Re: What cut backs?

I once owned a credit card - can't think why I got it I used it once, paid it straight off and cut it up Hubby and I use a debit card always, the most 'we' have in 'our' purse is about £40 in notes
The last thing we bought on hp, was our first bedroom suite, blimey, that's nearly 50 years ago And of course we had a mortgage. We couldn't wait to pay off the mortgage and doubled our payments when we could. The one big disappointment, the day we made our last payment -the sun was shining as we walked down the road, feeling quite deflated that no one had said congratulations

Re: What cut backs?

I know what you mean Janela. When our mortgage finished the earth didn't move at all for us either . No more payments was so liberating though.

I've just heavily edited my post because I looked back and realised that I had strayed from the original inent of the thread. Sorry - its so easy to do when you don't keep looking back.

Re: What cut backs?

I think the outstanding balance, making use of the deedstore is a good idea Rena. Daughter and dil both have M & S cards. They both shop there a lot but we haven't got one nearby.

Re: What cut backs?

There is absolutely nothing wrong having a credit card, they come in useful for all kinds of things. No need to be afraid of them, used in the right way they can be an asset.
As long as you have the funds to pay the balance each month there is no problem.

Re: What cut backs?

I said ordinary people. You are obviously not one of those

Re: What cut backs?

Totally agree with you Cards are sometimes a necessity of life and having a mortgage doesn't do any harm as well. I don't use mine now - M&S, Debenhams, Access - all finished with them when I retired - but they did help me get things and I paid them off from my salary each month.

I bought my place and had a mortgage and never saw any harm in that either.

Good luck to those who have never had to have a mortgage, or credit cards! But there is no shame in having them either!

Re: What cut backs?

Totally agree. In days gone by when banks gave interest on current accounts as well as deposit accounts using a credit card actually saved a few pennies by delaying payment until the bill came in. I would not be without my credit card for the convenience it provides, but i always pay it off in full each month.

Re: What cut backs?

Antibrown asked should there be more cuts to help the country and personally I think this year there will be more difficult decisions made and it will be harder than last year for many people. We have noticed a difference in many areas of expenditure and have cut down. It hasn't hurt us yet, but there is a noticeable difference and we are becoming much more careful.
In the past it has been easy to get finance and people have been encouraged to buy on credit. I suppose we thought it was not going to end suddenly and that it was safe. Advertising, I think, was also to blame for making things seem so easy. Some folks having compromised themselves, were inevitably going to get into trouble because they had no reserves or assets to offset any debt and once becoming over extended financially any change in circumstances rocked the boat and started a downward spiral into unmanageable debt.
I have always looked upon credit cards as an advantage or a perk, which I have earned through being careful. There are ways to make them work for you and I see nothing wrong in using credit as long as you keep an eye on things and don't go in too deep. We have always kept a balance in savings (no matter how small or how large to offset debt and never ever pay interest charges on anything (mortgage excepted). If something I want comes with interest free credit and the price is competitive then I go ahead. One useful perk is that the M & S credit card gives points on every pound spent (whether with M & S or elsewhere) and I think that is quite a good deal.
A pair of our friends decided to pay for everything (gas, electric - every bill they had including food, clothes, petrol, the lot) on a credit card for about 3 years (always settling up each month) and with the points they earned each time they used their card they eventually had enough to buy a car (I think it was some deal Vauxhall had a few years ago). That was an exception, I know, and it took discipline to work it, but when you think how much a household spends over a year it did seem quite a clever way to get an advantage out of credit.
So, I don't think credit is a bad thing - it can be very useful if people can use it wisely.

Re: What cut backs?

I frequently use my credit card but never for small purchases (unless online) as I get money back from it, only a small amount but it all adds up. Like others I pay it up each month.A few years ago I used my card on-line to put the deposit on a holiday- about £400. The firm went bust but I got my money back from the credit card company without any trouble. They are very useful so long as you act sensible.

Re: What cut backs?

I dislike credit cards and refuse to have one. I use my current account debit card for all my purchases, like my new car, for instance.