James Piecowye thinking out loud

Ideas, inspiration and a bit of random.

In the Cards?

Posted on | May 28, 2013 | 1 Comment

Oh those credit cards.

Debt is a huge issue that it seems we really need to do a better job teaching people about.

Are we taking a course call “debt management” in school? Not any school I went to.

Yet, we all seem pretty good at accumulating debt and pretty bad at knocking it down.

We asked on Nightline how or what you are doing to keep your own personal debt under control.

Interesting to read and hear that people are indeed thinking long and hard about this topic and in some cases have very well thought out strategies.

Of course the more important question has to be are we listening to the strategies that others are employing to manage their debt?

Here is a look at what people said about managing their debt via the SMS line.

  • SMS Close all credit cards but one. Transfer all the debt to just one loan. Don’t buy that new car. Don’t upgrade to the newest gadget. Don’t fall for zero percent installment plan. Be grateful and content with what you have – neo
  • SMS How do you manage your finances! Well, when I had to spend my bonus amount to balance my credit cards, it hurt. However, now, I have more credit cards, since each banks gives different bonuses i.e. I have mashreq bank card to buy electronics with 1 yr easy payment plan, Emirater NBD card for cash backs and discounts on dinners, HSBC card for air miles, and I have created a simple excel worksheet to manage my cards. For every card swipe I get an sms and Irecord that cost in my book, personal book keeper and not being negligent, therefore I know what’s my debt at every card, not just assuming I’m ok
  • SMS I’ve had several cards over 10yrs and never paid a penny in interest or profits.  Pay the full balance every month.
  • SMS  no loans no debt, 1 cr. card used for points & settled monthly (i can get triple the limit but ask for low limit can be settled early) mohd.
  • SMS Hate loans and credit cards, a credit card is just a high interest loan dressed up as something else. What I do is live below my means, If i can afford a rent of 50k I live in a 30k flat. I pay my credit card bill immediately so no interest. I buy my car cash so no interest, I have no outstanding amounts. Im from the UK , most people from uk cannot live below a certain status level even though they cant afford it.
  • SMS Hi. I am Lamis . Never had a credit card .. I saved some money .. Put it in a bank . Use  the card for emergency only ..
  • SMS Differ between needs and desires and try to realize that a rainy day comes sooner or later in everyone’s life so prepare today to survive tommorow,rgds Neeraj
  • SMS  I have a current account to which i transfer most of my bills related amounts as soon as i receive mu salary. It gets auto deducted when the date js set. Also i have thrown away the atm card for that accnt so i never take money out of it.
  • SMS I have a bad experience with personal finance .most of people get stucked because its impossible to control ur demands … without specifying those demands most of people facing problems in returning this amount so they just lend and lend again .and at the end its all about copying each others…my advice do not go for it .
And then there was the great piece of advice from Neo which is worth hearing!

[soundcloud url=”http://api.soundcloud.com/tracks/94282895″ params=”” width=” 100%” height=”166″ iframe=”true” /]

And this caller reminds us that we all have the ability to control our spend and we need to pay attention to our spending habits, a great story by the way.

[soundcloud url=”http://api.soundcloud.com/tracks/94240587″ params=”” width=” 100%” height=”166″ iframe=”true” /]

As always there is a lot to be said on this topic and I am sure you have an opinion or might like to hear the entire broadcast, go to the podcast and share your thoughts on Facebook!

Comments

One Response to “In the Cards?”

  1. Jack
    May 28th, 2013 @ 7:22 pm

    Nice!

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