Mark

Nowadays, we all should be more educated about the problems associated with credit cards. At one point my wife and I were able to eliminate our credit card bills and we kept only one card for emergency purposes. We still only have one card but we now have a balance. Slowly but surely we are reducing it though.

Anyway, take a look at the following site. They list eight things that all credit card users should know.

Secret History of the Credit Card

• Even if you make your credit card payments on time, the credit card bank can raise your interest rate automatically if you're late on payments elsewhere -- such as on another credit card or on a phone, car, or house payment -- or simply because the bank feels you have taken on too much debt.
• Your credit score -- known as a FICO score -- has become a vital statistic for many Americans and can be widely shared. It is used to determine how much you can borrow, how much you pay for life insurance, if you can rent a home, and, as already noted, it can be a factor in determining the interest rate you pay on a credit card.
• There is no limit on the amount a credit card company can charge a cardholder for being even an hour late with a payment.
• It's important to read the fine print on your credit card agreement.
• Many Americans are inattentive about their credit card accounts.
• There is no federal limit on the interest rate a credit card company can charge.
• Significant credit card debt can put you at a markedly higher risk of bankruptcy.
• You can get help.

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"Miracles Happen!"

Mango

So true. I used to be on this big kick about how unfair it was that they sent credit cards to even high school kids. I was barely 18 when they sent me my first one. I had about 3. They were never crazy balances, and finally I balance transferred all to one Mastercard which had a interest rate of 1.99% for a year! Best move I ever made. And balance was still only like $2100

So I'm 27 years old, I have a great job, I own 2 homes, no dependents, have no ever been late on a mortgage payment as it comes out the day I get paid. I've never been late on a hydro, or phone or internet bill either. Nor taxes, school, land or otherwise. And yet because I have occasionally been 1 DAY late on the credit card payment (I don't drive and sometimes it takes me a day or 2 longer to get to the mail box!) I have a much less than perfect credit score

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If parents snicker at racial and gender jokes, another generation will pass on the poison adults still have not had the courage to snuff out. -- Marian Wright Edelman

Kim

And this is why I don't use credit cards. If we can't buy it without a credit card, we either don't need it or we save for it. We have a separate bank account that we don't touch for emergency use only in place of an emergency credit card - and it gains interest, not the other way around!

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Mark

Recently our car insurance went up in price per month and I contacted our agent and I was told that it was due to my credit score. According to them the credit score went down. First off, I think it is absolutely ridiculous that they base their premiums on a customers credit score. Second, nothing has changed with us in months for that to happen. I need to check my credit report but I am also planning to have a meeting with the agent to find out what he can do to lower our costs. Heck, if everyone is asking for a break, so will I.

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"Miracles Happen!"

Fallon

Mark, I talked to husband about this and he says it's BS that they did that to you. He said if you'd like I can give his number and if they're unwilling to work with you he'll help you find a better price. He also said that new will follow you to new agency so you should find out asap what happened there. Let me know if you'd like his number, he can help you out if your agent can't

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SAH mommy to Debralyn 10-21-02 and Bubba (Logan) 3-19-07
Madeline 07-10-09

Mark

Thanks Fallon, I really appreciate it. I will let you know what they (State Farm) say about all of this.

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"Miracles Happen!"

Kaytee

this is why we have 0 credit cards... well bad credit started it, but now that we are rebuilding, its not worth it for us to get a card again.

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jenilouise

I was gonna say I don't about where you live but that doesn't seem right.

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PennQuaker

I would say the only reason that we use a card is for certain benefits. It's always great to find a card that either has a great miles program or a cash back program.

The key is disciplining yourself so that you use them to your advantage.

We always pay the balance due. And, for example, grocery shopping. I know for us, there is a pattern to when I have to grocery shop, and how much I spend when I go. There is always that one time of the month that I spend a lot. On many occasions, after I come home from the grocery stores, I just go online, and make a payment in the amount of what I charged at the grocery store. I realize, that everyone can't do this, but it does work for us.

When I was a college student, I never applied for a credit card. My parents strictly forbid it. I had some friends that would get them and max them out, and their parents would pay it like it was no big deal. But it kind of baffled me because a lot of them had their parents cards already.

Mark

Believe it or not it is better to have a card with a small limit that you pay off regularly than no card at all. I understand for some people they would much rather just not have a credit card. I guess it is all just a matter of what you are comfortable with and whether or not you would misuse a credit card. I know there are times when I would prefer not to have one as well.

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"Miracles Happen!"