Comments on: US Credit Card debt under the microscope | Globe and Mail http://blog.communitylend.com/2008/09/30/us-credit-card-debt-under-the-microscope-globe-and-mail/ Starting the conversation about P2P Lending in Canada Wed, 08 Feb 2012 07:28:37 +0000 hourly 1 http://wordpress.com/ By: Alan http://blog.communitylend.com/2008/09/30/us-credit-card-debt-under-the-microscope-globe-and-mail/#comment-192 Tue, 30 Sep 2008 14:20:19 +0000 http://communitylend.wordpress.com/?p=149#comment-192 The banks have been throwing credit cards at people for the last 30 years and allowing them to build debt beyond ability to pay. I won’t shed a tear for bank losses, they brought it on themselves (and be clear about it: they’ve raked in much more profit than loss over time).

As to consumers, there is only one way to use credit cards. Pay them off at the end of the month. This means, naturally, that one should not charge beyond ones means to pay.

CCs provide a 30 – 50 day interest free loan. That is the only way to use it.

Limit yourself to 2 credit cards (3 if you’re a frequent traveller).

In order to be able to use it for an emergency or upcoming big ticket item, one should also build up some liquidity (short term savings). This can be invested in something modest like GIC’s that can be called out when needed.

David Simonds post above, should be deleted. It is spam.

]]> By: David Simonds http://blog.communitylend.com/2008/09/30/us-credit-card-debt-under-the-microscope-globe-and-mail/#comment-190 Tue, 30 Sep 2008 12:29:24 +0000 http://communitylend.wordpress.com/?p=149#comment-190 Hi,

I greatly enjoyed looking through your blog and found some informative posts on finance.I have also some finance related web sites having more information regarding various financial problems and its solutions.So,I think it would be beneficial for both of us if we will join in a community and become link partners to each other which will help your blog/site in getting more Google values.If you are interested then please contact me at- davidsimonds007(at)gmail.com

Thanks,
David

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