Credit card debt

Cobra said:
I hope they don't penalise you, they certainly used to years ago, when clearing finance early.
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Don't think so. My shift partner at work only took out the finance on his car earlier in the year because it meant he got an additional discount on the car. He paid the finance off before the first payment is due. I think there is just a standard £10 fee payable if you settle anytime even at the end.
 
woof woof said:
An ex of mine lived on her credit card and all she ever paid was the minimum amount and eventually even that became too much for her. She always spent money like there was no tomorrow and not just on essentials either, she couldn't pass a coffee shop without diving in and having not only a coffee but a slice of cake too and then she'd periodically have a melt down over the debt she was sinking into. It's just how some people live. I paid it off for her.

I only buy stuff if I can afford it and I always pay the debt it full once a month. I use my cards for buying on line and for stuff in shops I don't want to carry cash for like big purchases of several hundred etc. I see people buying stuff they can't afford and I wonder why. Why buy a BMW/Porshe when you can't afford it? I can accept that people need big purchases like a car and I can see a need for something like a Hyundai Getz but no one needs a BMW. At least in the days when I bought flash cars I paid cash. I see people going into debt for holidays abroad and phones and I think WTF? Go to Whitby for a week, buy a PAYG... That's just me though because if I had debt I wouldn't be able to sleep but some see being constantly in debt as a normal way of living.
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I can't see a reason why anyone would want, let alone need a Hyundai Getz. Some cars are just wrong, so, so wrong. :eek:
 
defo a type 1 for me
 
Yeah I know, I'm tired of them already
 
Bloody American spelling...
 
There are very strict rules these days which dictate that you can't be unduly penalised for repaying debts early; from small loans up to huge mortgages. Quite right too.
You can also "drip feed" overpayments without penalty.
 
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Cobra said:
I hope they don't penalise you, they certainly used to years ago, when clearing finance early.
Click to expand...
You can settle almost all finance in the first 14 days and only pay the interest accrued in that time.

A few years ago I wanted to bid on a garage (that you park a car in, not a car repair business) at auction, so I took out a personal loan from my bank for the most I was prepared to pay, got outbid in the auction room and then went into the bank and repaid the amount I'd borrowed the following day.
 
I have had a credit card for just over 20 years ... rarely use it and when I do I pay over the monthly minimum if I can't afford to pay it all off.
When I first got it, I had a £1000 limit, after around 15 years of not checking, I noticed that the limit had steadily increased to £29000 ...
 
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