To think that not everyone should have a credit card?

[ThisWiseEagle]

People get themselves into massive debt because they overestimate their ability to manage credit. Do you actually trust yourself with a credit card or is it a financial trap waiting to happen?

They are a great tool for those who can manage their money but can be disastrous for some.

I have learnt my lesson the hard way regarding credit cards. Having got myself in trouble with a couple in the past,I've not had one for 10 years. But a few weeks ago I checked my credit rating and it was not bad,so I applied for one FOR EMERGENCIES ONLY. I was accepted,it only has a £200 limit, and this time I will keep it for if an unexpected expense crops up.

They are not for me. I have twice in my life run up ended up with very stressful and difficult to manage balances. I am now debt free, but I would never again get a credit card and I avoid buying anything at all on credit. We have an old car that we were able to pay for outright, we don't book holidays unless we can pay it up front, and we live within our means. It is hard at times, but then I remember how much I was worried and scared when we had debt. Luckily I have a partner who is very good with money so I have learned loads from him.

What's with all the credit card posts lately? Is this the next big campaign, we've moved on from teachers?

Or is it just a massive coincidence that a lot of users with three random words in their username are thinking about credit cards at the exact same time? 🤔

THIS! I’ve seen about 30 posts now “to think” and it’s always a small paragraph. I’m wondering if these are trolls or bots getting about.

Erm that's literally why we have credit scores?

Some people shouldn't have a credit card because of irresponsible spending and that's why those people can't get one.

The mechanism is already in place.

I've had one since I was 18 and used it to borrow money on in my younger, poorer years, but it was never out of control.
My own DS got one with his student account when he went to Uni, albeit with a small limit. I think he used it to pay £10 for something just to use it. Eventually it expired and the bank didn't renew it. HD applied for a different card a few years ago to pay for holidays to get the extra consumer protection. He always pays it off virtually straight away - not even waiting for the statement date.
But there will always be people for whom the temptation to spend is too much and the means to clear the debt gets beyond their control.

I can cope perfectly fine with my large credit card limits. Though my brother got himself in huge debt at 18 and as a result now only has a small limit on his card.

They are a brilliant tool with many benefits if used properly, but there are some people who won’t/can’t do that, so they should think very carefully before getting one.

My ex husband is definitely the person who can't be trusted with credit cards. He's a financial nightmare

Exactly, what's going on?