3 ms·

>Credit card debt is a bad idea, period. It is a trap set by evil companies for the desperate and the foolish. Best line of the whole article.

Xichekolas 19y ago
Credit card debt is foolish... credit cards themselves are great. Definitely prefer to swipe plastic rather than carry around pieces of paper.
- boucher 19y ago
  Thus the debit card was invented.
  - Xichekolas 19y ago
    Yeah, but I still use the credit card so I can keep most of my money in savings accounts and time my card payments to my paychecks. Having a balance sitting in my non-interest-bearing checking account seems inefficient.
  - LogicHoleFlaw 19y ago
    The danger of the debit card is that if there is an unexpected charge or some other banking error, your cash is tied up until the problem is resolved. You can't access your money. With a credit card the tied up money is the credit card company's . My policy is to use credit for anything over $20, and just pay off my balance every month. It's a good compromise between safety and convenience.
  - danw 19y ago
    In the UK at least, debit cards dont offer the same levels of protection as credit cards if your details are stolen
  - jamiequint 19y ago
    credit cards are great for building credit, which is useful for other things, like buying a house
    - geebee 19y ago
      yeah, provided you pay it off. My brother called me while he was in college and asked if he should get a credit card. I told him "if you can charge $20 a month to it, and pay it off every month on time, then yes, get one. If you can't, don't". He was nervous about his organizational ability, and decided not to get one. Four years later, he had a tough time getting an apartment in SF because he had no credit. It's stupid, and credit card companies definitely target college students knowing that many of them will end up paying severe penalties and interest charges. But the thing is, they'll give you a credit card because you're a college student without the same credit history they'd want to see after college. So if you have the discipline to charge very small amounts and always pay it off on time, it is wise to get one.
  - run4yourlives 19y ago
    Yes, but you try canceling a purchase on a debit card. Plus, I get points for free flights on my cc.

Xichekolas 19y ago

Credit card debt is foolish... credit cards themselves are great. Definitely prefer to swipe plastic rather than carry around pieces of paper.

boucher 19y ago
Thus the debit card was invented.
- Xichekolas 19y ago
  Yeah, but I still use the credit card so I can keep most of my money in savings accounts and time my card payments to my paychecks. Having a balance sitting in my non-interest-bearing checking account seems inefficient.
- LogicHoleFlaw 19y ago
  The danger of the debit card is that if there is an unexpected charge or some other banking error, your cash is tied up until the problem is resolved. You can't access your money. With a credit card the tied up money is the credit card company's . My policy is to use credit for anything over $20, and just pay off my balance every month. It's a good compromise between safety and convenience.
- danw 19y ago
  In the UK at least, debit cards dont offer the same levels of protection as credit cards if your details are stolen
- jamiequint 19y ago
  credit cards are great for building credit, which is useful for other things, like buying a house
  - geebee 19y ago
    yeah, provided you pay it off. My brother called me while he was in college and asked if he should get a credit card. I told him "if you can charge $20 a month to it, and pay it off every month on time, then yes, get one. If you can't, don't". He was nervous about his organizational ability, and decided not to get one. Four years later, he had a tough time getting an apartment in SF because he had no credit. It's stupid, and credit card companies definitely target college students knowing that many of them will end up paying severe penalties and interest charges. But the thing is, they'll give you a credit card because you're a college student without the same credit history they'd want to see after college. So if you have the discipline to charge very small amounts and always pay it off on time, it is wise to get one.
- run4yourlives 19y ago
  Yes, but you try canceling a purchase on a debit card. Plus, I get points for free flights on my cc.