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Author Topic: Credit crunch - Keep or destroy credit cards?  (Read 3613 times)

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JamesV6CDX

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Credit crunch - Keep or destroy credit cards?
« on: 03 July 2008, 15:07:32 »
I have three credit cards, all clear, and I don't owe anything on any of them anymore.

Barclaycard, 3500 limit
Virgin, 5000 limit
Nationwide, £3500 limit

I am itching to cancel these cards so I don't end up being tempted to use one and getting into debt. But I am having second thoughts about this. Although my credit score is 100%, borrowing is becoming very difficult with the credit crunch, so if I did cancel these cards and found  I ever did need one again, I may not be able to get one...

Discuss! :D

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albitz

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Re: Credit crunch - Keep or destroy credit cards?
« Reply #1 on: 03 July 2008, 15:09:20 »
depends on your willpower.i recently got rid of all of mine and felt a lot better for it. :y
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STMO123

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Re: Credit crunch - Keep or destroy credit cards?
« Reply #2 on: 03 July 2008, 15:10:46 »
I've got a virgin credit card with £11000 limit, an egg card with £6000 and a guaranteed overdraft of £5000 with an APR of 9.9%. I'm not using them but I'm certainly not cancelling them either.

Just show some restraint laddie.  ;D
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Kevin Wood

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Re: Credit crunch - Keep or destroy credit cards?
« Reply #3 on: 03 July 2008, 15:14:48 »
Credit cards ae a bad way to borrow money, so if you did find you needed to in future, they wouldn't be the best way anyway and you'd be better off applying for a loan.

Depends on willpower, as said. Credit cards can be useful for shifting expenses to the end of the month / pay day without incurring interest charges, but if you suspect the temptation is going to be to spend faster then you earn, chop them up.

Kevin
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TheBoy

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Re: Credit crunch - Keep or destroy credit cards?
« Reply #4 on: 03 July 2008, 15:16:20 »
I'm keeping all mine.

But then I've never bought what I can't afford, so they always get paid off every month (except when I forget  :-[).

I struggle to understand people who are tempted to buy what they can't afford - I could understand if something happened and had to buy food etc temporarily, but not 'luxories'  :-/


I have a preapproved 'loan option' on my mortgage of around £40k, that, if used, is charged at mortgage rate, the bank wrote to me asking if they could reduce this to £100 (from £40k).  I guess they think I am bad risk, or they really need the money!
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STMO123

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Re: Credit crunch - Keep or destroy credit cards?
« Reply #5 on: 03 July 2008, 15:17:38 »
Quote
I'm keeping all mine.

But then I've never bought what I can't afford, so they always get paid off every month (except when I forget  :-[).

I struggle to understand people who are tempted to buy what they can't afford - I could understand if something happened and had to buy food etc temporarily, but not 'luxories'  :-/


I have a preapproved 'loan option' on my mortgage of around £40k, that, if used, is charged at mortgage rate, the bank wrote to me asking if they could reduce this to £100 (from £40k).  I guess they think I am bad risk, or they really need the money!


Are you sure?  ;D ;D ;D
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TheBoy

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Re: Credit crunch - Keep or destroy credit cards?
« Reply #6 on: 03 July 2008, 15:17:50 »
I keep the Asda and Shell ones as I get discount of fuel.  I keep the Barclaycard, purely to piss those gay tossers off. Amex is corporate.

I always use credit cards online for (slightly) extra protection.
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STMO123

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Re: Credit crunch - Keep or destroy credit cards?
« Reply #7 on: 03 July 2008, 15:20:41 »
Quote
I keep the Asda and Shell ones as I get discount of fuel.  I keep the Barclaycard, purely to piss those gay tossers off. Amex is corporate.

I always use credit cards online for (slightly) extra protection.

This is weird. Change your avatar Jaime, I keep thinking you're Mark.
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Field Marshal Dr. Opti

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Re: Credit crunch - Keep or destroy credit cards?
« Reply #8 on: 03 July 2008, 15:22:07 »
Credit cards, I cant live with them ,but sadly cant live without them either.
Iam working on the theory that if i borrow enough then i can get completely out of debt........... :y :y :y :y :y :y :y :y

PS. If i was not married i would not have this problem..... :P :P :P
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TheBoy

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Re: Credit crunch - Keep or destroy credit cards?
« Reply #9 on: 03 July 2008, 15:22:47 »
Quote
Quote
I keep the Asda and Shell ones as I get discount of fuel.  I keep the Barclaycard, purely to piss those gay tossers off. Amex is corporate.

I always use credit cards online for (slightly) extra protection.

This is weird. Change your avatar Jaime, I keep thinking you're Mark.
Eh?
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Grumpy old man

Debs.

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Re: Credit crunch - Keep or destroy credit cards?
« Reply #10 on: 03 July 2008, 15:23:09 »
 ;) I don`t have any credit cards; I might be living hand-to-mouth but at least there`s no monthly card-debt/demands/bailiffs to keep me awake at night. :y

[size=9]Henry David Thoreau
Simplicity, simplicity, simplicity! I say let your affairs be as one, two, three and to a hundred or a thousand… We are happy in proportion to the things we can do without.[/size]
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STMO123

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Re: Credit crunch - Keep or destroy credit cards?
« Reply #11 on: 03 July 2008, 15:23:35 »
Quote
Quote
Quote
I keep the Asda and Shell ones as I get discount of fuel.  I keep the Barclaycard, purely to piss those gay tossers off. Amex is corporate.

I always use credit cards online for (slightly) extra protection.

This is weird. Change your avatar Jaime, I keep thinking you're Mark.
Eh?

You haven't noticed? :o
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TheBoy

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Re: Credit crunch - Keep or destroy credit cards?
« Reply #12 on: 03 July 2008, 15:23:45 »
Ah, just clear cache  >:(
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Grumpy old man

Field Marshal Dr. Opti

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Re: Credit crunch - Keep or destroy credit cards?
« Reply #13 on: 03 July 2008, 15:27:06 »
Quote
depends on your willpower.i recently got rid of all of mine and felt a lot better for it. :y
Not really feasible in 2008.
Try booking a hotel room or paying for a hire car without plastic.It also means no internet purchases. :o
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psychnurse

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Re: Credit crunch - Keep or destroy credit cards?
« Reply #14 on: 03 July 2008, 15:27:52 »
Cut them! The lenders will ALWAYS be willing to lend to peps. The media has hyped it all out of proportion at the moment. There is no need to cancel the card accounts... just cut them up so you cant use them.

They may even raise your limit and give you good incentive to use it again... but as the consumer all of this goes in your favour James!  ;)

Enjoy the position of being able to choose!  :y :y
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