
Understanding Credit Card Debt & Credit Card Late Fees - vaksel
http://www.mint.com/blog/finance-core/the-descent-into-credit-card-debt/
======
msluyter
This is why, for the one credit card I regularly use for its cash back bonus,
I have automatic _weekly_ payments set up, each of which is far larger than
the minimum would ever be. This helps guard against cases where the credit
card company moves the due date around to purposefully screw a scheduled
monthly payment. One has to be incredibly vigilant these days it seems.

~~~
yason
Can the company really change the due date just like that? Sounds fscking
evil! Or is that U.S. specific?

In Europe I would expect a 1-2 month notification period, or renegotiation of
the credit card terms which implies the need to sign some papers to recognize
the new due date (or failing/refusing that, alternatively have the card
terminated).

~~~
msluyter
[http://faultlineusa.blogspot.com/2009/02/bank-credit-
cards-a...](http://faultlineusa.blogspot.com/2009/02/bank-credit-cards-and-
moving-due-dates.html)

------
tptacek
Am I the only one here who has gotten a good ways into their adult life
without ever needing a credit card?

The only time it's ever been an issue for me is renting cars; we have a
corporate Amex account for that, but I haven't gotten a personal Amex.

What is the huge advantage of having a credit card? I get that regularly using
one builds your credit. But that's a circular argument. The people who care
about your credit the most? Credit card companies. We've bought houses twice
in the last couple years, and our credit history wasn't an issue.

~~~
pfedor
I'm assuming you use a debit card, because I imagine it's very difficult to
live on cash only (you need something with a number to buy stuff online, for
one thing.) I used to have a debit card only, but it's a bit scary: whoever
steals your debit card number (or the card itself) has direct access to all
money you have in your checking account. If they steal your credit card number
on the other hand, then (a) they can only get up to your limit (which I keep
low) and (b) you can challenge the bill and not pay and you are protected by
law in some way. As long as you pay the bill in full at the end of each month,
you can't lose.

~~~
tptacek
Sure. I also don't live credit-free; we've used installment credit to buy an
appliance or two, and of course we've made car payments. But credit cards?
What's the huge win?

As for debit card loss liability: I've had cards stolen numerous times, and
I've never had trouble getting charges reversed.

------
bowman
I have used credit cards and taken out debt before purely to game the system.
(e.g. used my low interest student/bank loans as an investment source) I
didn't loose money but I found there are always hidden costs and any loan
creates a weight on the mind that is not healthy. I now just buy everything in
cash.

------
ShabbyDoo
My wife and I try to make as many of our purchases as possible using credit
cards because we get at least 1% back in stuff. It's sad that the merchant
eats at least 1.5%, but it's not my problem (although I will offer greenbacks
to small business owners). We've never carried a balance, and the credit card
companies haven't done much scamming for fees. I guess we're seen as more
powerful than someone who needs a credit line, so they know that even a little
bit of gaming will cause us to cancel the account.

Interestingly, Revolution revoked our card. I'd used it exactly once when
Buy.com was offering $50 off a purchase for signing up. I guess they decided
that it wasn't worth it to carry our credit line on their books (and make
themselves appear to be in a more risky financial state as a result) when we
weren't revenue generating.

------
mynameishere
Finance is really not that complicated. Don't borrow at even 0.001 percent
unless you can invest at 0.002 percent. If you can't understand that grade of
math, you're eternally doomed anyway...

------
catfish
Money As Debt

<http://video.google.com/videoplay?docid=-2550156453790090544>

------
quoderat
It's despairing that so much of modern capitalism has moved from "a fair deal
at a fair price" to a scam of sorts -- even if it's a legal scam.

