Originally Posted by Faceman
As a retired banker, I don't ever recommend having a credit card. They are a ripoff quite honestly. They are issued with very low standards to almost anyone, resulting in a very high loss rate - which is made up, of course, by charging everyone a high interest rate and high fees.
It is far more prudent to save and spend, rather than spend and repay debt.
If you need to establish credit or rebuild your credit, there are far better ways...
I agree in that people use them when they don't have moeny and that it can be a ripoff, but when you don't have credit, you can't get a loan or anything without it.
I am 20, I have had a credit card for 2 years and I have never had a problem. I use it all the time to shop and get gas, etc.
It is a wells fargo credit card. After I shop for the day, I go home, wait till all the charges are on there, usually takes a day or so. Then I pay it off (the day after I buy things.) I have NEVER had a monthly bill or an interest charge for not paying it by the date. This is the way to do credit cards! Gets you credit so that I can one day buy a car, house, etc.
I don't get people who go into debt. :roll: Unless you have a medical problem that needs to get fixed and you can't afford it, that is the only reason I see to go into debt. If you don't have the money to buy something, then don't buy it! :)