Comments on: Plastic Is Dangerous If Handled Improperly…

By: Credit Repair Advisor

Credit Repair Advisor — Thu, 20 Sep 2007 01:12:15 +0000

I’d agree that credit (and debt) are a great tool. When my wife and I were applying for a mortgage, we were recently out of school and didn’t have a lot of debt – never carried a credit card balance, had no car payments, etc. The guy we got our mortgage through (friend from school) said that we didn’t qualify for a better rate because we didn’t have enough debt… kind of a funny situation. Ended up buying a car, and that extra debt got us a much better rate.

By: checks

checks — Tue, 08 May 2007 14:07:15 +0000

A lot of people think they can handle/control their plastic but more often then not, they spend more than what they can pay off. Ask around and you’ll be surprise at how many people have balances on their card and are unaware of the actual APR they are paying.

By: freedumb

freedumb — Fri, 04 May 2007 01:23:10 +0000

Hi Lacey, Thanks for your comment, but please refrain from posting and then putting an unrelated link in your post. Any future comments will be deleted.

LMG, yeah, I used the term plastic, but I should’ve been more clear to define debt in general as a tool. And yeah, 0% offers are pennies in the whole scheme of things…

D, yeah…credit is like a drug…

By: Lacey

Lacey — Fri, 04 May 2007 00:57:29 +0000

If you honestly feel that you can maintain control over your debt, there is nothing wrong with it (except for interest), but the problem is most people can't control it and it's really bad. Creative Ways to Save for a Wedding

By: LAMoneyGuy

LAMoneyGuy — Thu, 03 May 2007 22:42:47 +0000

Debt is not enslaving, but it’s more like indentured servitude. Remember reading about folks a couple of centuries ago who would agree to work in the fields for low wages until they paid off their debt in return for transport to the United States. I wouldn’t be surprised if some of that still goes on.

At any rate, plastic isn’t the right tool to boost your bottom line. Sure you can do 0% balance transfers, but it’s kind of small potatoes when you think about it. Plastic is a convenience and an answer to very short term liquidity.

Now, business loans, mortgages… sure.

By: D

Thu, 03 May 2007 21:57:51 +0000

I’m with you on this. Credit is a tool. A very effective one, when used correctly.

The problem is “knowing” if you are the one that can utilize without abusing. I find many “think” they can, but the skill set does not exist.

Thankfully, I think it I have it. But like a drug, I could slip at any point. Diligence is the answer.