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rickholio · 03-05-2005, 12:03 PM

I pay off my CC every month, and never run a balance on it. I believe it's currently at around $750CAD.

Allowing credit card debt to linger is one of the worst debts you can accrue. Not only do they tag you with outrageous interest rates (some cards well over 20%!) but also with various late fees, service charges and other 'gotchas' that leave you paying far far more than the original balance if you let it sit even for a little while.

If you need to buy something big, get a line of credit or a loan. Credit card debt is brutal, and the card companies unforgiving and totally disinterested in your financial situation except how best to exploit it.

03-05-2005, 12:03 PM
rickholio Confirmed User Industry Role: Join Date: Jan 2004 Location: Nor'easterland Posts: 1,914	I pay off my CC every month, and never run a balance on it. I believe it's currently at around $750CAD. Allowing credit card debt to linger is one of the worst debts you can accrue. Not only do they tag you with outrageous interest rates (some cards well over 20%!) but also with various late fees, service charges and other 'gotchas' that leave you paying far far more than the original balance if you let it sit even for a little while. If you need to buy something big, get a line of credit or a loan. Credit card debt is brutal, and the card companies unforgiving and totally disinterested in your financial situation except how best to exploit it.