Credit card or credit to hard work?

[boost monkey 0]

I was wondering how many people on here save up and spend their hard-earned on their car and how many use loans / credit cards to put the purchases on?

 

Being a student, I am fundamentally in debt just to pay for everyday stuff (Engineering degrees really don't leave space for part-time jobs :shrug:) and so a lot of the time I have to not buy stuff because I have to pay for something lame like rent! Ok, so rent is quite important, but I no longer have a credit card after consolidating my outstanding debt into affordable payments. :clap:

 

(By the way, I don't mean "cheque booking" which, in my mind, is giving a garage / workshop a blank cheque and asking them to build you a show-stopping car.)

 

End of the day, it's all of your money to do with what you will, I just think it'll be a good discussion!

 

Don't flame teh messenger :salute:

[CorradoVR6-Turbo 0]

im a dit of both worlds,but im impatient,so if i want it now and have no cash.....im my worst enemy!

[boost monkey 0]

by the way, this isn't a "how much does your car owe you?" thread!

 

Edit: Poll added by VR6 - he's a few pistons short of a VR6 :cuckoo: :lol:

[Toad 0]

I use my credit card, but pay it off in full every month, just means the money is in my bank slightly longer, I pay for bits through prostitution and other secondary work activities.

[dirtytorque 0]

use my wages mostly.

I have done used the plastic every now for "special items" and then but i always pay it of asap and its the exception rather than the rule.

[mrbeige 0]

and other secondary work activities.

otter manipulation?

 

 

Oh, and I used to use my flexible friend, but got into a whole world of schitt with them, so don't now....

[dinkus 10]

Ham and eggs for me please

[skinnyman9000 0]

To be fair when i clicked 'ham and eggs' i was expecting at least 80% to have voted for that.

 

Disappointed lads :lol:

[Supercharged 2]

Yep - buy everything I can on credit card with 4-7 week interest free credit and I also get the insurance cover on the stuff I buy and cashback.

 

As Toad does I just set up a DD to pay off in full each month being careful not to spend cash I don't have...

 

The other good money saving trick is to take out a card with an interest free on purchases deal, I do this every year or whenever I know I want to make a big purchase, I currently have about 7k on a 12 month interest free deal with about 4 months left I think, I have the 7k to pay it off but it's currently earning me money in a high interest account.

 

Look at it like a business, it's all about managing your cashflow and not spending money you can't afford to (difficult with a Corrado I know!)

[easypops 8]

can't see past the scrambled eggs :clap:

[Jim 2]

I'm a bit hit and miss. I'm not very good at financial planning so any 'shock' bills that come up end up going on the Credit Card - but otherwise I do generally try and save up for stuff!

[boost monkey 0]

Yep - buy everything I can on credit card with 4-7 week interest free credit and I also get the insurance cover on the stuff I buy and cashback.

 

As Toad does I just set up a DD to pay off in full each month being careful not to spend cash I don't have...

 

The other good money saving trick is to take out a card with an interest free on purchases deal, I do this every year or whenever I know I want to make a big purchase, I currently have about 7k on a 12 month interest free deal with about 4 months left I think, I have the 7k to pay it off but it's currently earning me money in a high interest account.

 

Look at it like a business, it's all about managing your cashflow and not spending money you can't afford to (difficult with a Corrado I know!)

 

Let that be an example to us all Steve! :clap:

[the delta force 0]

Bought the car four years ago using a credit card as I was too impatient.

 

Now I have to save a bit each month to spend on the car. I've had a lot on unexpected bills on the car, namely the front subframe splitting.

 

Got myself a second job which has helped....

[ProdigalSon 1]

Had to sell my first C as it was the straw that broke the camel's back, financially :(

 

Only buy bits now that I know I can afford - but put it all through the card to get the usual perks...

 

Was very pleasantly surprised when I came to get a mortgage late last year and they said I had 'excellent' credit rating and would offer me insane amounts of lending at low rates, must be the tens of thousands of quid through the credit card each year, but paid off in full each month :grin: I have learnt my lesson :salute: :lol:

[Guest]

I try to only Pay for unexpected stuff on my card, dont usually buy car stuff with it though if i can help it, its more for emergencys, nice to know its there

[Wendy 0]

I am what you call a Credit Card Tart !!! - Await Toad's response to that !!!! :)

 

Same as VR6 (Steve), have a Credit Card with Zero % on purchase till Jan 09, with 6K limit. Have stacked this to the hilt and put by the money each month into an Interest acc to pay off just before the Interest is chargeable.

Earning money on the back of a Credit Card really apeals to me.

 

Also another with a 3.9% Interest for the life of the balance.

 

My everyday Credit Card - I use constantly which I pay off in full each month - mainly I do this - one for the extra time to pay, but also, I find it an easier way of keeping in touch with my finances.

