Comparissons in personal living (hell, mission)

[michel]

I am interested in making comparissons between our lifestyles and I thought I would start a thread where we in Great Britain (To include my Good friend Jackie from Scotland) find out comparative facts between us; ie if things are the same here as where you are.


The immediate question that prompted me to strat this thread was a 'conversation' about credit cards/agaist cash in shopping.

Historically, In the U.K, Credit card issuers used to charge an anual fee to issue a credit card (used to be around the £12 mark, ie US$20). After a few years, the annual fee disappeared, as credit cards became more and more competitive.

We now have a situation where the card issuers want to reintroduce an annual fee.
This is because :The public have taken maximum advantage of switching balance tranfers from one new card to another (at a very low initial rate), to 'seduce' the client.

One example I know of is a local man who is well off, but who accumulated quite a large debt on credit cards, got a 0% balance trannsfer, interest free for six months, put the money in an interest bearing account, and has been transferring the debt around all the credit card companies ever since. IE the credit card issuers have lent him a nice sum of money (at 0% interest rate), which he has deposited in an interest bearing account. Quite a lot of money for doing nothing........

I did that once (for six months); and the amount lent to me (for whatever purpose I wanted it for) was absurdly high. It went into an interest bearing account, and I walked away with a healthy profit.

I, like many others of my age group, pay off the credit card bill in full each month. The card issuer gets nothing from me (except for the retailer's commission).

Because people here are spending non- existing money, bad debt provisions are huge. The card issuers now want to re-introduce annual fees; I shall have to dump a load of cards............

How does it work in the States?

[Terrywoodenpic]

I only have two cards
a visa Debit card and a Visa credit card
As I pay off my credit card every month I too never have charges
I always use my debit card in shops.
As my debit card is a visa one, this gives me equal protection to a credit card when doing a web transactions.
I really have no need of a credit card at all, and any charges for it would see it cancelled.

Terry______________________
Amen! Truly I say to you: Gather in my name. I am with you.

[Zephyr]

I hate credit cards almost as much as I hate cell phones, Hummers, and expensive clothes. Cash is the way to go. It will cost you less in the long run.

[nutshell]

Originally Posted by Zephyr

I hate credit cards almost as much as I hate cell phones, Hummers, and expensive clothes. Cash is the way to go. It will cost you less in the long run.

I take it you keep your money under your bed mattress rather than investing?

[Zephyr]

Originally Posted by nutshell

I take it you keep your money under your bed mattress rather than investing?

Not quite. I'm only 16, so the only real work I have is fire-eating at street fairs and playing bass in a few weekend bands. I use my money to help out my family.

[Seyorni]

I've never owned a credit card. I buy everything with cash or cheque.
Credit, it seems to me, is for people who must buy something they can't afford and are willing to gamble that they'll have the money for pay for it at some future date.
I know it's probably unfair, but can't shake this feeling that credit users are being financially irresponsible.

[Zephyr]

Originally Posted by Seyorni

I've never owned a credit card. I buy everything with cash or cheque.
Credit, it seems to me, is for people who must buy something they can't afford and are willing to gamble that they'll have the money for pay for it at some future date.
I know it's probably unfair, but can't shake this feeling that credit users are being financially irresponsible.

Exactly. You just put into words what I was drawing in my brain.