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credit cards

Discussion in 'Small Business' started by Northy85, 21st Jun, 2015.

  1. Northy85

    Northy85 Well-Known Member

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  2. Scott No Mates

    Scott No Mates Well-Known Member

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    There is no reason why you would want a credit card without a 55 day interest free period and not pay the entire balance each month - credit cards are short term credit, not part of your long term plan. Even low rate cards without interest free periods are generally 100% more expensive than long term loan rates.

    Don't blame the government, blame yourself for not watching the small debts at high rates.

    Learn to calculate your WACC, and seek to reduce your WACC rather than utilising funds because of easy access.
     
    keithj and bob shovel like this.
  3. Northy85

    Northy85 Well-Known Member

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    I don't and have never owned a credit card. All I'm saying is less money being spent on credit card interest is going to find it's way into the economy and would be good for everyone.
     
  4. bob shovel

    bob shovel Well-Known Member

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    as long as people keep racking up cc debts, it will keep fees down in other areas... whack it all on credit i say!
     
  5. Tillie

    Tillie Well-Known Member

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    I do not believe that there are many people in this forum that do not pay credit card balance off each month, but what I have noticed in general population it's quite common not to pay the whole amount owing :confused: Actually I have been 'financial adviser' friend (read: nag) for some of my friends when trying to help them to get their finances in order and I am now talking about highly educated professionals but without common sense and expensive taste :eek:
     
  6. Northy85

    Northy85 Well-Known Member

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    Yea I know hey. This place and SS is full of financially literate people who know the difference between good debt and bad debt. The rest of the population don't. I had an Aunt who had $100k on credit card debt once, she was definitely not paying that off every month :rolleyes:
     
  7. Vacant

    Vacant Well-Known Member

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    It is truly amazing how many incredibly intelligent people I know completely lack the ability to practice common sense.