Time for some fun facts about credit cards!
- Americans carry an estimated $830 billion in revolving credit card debt.
- Three out of four households hold at least one credit card.
- Nine out of ten undergraduate students have a credit card.
- The credit card industry generates an estimated $30 billion in profit per year. About 66% of that profit is from penalty fees and late charges.
Just some things to consider the next time you’re planning on whipping out your Amex or Visa card to make a purchase.
the only reason i recently got my ONLY credit card was to build credit so i can get an apartment and stuff. late this summer i was homeless for about a week because the guy i was going to room with and i had both had no credit, and the landlord of this complex was asking us for 3 cosigners for 2 occupants <.< needless to say i don't live there, but i do have a nice little one bedroom all to myself
I remember my renting days. It’s harder to get some rentals than it is to get a loan on a house. I’ve never understood why. People with good credit are just as likely to throw a party and fuck a place up or miss a payment as those with bad credit.
Too bad you can’t buy much online without one, but that is practically the only use I have for it, allong with holiday/vacation-backup.
What sucks is the fact of how hard it is to sometimes break that bubble of credit. for years I didn’t have ANY credit, good or bad.
I have three credit cards. I’ve had one of them since i was 18 and i now have the credit to buy a new car on it if i wanted to, but that would be retarded. Credit cards are extraordinarily helpful, and do help you build credit. They are the reason I have such excellent credit. I’ve paid my bills in full, on time, without exception, every month for ten years. Treat it like a debit card, keep a budget, it’s really not that hard.
Nothing wrong with having a credit card if you can pay it off on time <–interest free loans. If you can't pay it off on time every month then you're just pissing away money (see bullet point #4).