I found these credit card companies are not worth having their card.If for some reason you default on your credit card due to job loss or heal th reasone these companies have no compassion and rather put a judgment on you or rather suffer for 6 or 7 years with bad credit. 1)RBC - RATHER PUT A JUDGEMENT ON YOU THEN SETTLE A DEBT. 2)CANADIAN TIRE MASTERCARD - WILL SELL YOUR DEBT TO A DEBT PURCHAING COMPANY AND GOOD LUCK WITH THAT COMAPNY ON SETTLING YOUR DEBT. 3)CITIBANK - THIS COMPANY HAS NO COMPASSION ,YOU COULD BE DYING AND HAVE DOCUMENTATION AND STILL WILL NOT SETTLE A DEBT.
so far so good as far as Citi is concerned for me. I learned my lesson & plan on just going the all cash route in the future. I just need the cards to report payment history but once i pay down the balance I have, I'm through with them. I don't want to ever go through this credit repair route again. I just read an article on USA today that said that default on Credit Cards is real high this year and climbing. RBC has some ridiculous fees and charges I donâ??t understand how they can do business in the US, when US banks are so much more reasonable at least as far as banks go.
Just because you have a credit card doesn't mean you need to run up debt. In fact, in today's world, living on cash and not using credit will cause you problems when you need a mortgage or car loan. Buy things you would buy with cash. Pay the bill when it comes. If you have an interest-bearing account, you can keep your money in the bank a few more weeks and get a little more interest. Use a card that offers a rebate and get part of the money you spent back. Pay the bill in full every month, get these benefits, and never pay any interest. In effect, buy what you can afford and what you would pay cash for. But pay the cash once a month, not as you go. Deduct if from your checkbook as you go along if you want, so that you don't think the money is there. But then it will be there to write the check.
I agree I mainly use reward credit cards, so if I use those earn hotel or airline points and pay it off it works out well. The problem is you need discipline to that and I don't think a lot of us have it. I learned my lesson and plan on not keeping balances in the future but in general my assertion is most people get credit cards with good intentions and then end up swimming in debt.
I would be inclined to agree however, one has to pull up their own bootstraps once in a while. What Hedwig makes very good sense. In other words, if you do not use credit whatsoever you're actually harming yourself insofar as no payment history will be recorded. Overall history will accrue but, that is mitigated under our current scoring models without marginal use. Therefore, Hedwig's advice above is a great guideline and is applicable for those of us which are, well, less than spendthrift spenders and diligent accountants.
If you need to, take the cash that you would pay and put it away in an envelope, then pay the bill when it comes. Of course, you lose any interest you would earn that way. If you deduct it from your checkbook (use one and record your online transactions in it, use it for your current balance), you will have considered the money spent. Then reverse the entry when you get the bill, returning the money to available, then write the check or pay online and deduct the actual amount.
