Comments on: You Tell Me: Is it better to get rid of the cards or keep them? http://beingfrugal.net/2007/11/29/you-tell-me-is-it-better-to-get-rid-of-the-cards-or-keep-them/ Live more. Spend less. Sat, 21 Nov 2009 05:04:26 -0500 http://wordpress.org/?v=2.8.6 hourly 1 By: cjaferreira http://beingfrugal.net/2007/11/29/you-tell-me-is-it-better-to-get-rid-of-the-cards-or-keep-them/comment-page-1/#comment-9084 cjaferreira Tue, 10 Jun 2008 10:09:17 +0000 http://beingfrugal.net/2007/11/29/you-tell-me-is-it-better-to-get-rid-of-the-cards-or-keep-them/#comment-9084 I think credit card may be useful sometimes. But people must be very careful by using it. It's better not not begin using it, than fall in debt we can't pay afterword. I invite you to spy my blogs about lifestyle and read them in english. They have translation process. I think credit card may be useful sometimes. But people must be very careful by using it. It’s better not not begin using it, than fall in debt we can’t pay afterword.
I invite you to spy my blogs about lifestyle and read them in english. They have translation process.

]]> By: carla http://beingfrugal.net/2007/11/29/you-tell-me-is-it-better-to-get-rid-of-the-cards-or-keep-them/comment-page-1/#comment-7694 carla Wed, 23 Apr 2008 20:22:03 +0000 http://beingfrugal.net/2007/11/29/you-tell-me-is-it-better-to-get-rid-of-the-cards-or-keep-them/#comment-7694 I'm going through the same thing and I like your idea about putting it in the freezer.I should do that.. I just got my tax refund and im totally trying to pay off all my creidit card so I dont owe them anything anymore..which is about $2000 debt that i've been struggling to pay.I think I'm keeping it, just leave it in the house for emergency..I have about 4 of them and I'm gonaa cut off 3 i think..but not for now.Coz I dont kno if i could fully let go of them either..But this time I gotta wise up.i'd say keep at least 2 just incase!=) I’m going through the same thing and I like your idea about putting it in the freezer.I should do that.. I just got my tax refund and im totally trying to pay off all my creidit card so I dont owe them anything anymore..which is about $2000 debt that i’ve been struggling to pay.I think I’m keeping it, just leave it in the house for emergency..I have about 4 of them and I’m gonaa cut off 3 i think..but not for now.Coz I dont kno if i could fully let go of them either..But this time I gotta wise up.i’d say keep at least 2 just incase!=)

]]> By: A Breakdown of The Credit Card Debate | Antishay Ventenne http://beingfrugal.net/2007/11/29/you-tell-me-is-it-better-to-get-rid-of-the-cards-or-keep-them/comment-page-1/#comment-6557 A Breakdown of The Credit Card Debate | Antishay Ventenne Wed, 02 Apr 2008 04:59:11 +0000 http://beingfrugal.net/2007/11/29/you-tell-me-is-it-better-to-get-rid-of-the-cards-or-keep-them/#comment-6557 [...] Is It Better to Get Rid of Credit Cards or to Keep Them? - Lynnae at beingfrugal.net [...] [...] Is It Better to Get Rid of Credit Cards or to Keep Them? - Lynnae at beingfrugal.net [...]

]]> By: cellie http://beingfrugal.net/2007/11/29/you-tell-me-is-it-better-to-get-rid-of-the-cards-or-keep-them/comment-page-1/#comment-2510 cellie Mon, 10 Dec 2007 19:51:29 +0000 http://beingfrugal.net/2007/11/29/you-tell-me-is-it-better-to-get-rid-of-the-cards-or-keep-them/#comment-2510 Wow - lots of differing opinions but I wanted to add mine. If you know you have a problem, it seems wise to remove (not resist) the temptations. That said, emergencies happen too. I have a current credit card strategy. When I was digging out of debt, I coud only get crap offers and low limits. So I decided I need a credit card stategy. For every new, higher limit card I get, I cancel an old crappy one. I know about aged cards and such, but I don't want too much temptation in my way. I plan to keep 1 or 2 cards with high limits because that's about all I think I can handle. Wow – lots of differing opinions but I wanted to add mine. If you know you have a problem, it seems wise to remove (not resist) the temptations. That said, emergencies happen too. I have a current credit card strategy. When I was digging out of debt, I coud only get crap offers and low limits. So I decided I need a credit card stategy. For every new, higher limit card I get, I cancel an old crappy one. I know about aged cards and such, but I don’t want too much temptation in my way. I plan to keep 1 or 2 cards with high limits because that’s about all I think I can handle.

