Credit Cards Next On Block

[Ron]

Originally Posted by Digging4Truth

Reminds me of this commercial.

Funny... yet sad.

http://www.youtube.com/watch?v=hn5EP9StlVA

So true!

Canada used to be known as a nation of savers, not anymore.

I think the demarcation line is the Second World War.
The Generation that grew up in the depression or during the war years, knew what it was like to be without.

The post war generation has known nothing but abundance, what do they need to save for?

Interesting times to say the least.

Even if our worst case scenario of a total collapse doesn't happen, it is a certainty that we have not gone through anything like this in our lifetimes.

The struggles we will go through will be the same!

JMHO

[commonsense]

I use a couple of credit cards, but pay in full each month.
I like the rewards points and it's just so much easier to return something.

I worked with a gal several years ago, 4 kids, 2 jobs etc.....$25,000 in credit card debt! And this was a long time ago.
I thnk her mother helped bail them out.

[Pragmatist]

We use them, but pay in full every month.

[Digging4Truth]

Originally Posted by Ron

So true!

Canada used to be known as a nation of savers, not anymore.

I think the demarcation line is the Second World War.
The Generation that grew up in the depression or during the war years, knew what it was like to be without.

The post war generation has known nothing but abundance, what do they need to save for?

Interesting times to say the least.

Even if our worst case scenario of a total collapse doesn't happen, it is a certainty that we have not gone through anything like this in our lifetimes.

The struggles we will go through will be the same!

JMHO

True... the depression certainly had some terrible times but people lived a life where they possessed the abilities and knowledge to cope with such a situation that we no longer possess.

Most of us don't have the ability to raise food or animals or live without electricity or city water if need be.

Even a recession or depression that is not as bad as the great depression could be much worse on people because their inability to live in a world where there are no groceries at the store.

When people lose their jobs they lose their house... their car... what do you do then?

There is no escape plan.

[nahkoe]

Originally Posted by commonsense

I use a couple of credit cards, but pay in full each month.
I like the rewards points and it's just so much easier to return something.

I worked with a gal several years ago, 4 kids, 2 jobs etc.....$25,000 in credit card debt! And this was a long time ago.
I thnk her mother helped bail them out.

I'm not in a very good position either. I have 4 kids, right now only 1 full time job, trying to get back into school, struggling to pay bills and have $5000+ worth of maxed out credit cards.

I've used them when money I was counting on didn't show up. It's kept a roof over our heads, food in our bellies, and utilities turned on. I've paid them down when I've been able to.

But right now, my economy is a mess. Some unexpected adventures this summer have left me reeling and I'm not sure I'm going to be able to get out from under this. I really wish the credit card debt was gone, but it's not. And I really wish the balance was available so I could see the way out of this, but it's not. So I hold my breath and hope...

[Antipas]

Originally Posted by Digging4Truth

True... the depression certainly had some terrible times but people lived a life where they possessed the abilities and knowledge to cope with such a situation that we no longer possess.

Most of us don't have the ability to raise food or animals or live without electricity or city water if need be.

Even a recession or depression that is not as bad as the great depression could be much worse on people because their inability to live in a world where there are no groceries at the store.

When people lose their jobs they lose their house... their car... what do you do then?

There is no escape plan.

So true.

Interestingly, many city building codes require electricity and running water or the house must be vacated. Where I live you cannot legally abide in a house without running water or electricity for an extended period of time.

Thank God my wife and I have no serious credit card debt. We have one credit card that we use in the event of an emergency and we currently have a balance of around $300 on it. No biggie.

[Charnock]

This is a very negative thread.

Renda will be sore displeased.

[rgcraig]

Originally Posted by Charnock

This is a very negative thread.

Renda will be sore displeased.

Lol - I paid off my credit cards, so I'm a happy camper!

[Antipas]

I think all of this will be good for us in the long run.

[George]

Originally Posted by Neck

I use AMX when I can.

Then I have a record of what I purchased and when.

Then I pay the one bill.

I start out each month with a ledger and I deduct from the ledger just like a checking account.

So I always know how much my AMX bill be and what I needed to budget..

I used to have AMX years ago and I did like their billing and record system but, I found some places where I frequently shopped that wouldn't accept AMX. I finally cancelled the account and strictly use my debit card. I can print out the ledgers online and it works for me.

On another subject, I moved my business accounts to a small bank. They gave me binders when I opened the accounts and the statements are mailed already three hole punched with photos of all checks and deposits. It is so much nicer than the big-time lousy service bank I left. My accountant loves it.