We had another interesting question in our “blogger brain trust” round up this week, and I thought i’d share it :) If you remember, the last one i participated in was regarding the Bill of Rights for Credit Card Holders – i got pretty fired up with that one!
Today’s question is pretty cool cuz you ALWAYS here people talking about “having to” put things on their credit cards, which strikes me differently depending on my mood. The logical side says WTF? NEVER do that! While the “that’s life” side says…well….that’s life! Either way, it’s def. interesting.
“What goes through your mind when people say that they HAD to use their credit card to get by? Is using a credit card when you can’t afford to pay a smart or necessary thing to do?”
I think “Wow, they must have REALLY been in a sucky situation!” I’m more of a positive thinker, so i tend to give people the benefit of the doubt from the get-go. I bet most of the time the people confuse NEEDS with WANTS, but that usually pops in my mind later if i’m giving it more thought ;)
There is nothing wrong with putting NEEDS on your credit card to get by – this is life, and it’s not always perfect. If you need food or shelter, and have absolutely no money in the bank, then you’re pretty much out of luck.
It also depends on the timeframe we’re talking about here. If we’re talking about a few years here, then obviously there are some other ways to get your hands on money – loans, friends, etc. But i see no problem w/ loading up the card for a few months and then working to pay it off as quickly as possible.
I personally put everything i can on my credit card to manage my budget – gives me 30 free days, ya know? I pay it off in full each month, but worst case scenario you rack up a little interest when needed. That’s what it all comes down to really – the needs vs wants.
You can check out the other bloggers’ responses over at GetOutofDebt.org where they’re complied each week – we all have our unique voices :)
Bonus tip: Find a good "balance transfer" offer to help pay off debt faster!
If you’ve been making payment after payment (on time) and still haven't been able to get your debt under control, snatching up a good balance transfer credit card offer may be the ticket to try. That’s where in order to gain your business - credit card companies will let you transfer your existing debt to a new card and let you pay ZERO PERCENT interest on it. Saving you tons every month!
What's the catch? Usually balance transfer cards charge a fee (around 3% of your debt balance) to let you transfer your balance to their 0% interest offer. But we've found a great credit card that will let you do a balance transfer absolutely free. Click here to learn more and see if you qualify!
PS: If you don't trust yourself with another credit card, ignore this! This strategy is to help you get out of debt quicker, not risk adding more to it.