]]> By: Thomas http://beingfrugal.net/2007/11/29/you-tell-me-is-it-better-to-get-rid-of-the-cards-or-keep-them/comment-page-1/#comment-2379 Thomas Wed, 05 Dec 2007 17:33:01 +0000 http://beingfrugal.net/2007/11/29/you-tell-me-is-it-better-to-get-rid-of-the-cards-or-keep-them/#comment-2379 I really think credit cards are a necessity of modern life. Like anything else you just need to be responsible with them. Don't buy things with them that you wouldn't be able to buy without them. And pay them off every month (I pay mine weekly online and never get charged fees) Rewards cards are nice, but you have to charge a lot for them really to pay off. If you have a small business though they can be great. My wife has her own business and we usually are able to fly for free every year with our miles card I really think credit cards are a necessity of modern life. Like anything else you just need to be responsible with them. Don’t buy things with them that you wouldn’t be able to buy without them. And pay them off every month (I pay mine weekly online and never get charged fees)
Rewards cards are nice, but you have to charge a lot for them really to pay off. If you have a small business though they can be great. My wife has her own business and we usually are able to fly for free every year with our miles card

]]> By: Heidi http://beingfrugal.net/2007/11/29/you-tell-me-is-it-better-to-get-rid-of-the-cards-or-keep-them/comment-page-1/#comment-2329 Heidi Sun, 02 Dec 2007 13:36:11 +0000 http://beingfrugal.net/2007/11/29/you-tell-me-is-it-better-to-get-rid-of-the-cards-or-keep-them/#comment-2329 I once had a credit card account I wanted to close to limit the number of cards I had. I called to cancel it and the person told me that since I still had a balance on it, canceling it at that moment would negatively affect my credit rating. So I paid it off and canceled it the next month. I also have heard from TV financial people that if you have a very high limit on your cards (that you do not have charged up) that you might want to think twice about canceling the card because losing that "credit" will also negatively affect your credit rating. I have to call my credit card companies to make them stop raising my limit. I once had a credit card account I wanted to close to limit the number of cards I had. I called to cancel it and the person told me that since I still had a balance on it, canceling it at that moment would negatively affect my credit rating. So I paid it off and canceled it the next month.

I also have heard from TV financial people that if you have a very high limit on your cards (that you do not have charged up) that you might want to think twice about canceling the card because losing that “credit” will also negatively affect your credit rating. I have to call my credit card companies to make them stop raising my limit.

]]> By: glblguy http://beingfrugal.net/2007/11/29/you-tell-me-is-it-better-to-get-rid-of-the-cards-or-keep-them/comment-page-1/#comment-2326 glblguy Sat, 01 Dec 2007 19:33:03 +0000 http://beingfrugal.net/2007/11/29/you-tell-me-is-it-better-to-get-rid-of-the-cards-or-keep-them/#comment-2326 shela, play with fire long enough and you will get burnt. shela, play with fire long enough and you will get burnt.