 

For anyone who needs a Short Term Loan (Say 4 years) - the cheapest is normally to extend the mortgage, as long as you are strict enough to pay it off.

 

Wendy

[Supercharged 2]

Prodigal - very good point there about building up a credit rating too and mortgages!

[Philuk 0]

i get most of the money ready, put it on the plastic then pay it off pretty much straight away lol

[Kevin Bacon 5]

Credit cards, wages, loans, sexual favours, doesn't matter.... all the same to me. So long as the Corrado jobs get done :D

 

2 years ago I had two credit cards, both with over £10K on them, mostly Corrado related purchases :D

 

I soon paid em off though, but what I find bizarre is the more you get into debt, the more money they throw at you.

 

Both those cards now have credit limits raised to £20K. American Express gave me a card (the dangerous green one) and all manner of "exclusive" offers from big cheese financial institutions keep dropping through my letter box..... all because I'm crap with money :D

 

The truly scary thing is I could pop down to my local Lancasters (posh dealer) and buy a Ferrari, Porsche, Bentley or Maserati on plastic.

 

I've considered it..... and then taking it back a week later for a refund.....

[Critical_Mass 10]

Credit cards, wages, loans, sexual favours, doesn't matter.... all the same to me. So long as the Corrado jobs get done :D

 

:lol: :D

[dukest 0]

the trouble with the sensible approach espoused by the supercharged- and toad-like ones is that you can end up with a load of cards that are empty and you're not using but you think you won't get rid of, just in case of a rainy day... :nono:

 

in my case i had(have) 7 credit cards that all had biggish limits and were empty when i got made redundant.. i had money to live on but then as it ran out, just putting a little bit on one card rather than going back to work became a bit of a habit and, sure enough, one might say i'm a little bit screwed now.. i never worried as I had a flat i'd been doing up with a friend that i knew i'd be selling at one point, but we just took an offer 10% lower than the asking price which now means that 2 or 3 of those cards aren't getting paid off like i thought they were. :(

 

so, will be in debt for another 2/3 years now - no worse than many i'm sure but rather stupid considering 3 years ago i was flush... so let that be a warning to those of you that are sensible to start with, any card you're not using after the deal has run out, get rid of it! :grin:

[the delta force 0]

I am in a similar boat but will be clear by December.........and they wonder why so many people are struggling to pay loans/mortgages.

 

the trouble with the sensible approach espoused by the supercharged- and toad-like ones is that you can end up with a load of cards that are empty and you're not using but you think you won't get rid of, just in case of a rainy day... :nono:

 

in my case i had(have) 7 credit cards that all had biggish limits and were empty when i got made redundant.. i had money to live on but then as it ran out, just putting a little bit on one card rather than going back to work became a bit of a habit and, sure enough, one might say i'm a little bit screwed now.. i never worried as I had a flat i'd been doing up with a friend that i knew i'd be selling at one point, but we just took an offer 10% lower than the asking price which now means that 2 or 3 of those cards aren't getting paid off like i thought they were. :(

 

so, will be in debt for another 2/3 years now - no worse than many i'm sure but rather stupid considering 3 years ago i was flush... so let that be a warning to those of you that are sensible to start with, any card you're not using after the deal has run out, get rid of it! :grin:

[the delta force 0]

£20k? That's crazy! :shock:

 

Credit cards, wages, loans, sexual favours, doesn't matter.... all the same to me. So long as the Corrado jobs get done :D

 

2 years ago I had two credit cards, both with over £10K on them, mostly Corrado related purchases :D

 

I soon paid em off though, but what I find bizarre is the more you get into debt, the more money they throw at you.

 

Both those cards now have credit limits raised to £20K. American Express gave me a card (the dangerous green one) and all manner of "exclusive" offers from big cheese financial institutions keep dropping through my letter box..... all because I'm crap with money :D

 

The truly scary thing is I could pop down to my local Lancasters (posh dealer) and buy a Ferrari, Porsche, Bentley or Maserati on plastic.

 

I've considered it..... and then taking it back a week later for a refund.....

[Bally 0]

Everything Ive done on my car in the last 5yrs is from saving & buying what I can afford.. I dont have credit cards.. If I did I'd be crazy! :lol:

[ziderapple 0]

Supercharging my car and the RX's I'm afraid to say were Credit card purchases... All other work has been paid for with cash, including those unexpected expensive bills we all get now and again (that arent really unexpected at all :lol: it is a raddo after all..).

My 24v conversion is a cash only affair though :D Cant beat the feeling of handing over cash for something and knowing thats it, done, bought, no interest building up, nada.

 

Slightly off topic, but has anyone ever done the Experian credit expert thing and had a look at your report and score, had to do mine on friday due to a mix up -was getting worried I'd been cloned, all ok and sorted now though. Makes interesting reading - down side is it adds up all you debt for you, which can be a shock if you've been burying your head in the sand. :shrug: Oh and the CC is well on its way to being payed off.