire balance. I wasn't making them any money. Mark - Credit Card Offers<a class="user" href="http://www.creditcardoffers.com.au">http://www.creditcardoffers.com.au</a>
pokey5Sep 14, 2008
You just need to find the right credit card which works for you. Stick to a budget, pay off your balance regularly and you shouldn't have to pay any interest. You can compare credit cards online - <a class="user" href="http://www.creditcards.com.au">http://www.creditcards.com.au</a> - I found it easier then going into a bank and applying on impulse.Pokey.
chillywilly373Dec 2, 2008
In the short term it seems as though there is nothing credit card holders can do to stop these increase in rates due to other late payments. However, there are some preventative measures you can take by knowing your minimum payments for your bills, knowing when they are due, setting up possible online payments to avoid missing them, starting an overdraft account and ultimately keeping a close eye on your credit bills to ensure if things do go awry you can act quickly.