If I was contracted on umpteen monthly payments for everything under the sun and it was remotely possible I'd loose my income I'd avoid an Amex card - 88%APR. . I saw that in the small print of an ad when I watching the f1 highlights - Gold Amex or something? Here's a better one - Platinum Amex APR - 704.6% Guess you're not supposed to borrow on Amex cards!
Unfortunately the ethos of saving for a rainy day (or to buy something you need) is now the polar opposite to how our economy works and now needs people to behave - impulsive purchases financed from credit. So stop being so sensible and start buying things you don't need, with money you haven't got, to impress people you don't know. YOUR COUNTRY NEEDS YOU TO.....
The right way being to only use them as free credit and make full repayments every month. If you end up paying and even worse, accruing interest, then you've bought something(s) you don't have the money to pay for. Unfortunately our economy is reliant on that happening.....
Really though, is it? I don't believe it. Debt brings the economy forwards by how much? A month for people who pay off every month and for those that don't it's just banks swallowing money that COULD have gone into the economy. I propose on that basis debt is good only for banks and is bad for the economy as a whole.
Forget the banks, credit is the epitome of consumerism - buying things on credit that would otherwise stay on the shelves and depress the entire chain from manufacturer to retailer. Credit is a risk for both parties, but retailers wouldn't hard-sell in-store credit cards unless they thought the risk was worth taking. Picture lines of shiny new cars queuing at soup kitchens in the US - an entire existence based on credit - lose your job, lose everything, but you have the lease car until the repossession man catches up with you.............
That's competition - get it quicker by buying here, but if there wasn't the credit carrot stuff would still sell, just not as soon. I don't believe more stuff as a total is sold because of credit, it's just sold sooner. If people stopped using credit the economy would catch up?
Perhaps I have my rose tinted glasses on. Probably if you're spending hard saved money you are a more considerate consumer - less impulse.
They've definitely be useful to me. When we bought our first house last year I put pretty much all of the furnishings we bought on my 0% interest credit card as getting the house deposit together was quite the outlay. Yes we could have saved a bit more prior to moving, or sat/slept on the floor for a few months, but chucking it all on the credit card was very convenient. I put pretty much any large purchase on credit as even getting the buyers protection it offers can sometimes be very useful (like when Renogy took months processing a refund which I gave up on and just got the credit card company to sort).
we all had it easy .. the apple generation is going to be nailed to the ground, digital currency will see to that, I know a few in their mid twenties, that have farked up with cars on lease ,and large credit debts, some moved back home to parents who have to pick up the pieces,
