Credit card offers: we get them almost every day in the mail, it's ridiculous

[Shine]

We always toss 'em cuz we don't need any more credit, thank you very much, but it's scary to think how easy they make it for people to go into debt, without even trying.

:scared:

[jedicord]

1. I have a co-worker who gets a credit card to pay off another credit card...

but then runs them both up any way. Then they get another credit card to pay off the other two, and on and on.

It's like that old commercial "I do cocaine so I can work. I work so I can earn money. I earn money so I can do cocaine..."

Sheesh, I was in the bank drive-thru to make a deposit and they offered me a pre-approved credit card.

A HUGE pet peeve of mine...

[THUNDER HANDS]

12. how exactly

do you pay off a credit card bill with another credit card?

[tammywammy]

19. You could transfer part of the balance to a new card

I did that once. I was paying them down, got an offer for 0% including transfers (I read the fine print). I transferred the higher interest card to the 0% and paid it off.

[CoffeeCat]

2. We paid off...

...all of our credit cards and cut them up.

My husband and I attended a financial seminar and the subject of credit
cards was discussed often. We were all tasked with bringing in all credit
card offers that we rec'd in the mail---during the 6 weeks of the seminar.

There were 10 of us in the seminar, and during that six weeks---between all
10 of us---we had been cumulatively offered more than half a million dollars
in credit.

Credit cards keep you enslaved. If you have to purchase something on a credit
card, that means you can't afford it. You don't need a credit card for emergencies.
Keep an emergency fund for those purposes. You don't need a credit card to "build
credit", especially if you own a home. We had no credit cards or car loans and we
purchased our home with no problem.

Credit cards are a scam.

[RC]

5. Try traveling sometime without a credit card.

Good luck.

[Donnachaidh]

11. Do it all the time, no problem here

It's called CASH. Remember, the green stuff? :eyes:

[karlrschneider]

17. Nobody will rent you a car without one and many hotels don't take cash.

Sorry, your traveling must be VERY limited.

[Donnachaidh]

27. hotels will take cash if you pay upfront

And I usually don't travel to places I need to rent a car. The rental fees with the insurance fees are a total rip. If we can't walk, or do local transit, it's not a place I'm interested in.

[karlrschneider]

29. Your travel habits are somewhat unique. Many of us don't have the luxury

of picking and choosing destinations or itineraries. You're very limited in choices if you insist on cash only, that's all I'm saying.

[RC]

25. I once spent a month on Oahu. No way would I take enough cash

for something like that.
BTY, I pay off my card every month. At worst by the second month. If you can't afford it, do without till you can.

[CoffeeCat]

23. We pay cash or we use our debit card...

Why do these credit card companies have everyone so bamboozled?

You need a credit card to travel. You need a credit card to rent a car.
You need a credit card to build credit to buy a house.

It's all bunk.

We travel without credit cards. WE pay cash. We get travelers checks.
We use our debit card to pay for hotels and rent cars.

You don't need a credit card to travel.

[tritsofme]

21. When you get cash back and airline miles

And are able to pay off the balance each month, its silly not to use the credit card for every purchase.

[CoffeeCat]

24. I agree with you that...

if you pay off the balance on time, every month--and you get these bonuses (cash, airline miles),
it is a good deal.

However, the overwhelming majority of people do not pay off their balances monthly. Many
get the credit card with the intention of doing so, but the allure of not having to pay, is
too great.

The miles and the cash-back bonuses are lures, to get people to sign up. People like you
who pay off their balances in full, are a tiny minority.

So, for 90 percent of people--it is still a bad idea to get a credit card--for the express
purpose of getting these miles and the small cash bonuses. In the long run, they will end
up paying untold amounts in interest and they will purchase more things that they cannot
afford, because they have the card.

[Donnachaidh]

28. exactly WHAT is the cash back? I'm nosey?

A fraction of what you've paid? Well, for those who keep a balance, cashback and frequent flier miles are just that carrot on a stick come-on.

[mcscajun]

3. It is ridiculous, but you don't have to get them. Opt Out.

http://opt-out.cdt.org/

It's beautiful to cut a big chunk out of the junk mail you'd otherwise get.

They have no scruples, sending them even to those just out of bankruptcy. :eyes:

[Shine]

4. Cool, thanks!

:hi:

[redqueen]

6. Thank you!

I get several nearly every day... I didn't know there was a way to get it to stop.

