Comments on: Just Say No: To Instant Credit

By: 100 Important Personal Finance Posts for Women | Accounting Degree.com

100 Important Personal Finance Posts for Women | Accounting Degree.com — Thu, 11 Feb 2010 02:54:30 +0000

[...] Just Say No: To Instant Credit. The allure of saving a bundle on your purchase by simply opening a credit card is a dangerous step away from financial security. Find out why. [...]

By: Jes

Jes — Fri, 18 Dec 2009 16:50:26 +0000

Couldn’t agree with you more!!! We’re down to one credit card and it is almost always paid off the next month. That is a hole we don’t want to be in no more…the house debt is enough for us!!!

Great post!!!!
.-= Jes´s last blog ..Waste Less, Give More…Enjoy Your Local Library!!!! =-.

By: Jenifer

Jenifer — Thu, 17 Dec 2009 21:48:34 +0000

I completely agree with not opening a line of credit like this as an impulse! I do have to say, though, that I have ONE store card that I opened after MUCH thought and calculation of the savings. I’m a young professor who, with my husband, am working toward living debt free (think school loans from putting myself through school to get a Ph.D.). As a professor, I need to dress professionally for work. Every semester, we have budgeted $100 to spend on new clothing/shoes for work. I normally shop at one store for my work clothes…Ann Taylor Loft…relatively inexpensive as far as professional clothing is concerned. I did open up a card with them because of the HUGE savings they offer for card holders, plus the 15% off each purchase for teachers, not to mention the coupons galore and sales that they offer. In August, I went in and purchased $300 worth of clothing for $100!!! Here’s how I’m sure to not get sucked in. I only shop there twice a year and always with my husband…so I can’t fudge on the numbers…plus I love shopping with him AND, they allow card holders to make the purchase on the card in one transaction and turn around and pay it off with cash in the next. I get points toward discounts by putting it on the card, but the balance remains at zero. It has allowed me to build a work wardrobe for a fraction of the cost otherwise. I know this doesn’t work for most, but it works for me and allows for huge savings on my clothing. I think the most important part is that my husband, who is also committed to being debt-free, is with me when I purchase so that I’m not tempted. He also knows that he can’t go into a Guitar Center without me…too much temptation for him

By: Alyssa Francis

Alyssa Francis — Thu, 17 Dec 2009 16:52:55 +0000

Sarah May,
I totally agree about showing a Christ-like attitude, which is why I mentioned politely declining. It is unfortunate that some employees may lose their jobs over such an issue. I hope that is not the case!

By: SarahMay

SarahMay — Thu, 17 Dec 2009 16:48:16 +0000

Keep in mind that some stores require employees to meet a credit-card-signup quota or lose their job. Even those of us who are passionate about avoiding credit cards need to display a Christlike attitude towards the cashiers we interact with.

By: Alyssa Francis

Alyssa Francis — Thu, 17 Dec 2009 16:25:05 +0000

Oh, Jennifer! I totally forgot about the online temptation, too. You are right about Amazon. I actually shop there so much, I am used to just ignoring it. But I am sure others fall in that trap!

By: Shelly

Shelly — Thu, 17 Dec 2009 11:54:35 +0000

This is very true, and a trap my mom has fallen into. Please stop by to link this to Thrifty Thursday! .-= Shelly´s last blog ..Thrifty Thursday =-.

By: Bethany

Bethany — Thu, 17 Dec 2009 04:02:42 +0000

I, too, will be saying “no thanks” to anyone asking me about opening a credit account with them. I know myself far too well and know I cannot be trusted with plastic!

I do have a friend who is FANTASTIC at maximizing store credit cards though. She frequently signs up for store cards (usually to save the % off immediately). She pockets the actual cash for the purchase in an envelope and files it, waiting for the first bill, so she can pay in full. She then cancels the credit account. Her rule is to NEVER make a second purchase with the card, so she really is saving money.

Of course, you have to be pretty together to do this. I know this is not a plan that will work for me. I’m not organized enough and I’m still too much of an impulse shopper! My best way to save at Christmas is to shop deals all year. I’ve only had to buy two Christmas presents after Thanksgiving this year and they were small!
.-= Bethany´s last blog ..Coupon Round-up! =-.

By: Amy @ MomsToolbox

Amy @ MomsToolbox — Thu, 17 Dec 2009 00:33:40 +0000

Your words are SO TRUE and they cannot be said enough. All the misconceptions about credit cards, and those that get hung up in them, really sadden me. It is so easy to want that instant savings… but most often that instant ‘bonus’ comes with a long-term debt. With more money spent. Ick.
I typically just smile and say “No, thank you. And I appreciate you extending the offer. But it is not going to happen.”
.-= Amy @ MomsToolbox´s last blog ..SOAP: True beauty is in submission =-.

By: Amanda

Amanda — Wed, 16 Dec 2009 22:58:36 +0000

Thank you for this post! People have to remember the credit card companies are not FOR you, otherwise they wouldn’t charge interest. They are there to take more of your money. When that cashier asks you that question think about it this way, if she told you to hand over another $10 bucks after your transaction was done would you want to? If the answer was no then why would you pay an extra 10-30% on your purchases?
.-= Amanda´s last blog ..Picture People deal! =-.