Comments on: So, You’ve Paid Off Your Credit Card. Are You Ready for Another One?

By: molotov

molotov — Mon, 11 Aug 2008 22:07:54 +0000

This is a great article! I was recently listening to a podcast with the same theme, together with this entry I feel fully educated about credit card finance. Here’s where I heard the show, a financial show called InvestTalk, where the guy is pretty real and down-to-earth (http://blog.investtalk.com).

By: MoneyGrubbingLawyer

MoneyGrubbingLawyer — Mon, 11 Aug 2008 12:56:37 +0000

Dustin, I fully agree with you that credit cards are ideal for many transactions and, when you find the right card (I prefer the CTFS mastercard), can be quite rewarding. For example, I couldn’t imagine traveling on business without a credit card.

The key, as with most financial issues, is acting reasonably and responsibly when using credit. This is where some people struggle, and why for some getting another card after finally getting out of the hole they dug for themselves may not be a great idea.

By: Dustin

Dustin — Mon, 11 Aug 2008 12:42:02 +0000

I stand by my assertion that credit cards are a great vehicle for many money transactions. I will need more evidence for someone to convince me they are a ripoff than simple stating it. People who are afraid of credit cards shouldn’t have them. But to those of us who understand what they offer and what they demand in return, there isn’t much to concern yourself with. I’ve gotten more than $2K dollars back with my purchases, have a killer credit score, and have a readily accessible line of credit should I need it.

By: Weekend Linkage - August 10, 2008

Weekend Linkage - August 10, 2008 — Mon, 11 Aug 2008 03:40:09 +0000

[...] So, You’ve Paid Off Your Credit Card. Are You Ready for Another One? Frugal Dad has a guest post on what to do after credit card debt is paid off. [...]

By: Saturday Link Love: What Is YOUR Time Worth? (Ask Mr Credit Card’s Blog)

Saturday Link Love: What Is YOUR Time Worth? (Ask Mr Credit Card’s Blog) — Sat, 09 Aug 2008 09:06:23 +0000

[...] Dad weighs in on the classic debate with, “So, You’ve Paid Off Your Credit Card. Are You Ready for Another One?” This is a touch subject for those of us with lots of debt. It’s nice to have a fresh [...]

By: Aaron

Aaron — Fri, 08 Aug 2008 15:25:33 +0000

GrubbingLawyer: I would argue it’s irresponsible to use cash instead of a rewards credit card.

I have a hard time seeing how it isn’t sad that people choose not to receive hundreds or thousands of dollars in cashback rewards because they can’t control their “weaknesses and temptations”.

By: Holland

Holland — Fri, 08 Aug 2008 15:22:05 +0000

Well said MoneyGrubbingLawyer.

By: MoneyGrubbingLawyer

MoneyGrubbingLawyer — Fri, 08 Aug 2008 13:52:46 +0000

Aaron: There’s nothing “sad” about people recognizing their weaknesses and temptations and taking proactive steps to address these challenges.

Everybody has their own psychological issues when it comes to money- that’s why debt repayment tactics like the “debt snowball” are so popular- they take these issues in to account. Knowing yourself and your challenges isn’t “sad”, it’s called being responsible.

By: PremiumSecret.com - So, You’ve Paid Off Your Credit Card. Are You Ready for Another One?

Fri, 08 Aug 2008 07:52:10 +0000

[...] Read the rest here: So, You’ve Paid Off Your Credit Card. Are You Ready for Another One? [...]

By: Todd A

Todd A — Fri, 08 Aug 2008 04:04:44 +0000

Good post, as it’s always good to know what temptations to expect. I concur with the sentiment posted earlier, that having credit checks mailed is just an ID risk. Hopefully, some consumer protection legislation will get enacted to stop the practice.