well…yeah i have to pay them too. 
NOw that i have some money to spare (yeah right!) I don’t feel like paying them off…Have u ever got into this situation.
Credit cards r they a luxury or a laanat? what does ur experience say about 'em.
ciao,
BoSS
I had 'em, paid them off and I definitely think they are a laanat. I have'nt used a credit card for years now. I make all transactions in cash except for hotel & car reservations.
Later on
Zman
Credit cards involves revolving credit, which I like to think of as revolving a string around your neck. The more you let is revolve, i.e. the longer you take to pay off, the tighter the grip feels on your budget.
I have always avoided carrying over a balance on my credit card. Though sometimes its easier said than done, I really think it avoids a lotta hassles in the future. I really put a choke on my other expenses if I have a huge balance on my card so that I can get rid of the finance charges. If you get into the habit of carying balances over, you;re most likely to max out all your cards.
They;re a luxury because they relieve the cash or credit crunch we go through sometimes and a lanaat because we undermine our own purchase power with them. Not to mention riba!
I think we desis take credit card pressure more than Americans etc. I think we kind of have an upbringing where debt is view more stringent than Americans (which is actually a good thing). Americans hate their credit cards as well, but we desis take it more stressful than them. When I was in school, I could not get student loan because of my immigration status. At that point credit card debt was the only choice I had to educate myself. I think in such a situation, credit cards are not that bad an idea, after all, you are getting educated based on the debt and you will get a better job based on that education. But you know, credit card eventually does hurt. Ghalib's analogy is quite fitting here.
credit cards and most other financial instituions make thier moeny from people defaulting aka carrying over debt as there is no incentive for a crdit card compay to keep a person who is very dilligent and pays all the money due at the appropriate time...
to be before warned is to be before armed :)
i have a major problem with credit cards :i am always signing and when the bill come i will flip....credits are a laanat in its own way.but when abroad it comes in handy
all the world's stage..and we are merely players..we have our entrances and exits.one man in his lifetime plays many parts..his act being seven ages((as u like it act i sc 4))
hey guess what BoSS .... they called today too :) .... certainly if its not a laanat for the spender .... certainly is for the person who has to make all the excuses for him :)
It is up to you how do you use it:
I personally found credit cards very helpful, useful and handy. Especially for a person who travels a lot, these credit cards are very worthwhile. If you know your limits, it is a very helpful companion to you.
I've never had to carry a balance...thank god.....but it is Sooooo easy to spend much more than you thought....$20 here...$50 there....all of a sudden you've got the mega bill at the end of the month.
I've decreased my use.....so i can keep better track of how much i spend.
Zman: Long time no see...kidhar hain janab?
Ghalib: well said, choke is on buddy
A-monad (u r not a Roman for me...I like u being an a_monad (entity?)) using a credit card to pay off the tution fee is still a lot of pressure...but not a bad choice.
hmcq: to be before warned is to be before armed..cool
sonya: I'm sure your flippage is just for a few minutes and u r out shopping again :)
Maharaja: thanks for receiving those calls..u know "the" answer..I'm not home :)
msaqib: the question is do we know our limits ;-)
kash: good for u...:)
ciao,
BoSS
Boss dear we should know our limits.
here is my credit history:
I have
one platinum card with no balance
three gold cards with no balance
two regular visa cards with no balance
one master card with about $480 balance which is my this months expenditures and I have not received my bill yet, that would be paid as soon as I get my statement.
So, to me, credit cards are very helpful, useful, handy and safe.
msaqibj bhai:
If i were you, I would get rid of all these cards and keep just one, the most two. The more open accounts you have, the more likely you are to run into debts. Besides, when you go after loans and stuff, a large number of credit cards give a negative image to your credit report.
I suggest you do a little research on this on your own, so you will have al the pros and cons of keeping a huge supply of credit cards.
Besides, they really make my wallet heavy, and drag my pants down. ;)
I think i know my limits/.... so far i have prevented myself from defaulting... I actually used to have an excel sheet where i would put in all the stuff i had signed away everyday and geta total autmatically... it took about 5 mins everyday but kept me in line with what i could afford.. unfortunatly i ahve fallen away from that habit... one of these days!!!...
anywas,. since we are discussing credit cards, it might interst people to know taht you can get a free chase manhattan card and they give you back 1% of your charges in Geoferry Dollars (spendable at Toys R US..
does anyone know of any other free cards with similar deals? would love to make the most of my card :)
Ghalib Bhai:
Good advices:
thanks a lot.
I would do what you suggested. I think I have not run into any problem with my credit because I have not seeked any credit yet other than these credit cards.
Thanks again.