I1L2T3 Posted October 5, 2011 Share Posted October 5, 2011 Paying off a credit card is the last thing a bank wants - if you do that then the revolving balance disappears and they lose the interest income stream. Its the last thing they used to want. It's a very different situation now. Basically pay off what you can now to reduce bank losses later when our economic depression kicks in. I'm amazed every day how many people think the landscape is still the same. Link to comment Share on other sites More sharing options...
L00b Posted October 5, 2011 Share Posted October 5, 2011 Simply put you should enforce austerity on yourself to help the banks. turn the heating down. Buy cheaper food etc.... Then you will have an increased discretionary spend you can use to pay off debts. Great for the banks!! The banks will have asked him to say this. struck -out bits = nonsense. For (common/financial sense-) reasons already amply discussed in the thread, and due to the very simple fact that no CC lender owes a cardholder a living, never mind unnecessary luxuries. If you spend within your means (regardless of whether you use a CC or not), there is no "austerity to enforce". The PM soundbite is, however, a clear indication that interest rate rises may be closer than we think. Link to comment Share on other sites More sharing options...
I1L2T3 Posted October 5, 2011 Share Posted October 5, 2011 Nothing stopping anyone doing a 0% balance transfer, plenty of cards out their that are offering up to 2 years interest free on balance transfers. nothing except a credit card company refusing to take you on. Get in the real world. Link to comment Share on other sites More sharing options...
MrSmith Posted October 5, 2011 Share Posted October 5, 2011 Its the last thing they used to want. It's a very different situation now. Basically pay off what you can now to reduce bank losses later when our economic depression kicks in. I'm amazed every day how many people think the landscape is still the same. I agree you keep paying interest. Obelix, shush don’t tell everyone to pay up or the banks will start to charging us for using cards. Link to comment Share on other sites More sharing options...
I1L2T3 Posted October 5, 2011 Share Posted October 5, 2011 struck -out bits = nonsense. For (common/financial sense-) reasons already amply discussed in the thread, and due to the very simple fact that no CC lender owes a cardholder a living, never mind unnecessary luxuries. If you spend within your means (regardless of whether you use a CC or not), there is no "austerity to enforce". The PM soundbite is, however, a clear indication that interest rate rises may be closer than we think. If you don't think the banks influence policy that's up to you. I'm more cynical. Link to comment Share on other sites More sharing options...
L00b Posted October 5, 2011 Share Posted October 5, 2011 nothing except a credit card company refusing to take you on. Get in the real world.Here's a tip: the more you have on tap, the higher your credit rating, the more they want your business. Odd, isn't it? ...took me a while to get over it as well. Link to comment Share on other sites More sharing options...
I1L2T3 Posted October 5, 2011 Share Posted October 5, 2011 I agree you keep paying interest. Obelix, shush don’t tell everyone to pay up or the banks will start to charging us for using cards. I have zero debt. Link to comment Share on other sites More sharing options...
I1L2T3 Posted October 5, 2011 Share Posted October 5, 2011 Here's a tip: the more you have on tap, the higher your credit rating, the more they want your business. Odd, isn't it? ...took me a while to get over it as well. Used to be like that. Not so much any more. Link to comment Share on other sites More sharing options...
Obelix Posted October 5, 2011 Share Posted October 5, 2011 I agree you keep paying interest. Obelix, shush don’t tell everyone to pay up or the banks will start to charging us for using cards. They already do. Mind you I don't pay a stupid interest rate on my card and for the other benefits I get I'm happy spending £20 a year on a card fee. Link to comment Share on other sites More sharing options...
speedbirdone Posted October 5, 2011 Share Posted October 5, 2011 nothing except a credit card company refusing to take you on. Get in the real world. If you have a good credit rating there is really no reason why a credit card company wouldn't take a resonable sized debt on from another credit card company, otherwise they wouldn't be offering such long transfer rates. Sure no guarantees in that but once you've got one card card it is quite easy to get another. Link to comment Share on other sites More sharing options...
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