tag:blogger.com,1999:blog-7336434292024806907.post4991820614066628291..comments2023-06-11T16:53:03.562+01:00Comments on Keeper of the Cauldron. : Corralling the Credit CardCerridwenhttp://www.blogger.com/profile/09113285657493048091noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-7336434292024806907.post-31808388377354230522015-01-26T20:53:14.702+00:002015-01-26T20:53:14.702+00:00Hi TFS, you've reminded me that it might be us...Hi TFS, you've reminded me that it might be useful to look at swopping one of our cards for something that gives better cashback. It's a Halifax Mastercard and we get hardly any cashback as none of the "offers" ever seem to coincide with where we shop. However, we do get some cashback on a Santander one which we use for groceries and petrol and I have an M&S one which is great for collecting points. Both these two have fairly low levels of credit so I also have a MBNA card which doesn't actually give me any type of perk so it might be time to look at that one too. And yes, you're right - they're all paid off in full each month.<br /><br />I've set up the spreadsheet and will be interested to see how things pan out. Hopefully having to keep it up to date will be enough to make me think twice about what I'm spending.<br />Cerridwenhttps://www.blogger.com/profile/09113285657493048091noreply@blogger.comtag:blogger.com,1999:blog-7336434292024806907.post-77684106175981463872015-01-26T20:43:41.402+00:002015-01-26T20:43:41.402+00:00Thanks weenie, I suspect I'm going to get a fe...Thanks weenie, I suspect I'm going to get a few shocks when I drill down into the credit card bills but knowledge is power, as they say :-)Cerridwenhttps://www.blogger.com/profile/09113285657493048091noreply@blogger.comtag:blogger.com,1999:blog-7336434292024806907.post-13504968645964097232015-01-26T20:35:15.782+00:002015-01-26T20:35:15.782+00:00Wow, those are some sobering statistics at the sta...Wow, those are some sobering statistics at the start of your post!<br />And to think that is actually the average, and many without any CC debt, there must be some absolutely mountainous piles of credit card debt in the upper percentiles of the stats!!! Scary stuff.<br /><br />Well done for not ever paying any interest, I can't say the same but I'm not far off. I ran a few interest free balances when fresh out of Uni and I am sure I ended up paying a tenner here and there on fees and a bit of interest due to not paying enough attention, nowt much to write home about though. It's sad to hear of people who are not spendthrifts still digging themselves into a hole because of the dreaded minimum payments and high interest rates. I have a few people close to me that have had run ins with this sort of thing in the past, they never realised the little things here and there would ever add up and they didn't think too far into the future, these companies really do take advantage of the naivety of youth (as well as a number of other human fallacies that can strike at any age)<br /><br />Thanks for linking to my post, it is now the officially most linked to post I've ever written... funny how things work out isn't it haha :)<br /><br />We put big stuff like holidays etc on ours, you only get 1.25% cashback (Amex platinum, if they take it and don't charge you extra) but it's better than nothing! I don't really differentiate that from our normal spending on debit cards or cash though as it's paid off in full each month, which I presume is what you are doing as well otherwise you'd be paying interest? Either way it's worth tracking what goes where so good luck with the new spreadsheet :)theFIREstarterhttp://thefirestarter.co.uknoreply@blogger.comtag:blogger.com,1999:blog-7336434292024806907.post-79796036832894682312015-01-25T14:18:27.410+00:002015-01-25T14:18:27.410+00:00Hi Cerridwen
I was handed my first credit card wh...Hi Cerridwen<br /><br />I was handed my first credit card when I opened my student bank account at 18. However, it wasn't til I was in my 20s and 30s that I got more cards when my limits maxed and just paid off minimum amounts.<br /><br />It was only when 0% credit cards became available that I was finally able to start paying off the debt in larger chunks but even then, I didn't really change my lifestyle and spending or I would have paid it off quicker.<br /><br />I still make use of my credit cards, one which I use regularly which I pay off in full each month, which clocks up airmiles. Another which is pretty much my 'emergency' card, which nearly always has a 0% interest period, which I've had to call upon from time to time (eg to cover some of my Christmas/holiday spending this time round.)<br /><br />The figures you've posted are scary but I think also just the tip of the iceberg, as I'm sure there will be many people (like the person close to you) who are hiding the debt from public and from their loved ones.<br /><br />Perhaps people of a certain level of income should only be allowed to take out one credit card, up to a certain limit. I can't believe that such a system couldn't easily be put into place as nearly all banks would use the same credit check reference agencies to see who has applied for what.<br /><br />Good luck with your new credit card spending spreadsheet!weeniehttps://www.blogger.com/profile/01602950445306813601noreply@blogger.com