Comments on: Don’t Hate the Credit Card

By: Carnival of Personal Finance Expansion Pack

Carnival of Personal Finance Expansion Pack — Sat, 09 Feb 2008 02:36:44 +0000

[...] Don’t Hate the Credit Card @ My Dollar Plan [...]

By: Net Worth Network » 3 Tips for managing your household’s discretionary income

Fri, 25 Jan 2008 06:27:43 +0000

[...] properly, credit cards are fantastic weapons in the average person’s arsenal; in fact, I use my credit card all of the time to purchase fuel, pay for meals out, cover costs for [...]

By: Net Worth Network » Money issues can be a roadblock to a happy relationship

Net Worth Network » Money issues can be a roadblock to a happy relationship — Fri, 25 Jan 2008 03:57:44 +0000

[...] properly, credit cards are fantastic weapons in the average person’s arsenal; in fact, I use my credit card all of the time to purchase fuel, pay for meals out, cover costs for [...]

By: Madison

Madison — Tue, 15 Jan 2008 21:43:56 +0000

It’s hard to place blame on the credit card companies, as kitty points out, they are the same banks… often the same ones that issue the debit cards!

Eden, great job taking responsibility! I like it when people step up.

Kitty, I like the “museum piece” idea!

By: Sunday Money Roundup - They Are Destroying My House Edition. | My Two Dollars

Sun, 13 Jan 2008 12:04:07 +0000

[...] Dollar Plan says don’t hate the credit card and I agree – they can be very [...]

By: kitty

kitty — Wed, 09 Jan 2008 18:17:44 +0000

Absolutely agree. I think the key to not overspending with credit cards is not thinking about it at all when shopping. Better yet – not go to stores unless you really need something. When I think of buying or not buying something I ask myself the same questions I’d ask if I were spending cash – do I need it? do I want it badly enough? Is it worth the price? how would I use it? where would I wear it? how long will this item last? Since I don’t even consider things I cannot afford seriously, I don’t even have to ask myself if I can afford it: if I even stop and think about buying something than I know I can afford it; otherwise I just look at it as a “museum piece”. Actually, there are things I can easily afford and still don’t consider because I consider the price ridiculous. The decision how to pay is made at the register, it has to be completely decoupled from the decision of buy or not to buy. If someone cannot separate the decision to buy not to buy from the ability to charge or doesn’t know what one can afford, one shouldn’t use credit cards. Another requirement is basic rule we should’ve learned in childhood: if you borrow money you always have to pay it back. The corollary here is – ability to borrow not the same as purchasing ability.

As to credit card companies being evil – these are the same banks we use for other purposes. So then we should say banks are evil. They are in business to make money. They routinely loose a certain percentage of money as some people don’t pay. I don’t view them any differently as any other business. Sure some practices like changing the due date is nasty, but it is my responsibility to look at the due date when I get the bill. As to universal default – ask yourself if you were lender, wouldn’t you want to know if someone didn’t return money to someone else? Mistakes? They happen with every business.

As to marketing – all businesses market, sometimes stuff you don’t need, sometimes stuff we cannot afford. It is up to us to be intelligent enough to learn to resist any kind of marketing.

BTW – I saw the PBS program.

By: DebtFREE-Revolution » Blog Archive » The Great Credit Card Debate

DebtFREE-Revolution » Blog Archive » The Great Credit Card Debate — Mon, 07 Jan 2008 16:21:59 +0000

[...] Madison pleaded Don’t Hate the Credit Card, to which I left a comment on her blog that I have been saying here all along: I have nothing [...]

By: Debt Free Revolution

Debt Free Revolution — Sun, 06 Jan 2008 16:55:57 +0000

Madison, I have stated several times that I have nothing against the little plastic rectangles themselves…but it is the companies behind them that are not “kosher”. You mentioned you haven’t seen Maxed Out yet…I also recommend In Debt We Trust and the PBS series on “The Secret Life of Credit Cards” (I think that is the title). Perhaps my biggest beef is the marketing they do to the average consumer. More in another post on my blog I think

By: Patrick

Patrick — Sun, 06 Jan 2008 15:58:14 +0000

I agree 100%. If used properly, credit cards, guns, alcohol, or “fill in the blank” can all be beneficial. I use my credit cards for all the good reasons you highlighted in your previous article, and I pay them off in full every month.

If your situation is different though – it’s best not to mess around with them.

Thanks for the mention!

By: Eden

Eden — Sun, 06 Jan 2008 15:32:01 +0000

I agree. I tried to direct my negative comments about credit cards at the credit card companies (when they act evil). I also accept that I have used credit cards irresponsibly in the past and I am better off without them due to MY lack of responsibility.