NEW CREDIT CARD LAWS START 2/22/2010!!!

[Chaz88]

I paid off and stopped using one of my two cards. I had a great card with a low fixed rate. After this law was passed but before it went into effect my card company sent me notice that if I used my card after the first of the year it would become a variable rate up to 19%. I would never consider paying that kind of interest on anything. Except maybe fish stuff.

 

[Loubard]

Just don't spend money you don't have..

 

[Oddball]

Just don't spend money you don't have..

That's easier said than done. Real life hits you with a surprise every now and then. Like when deciding to double-up on a mortgage payment because all the other bills are taken care of as are the food bill and luxuries. And, going through with replacing the old washer and dryer the same month. Then, BAM!!, you suddenly have to book 3 round-trip plane fares, rental car, hotel, meals, etc. because of a loss in the family.
I'm sure I'm not the only one that's happened to. There's no time to negotiate a signature loan or equity loan from the bank. The CC becomes a must.

 

[12 Volt Man]

That's easier said than done. Real life hits you with a surprise every now and then. Like when deciding to double-up on a mortgage payment because all the other bills are taken care of as are the food bill and luxuries. And, going through with replacing the old washer and dryer the same month. Then, BAM!!, you suddenly have to book 3 round-trip plane fares, rental car, hotel, meals, etc. because of a loss in the family.
I'm sure I'm not the only one that's happened to. There's no time to negotiate a signature loan or equity loan from the bank. The CC becomes a must.

I agree. as long as you use them responsibly credit cards are good.

I have had one since I was 18 also and when it came time to buy a house and get approved for a mortgage, the fact that all my credit card payments were on time and paid in full over the years did wonders for my credit score, which is really what the bank cares about.

if didn't have a credit card all those years, I might not have my house today.

that being said, pay it off in full every month people. thats important.

here in Ontario, you can't even get a membership at Blockbuster without a credit card..seriously.

they are a necessity for stuff like emergencies, building good credit etc etc.

but use them properly. its really very simple.

 

[JakeH]

I agree. as long as you use them responsibly credit cards are good.

I have had one since I was 18 also and when it came time to buy a house and get approved for a mortgage, the fact that all my credit card payments were on time and paid in full over the years did wonders for my credit score, which is really what the bank cares about.

if didn't have a credit card all those years, I might not have my house today.

that being said, pay it off in full every month people. thats important.

here in Ontario, you can't even get a membership at Blockbuster without a credit card..seriously.

they are a necessity for stuff like emergencies, building good credit etc etc.

but use them properly. its really very simple.

Actually, your credit score can drop slightly if you never carry a balance. The CC companies dont make any real money when you pay it off each month, so you can be docked 20-50 points each year that they dont collect interest... The credit bureaus have been doing that forever. Now for the disclaimer: I am not an Attorney or certified financial planner, so if you think this might affect you, see a credit Lawyer before you take any action!

 

[12 Volt Man]

^

but that may only apply in the States. I don't believe it works that way in Canada. paying it off can only help your credit score up here..

 

[nomad]

Just don't spend money you don't have..

........too many people live way above their means thinking they are entitled to.

 

[JakeH]

^

but that may only apply in the States. I don't believe it works that way in Canada. paying it off can only help your credit score up here..

Could be... But that would also mean that these new laws dont affect you anyhow, cuz you're up there in CanadiaLand, ayhhh... Geez! These Canucks gettin all technical! Just kiddin Bro, thanks for chiming in.