Comments on: So I Just Got a New Credit Card. http://getoutofdebt.org/1392/so-i-just-got-a-new-credit-card Free debt help and debt advice on how to get out of debt, getting out of debt consolidation scams, and inside information on the debt relief and debt help industry. Sun, 12 Feb 2012 06:45:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Steve Rhode http://getoutofdebt.org/1392/so-i-just-got-a-new-credit-card#comment-19710 Steve Rhode Sun, 21 Feb 2010 17:39:51 +0000 http://getoutofdebt.org/?p=1392#comment-19710 Karen, Sounds like you made some really smart moves. Keep up the good work and thanks for reading. Don't be afraid to comment on other questions as you move forward. Even just an encouraging word means the world to people in trouble. Think of it as your first step towards you dream of coaching. What people fail to realize in the "to use a card or not use a card dilemma" is that the card is merely the tool, not the problem. As an instrument to make a financial transaction a credit card is the safest instrument you can use to do that. Better than a debit card. The reason people get into problem with cards is either bad life luck such as natural disaster, job loss, accident, divorce, etc. or emotional issues surrounding their spending like compulsion, addiction, co-dependent spending, etc. What people fail to understand is that blaming the "card" for their troubles is like blaming the kitchen knife for being plunged in the body of another and killing them. Do we sue the knife manufacturer? Big hug. Steve Karen,

Sounds like you made some really smart moves. Keep up the good work and thanks for reading.

Don’t be afraid to comment on other questions as you move forward. Even just an encouraging word means the world to people in trouble. Think of it as your first step towards you dream of coaching.

What people fail to realize in the “to use a card or not use a card dilemma” is that the card is merely the tool, not the problem. As an instrument to make a financial transaction a credit card is the safest instrument you can use to do that. Better than a debit card.

The reason people get into problem with cards is either bad life luck such as natural disaster, job loss, accident, divorce, etc. or emotional issues surrounding their spending like compulsion, addiction, co-dependent spending, etc.

What people fail to understand is that blaming the “card” for their troubles is like blaming the kitchen knife for being plunged in the body of another and killing them. Do we sue the knife manufacturer?

Big hug.

Steve

]]> By: Karen http://getoutofdebt.org/1392/so-i-just-got-a-new-credit-card#comment-19709 Karen Sun, 21 Feb 2010 16:19:03 +0000 http://getoutofdebt.org/?p=1392#comment-19709 Steve, I read your blog religiousy as I have a strong interest in personal finance and hope to one day do some financial coaching/counseling as I can see it's very needed. I have also struggled with the "to use a card or not use a card dilemma." My husband and I both lost our jobs in 2007 and now are in sales working for commission and never knowing what our income will be from month to month. Unfortunately, although we did our best to cut expenses, most of them didn't change due to job loss, including the two investment properties we owned that went "under water" as a result of the poor real estate market. When one of those properties needed extensive repairs to be able to re-rent, we put $7,000 on a cc. Here's what I do. Some of the cards we currently owned were offering 0% for 6-12 months or 3.99% FOR THE LIFE OF THE BALANCE! This is obviously the best choice, as the cc company is hoping (and they're probably right) that most people won't pay the balance within the promotional period. So now all the debts have been transferred to cards with low interest rates and we are able to make significant progress in paying them off, while not incurring any new debt and trying to build up some savings. People need to be real honest with themselves when doing a transfer about their ability to pay back within the promotional period and their commitment to using it as a tool to get out of debt. Steve, I read your blog religiousy as I have a strong interest in personal finance and hope to one day do some financial coaching/counseling as I can see it’s very needed. I have also struggled with the “to use a card or not use a card dilemma.” My husband and I both lost our jobs in 2007 and now are in sales working for commission and never knowing what our income will be from month to month. Unfortunately, although we did our best to cut expenses, most of them didn’t change due to job loss, including the two investment properties we owned that went “under water” as a result of the poor real estate market. When one of those properties needed extensive repairs to be able to re-rent, we put $7,000 on a cc. Here’s what I do. Some of the cards we currently owned were offering 0% for 6-12 months or 3.99% FOR THE LIFE OF THE BALANCE! This is obviously the best choice, as the cc company is hoping (and they’re probably right) that most people won’t pay the balance within the promotional period. So now all the debts have been transferred to cards with low interest rates and we are able to make significant progress in paying them off, while not incurring any new debt and trying to build up some savings.
People need to be real honest with themselves when doing a transfer about their ability to pay back within the promotional period and their commitment to using it as a tool to get out of debt.

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