]]> By: shela http://beingfrugal.net/2007/11/29/you-tell-me-is-it-better-to-get-rid-of-the-cards-or-keep-them/comment-page-1/#comment-2325 shela Sat, 01 Dec 2007 18:14:30 +0000 http://beingfrugal.net/2007/11/29/you-tell-me-is-it-better-to-get-rid-of-the-cards-or-keep-them/#comment-2325 I keep my credit cards and use them. Part of the reason is that I do not like carrying cash at all (I keep only one new bill in my wallet, usually a $10 or a $20). I have a Chase Freedom rewards card that I use for fuel, groceries, and drug store purchases (3% back), plus I get additional points when I shop online with participating merchants. The key for me is to only use the card for the things I would buy anyway with cash (like food and fuel and aspirins). And the only purchases I make online are ones that I have planned and where the money is set aside in advance. So I guess you could say that I carry a credit card -- but I use it like a debit card, as I pay my balance every week. I always request checks when redeeming my rewards (not gift cards or merchandise), and I deposit them into my savings account. So far this year, I have earned nearly $200 in account bank sign-up bonuses and rewards, and all of it goes to my emergency savings account. I anticipate earning at least that much in 2008, and all of that is money that I would not earn with a debit card. I keep my credit cards and use them. Part of the reason is that I do not like carrying cash at all (I keep only one new bill in my wallet, usually a $10 or a $20).

I have a Chase Freedom rewards card that I use for fuel, groceries, and drug store purchases (3% back), plus I get additional points when I shop online with participating merchants.

The key for me is to only use the card for the things I would buy anyway with cash (like food and fuel and aspirins). And the only purchases I make online are ones that I have planned and where the money is set aside in advance. So I guess you could say that I carry a credit card — but I use it like a debit card, as I pay my balance every week.

I always request checks when redeeming my rewards (not gift cards or merchandise), and I deposit them into my savings account. So far this year, I have earned nearly $200 in account bank sign-up bonuses and rewards, and all of it goes to my emergency savings account. I anticipate earning at least that much in 2008, and all of that is money that I would not earn with a debit card.

]]> By: A Continuation of Yesterday’s Post | beingfrugal.net http://beingfrugal.net/2007/11/29/you-tell-me-is-it-better-to-get-rid-of-the-cards-or-keep-them/comment-page-1/#comment-2324 A Continuation of Yesterday’s Post | beingfrugal.net Sat, 01 Dec 2007 17:20:01 +0000 http://beingfrugal.net/2007/11/29/you-tell-me-is-it-better-to-get-rid-of-the-cards-or-keep-them/#comment-2324 [...] for visiting!Randall at Credit Withdrawal is continuing the conversation from my post yesterday, is it better to get rid of the cards or keep them?  He brings up an interesting question.  Head over there and tell him what you [...] [...] for visiting!Randall at Credit Withdrawal is continuing the conversation from my post yesterday, is it better to get rid of the cards or keep them?  He brings up an interesting question.  Head over there and tell him what you [...]

]]> By: wealthy_1 http://beingfrugal.net/2007/11/29/you-tell-me-is-it-better-to-get-rid-of-the-cards-or-keep-them/comment-page-1/#comment-2318 wealthy_1 Sat, 01 Dec 2007 11:08:58 +0000 http://beingfrugal.net/2007/11/29/you-tell-me-is-it-better-to-get-rid-of-the-cards-or-keep-them/#comment-2318 This is a very interesting topic. It's obvious that it's different for everyone. I used t think that I should keep a credit card for emergencies. Now that I'm on my strict debt shackle release program, I'm not so sure. I have one credit card, but I don't carry it with me. It's hidden away in a drawer. My goal is to pay it off and close the account. In fact I've considered closing it when my emergency fund reaches $1000. I haven't contacted the credit card company, but if they are going to raise the rate if I close it, then I'm going to hold on to it until I pay it down to zero. This is a very interesting topic. It’s obvious that it’s different for everyone. I used t think that I should keep a credit card for emergencies. Now that I’m on my strict debt shackle release program, I’m not so sure. I have one credit card, but I don’t carry it with me. It’s hidden away in a drawer. My goal is to pay it off and close the account. In fact I’ve considered closing it when my emergency fund reaches $1000. I haven’t contacted the credit card company, but if they are going to raise the rate if I close it, then I’m going to hold on to it until I pay it down to zero.

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