Sound-off on credit cards
Each week on our Debt-Free Mall site we run a contest with great prizes. Last week’s giveaway was $100 cash to help pay down credit card debt. We wanted to help someone get $100 closer towards being debt-free. We asked participants to leave a comment about credit card purchases they regret or to share opinions of the credit card reform. We received over 230 entries!
Overwhelmingly, the majority of you have a lot of regrets when it comes to using your credit cards. We heard about car purchases, overusing credit cards in college, purchases that you just shouldn’t have made in the first place and times when the credit card was needed as a bailout for emergency circumstances. When it comes to the credit card reform, most agree that the change towards full disclosure including how long it will take to pay off your debt is a good thing and might just be the wake-up call that people need. However, there is still concern about interest and fees and many don’t believe these changes will do enough to really help those people who are struggling with debt.
Some of you also shared how you have stopped using credit cards altogether or only put something on your credit card if you have the cash to pay it off. We commend you for that!
So who got the cash?
Our winner was Sarah A from Chicago!
Here’s what Sarah had to say about credit cards:
“I relied heavily on credit cards during college and right afterwards. I was paying my own way through school and didn’t have any money left over to eat. But the worst was right out of school when I needed work clothes. I got kind of spend happy with my “free money.” Fast forward several years later when I maxed out my first card. I do regret the choices I made. On the other hand, I was very young and naive and at the mercy of the temptation of a credit card representative hanging out applications on my college campus. If anything, I’ve learned I will need to better educate my own children on financial responsibility so they avoid the same fate.
I am so relieved that these reforms are finally coming into effect. My available credit was almost halved, but at least I don’t feel like there’s this unlimited supply of funds out there with my name on it.”
You can read all the comments here.
Thanks to everyone who participated in our contest! We will be continuing to follow the impact of the credit card reform and are always interested in hearing your opinions!
credit card holders have to discover ways to handle their finances properly. They have to be more responsible with their spending habit. Paying off their bills by the due date can help them keep away from debt problems and high interest rate.