I and the trees say thank you very much. :)

[regnaD kciN]

7. That's what I don't get...

They have no scruples, sending them even to those just out of bankruptcy.

From the old days, I remember that bankruptcy basically killed your credit rating for X number of years -- you simply couldn't get credit cards, mortgages, or any other kind of loan until you'd spent a long period of time living in a "pay as you go" lifestyle.

Now, I know of people who declared bankruptcy, had their debts wiped out (I think it was before the new law, but I may be wrong), and were getting "pre-approved" credit cards within a month or two after the court handled their cases.

Don't get me wrong: I never thought an absolute ban on credit after bankruptcy was fair (there may be emergency cases where you needed a loan for medical problems or a structural home repair), but being handed plastic to run up consumer debt immediately after it having been demonstrated in the clearest way possible that you simply couldn't handle credit strikes me as being socially irresponsible. It's like putting up a series of liquor stores offering free samples just outside the discharge exit of a rehab hospital. :eyes:

[PA Democrat]

30. I was just going to suggest this.

I used to receive at least 10 per week, now I get NONE! It will take about 6 weeks for the offers to stop completely.

[stirlingsliver]

8. Be Sure to SHRED THEM

Be sure to shred them.

People who commit identity theft use tossed-out offers for credit cars to get them -- in YOUR name.

[Shine]

15. Yeah, I'm pretty good about that. You're absolutely right.

welcome to DU, btw, stirlingsliver! :toast:

[anitar1]

9. I quit using them a few years back, and it was

hard to get used to for the first few months. I was not in deep debt but decided to opt put. Now it is a relief to not count on cards. I read some scary things about the charges ect. Much higher interest now than 5 or 6 years ago. I still receive offers , but not as often.

[SoCalDem]

10. Do NOT toss them... someone else could fish them out of your trash

and send them in..and USE them...in YOUR name..

Shred shred shred.. We are on our 3rd shredder..and we don't buy the cheap ones.. Anything with our names on it, goes intot he shredder...(except the obvious junk)

[THUNDER HANDS]

13. it's actually not that wise to cancel a bunch of credit cards after you pay off the debt

you should leave the accounts open for a while. It helps your credit rating having a bunch of cards with no balance on them. Cutting them up and cancelling them looks bad.

[Shine]

16. I agree, I'd feel better having the accounts open with no balance

I'm not one of those that would ever choose to NOT have them at all. They definitely serve their purpose.

:hi:

[Sapere aude]

14. Opt Out Of Pre-approved Credit Card Offers

http://www.creditsourceonline.com/opt-out.html

[Shine]

18. Awesome, thanks!!

:hi:

Done.

[3waygeek]

20. Monday last week, I got three offers

all from Capital One. I just send back the postage-paid envelopes with blank paper inside :evilgrin:

[Shine]

22. How weird, we got two from Capital One just today!!

I already tore them up, but I like your idea. :D

[OPERATIONMINDCRIME]

26. Spend What You Can Afford. It's Quite Simple Really.

Personal responsibility still carries some value, I'd hope.

[shugah]

31. some ideas for junk mail

i just received this email the other day about credit card offers, etc:

Junk Mail Help
When you get "ads" enclosed with your phone or utility bill, return
these "ads" with your payment. Let the sending companies throw their
own junk mail away.

When you get those "pre-approved" letters in the mail for everything
from credit cards to 2nd mortgages and similar type junk, do not
throw away the return envelope.

Most of these come with postage-paid return envelopes, right? It
costs them more than the regular 41 cents postage "IF" and when they
receive them back.

It costs them nothing if you throw them away! The postage was around
50 cents before the last increase and it is according to the weight.
In that case, why not get rid of some of your other junk mail and put
it in these cool little, postage-paid return envelopes.

One of Andy Rooney's (60 minutes) ideas.
Send an ad for your local chimney cleaner to American Express. Send
a pizza coupon to Citibank. If you didn't get anything else that day,
then just send them their blank application back!
If you want to remain anonymous, just make sure your name isn't on
anything you send them.

You can even send the envelope back empty if you want to just to keep
them guessing! It still costs them 41 cents.

The banks and credit card companies are currently getting a lot of
their own junk back in the mail, but folks, we need to OVERWHELM
them. Let's let them know what it's like to get lots of junk mail,
and best of all they're paying for it...Twice!

Let's help keep our postal service busy since they are saying that
e-mail is cutting into their business profits, and that's why they
need to increase postage costs again. You get the idea!