Talks on Credit Card Applications and Their Appropriation

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Gladys N., 34, dental therapist.

"A person's addiction to credit cards depends on his/her level of education, financial education mostly. I am not a financial specialist but my husband is. So he used all his resources to teach me peculiarities and possible traps before I filled out my first credit card application.

Due to my profession, I know how costly a visit to a doctor may be, let alone all those medical prescriptions and insurance. So, I keep my MasterCard for emergency situations only and for covering my medical insurance. I admit that a credit card in the hands of a smart and educated customer can be a great financial tool. So, check your competence before requesting plastic".

Seymour Marceau, 30, architect.

"I have cancelled my Citibank credit card recently. I made a substantial debt on it which I then erased with the help of balance transfers. I learnt from this experience that a credit card is not for me, impulsive and thoughtless spender. I now feel quite at ease with a debit card and know where my money flows. However, I begin to think that credit for emergencies is a useful thing, but, unfortunately, there is a good time between the emergencies to max out your plastic and end up in debt up to your eyeballs".

Douglas C. Walker, 24, tradesman.

"I got my firs plastic to establish credit rating and intended to use it for emergencies mainly. However, with my life style, I used to very often hang out in bars and clubs or somewhere else. So I quickly changed the function of my Discover credit card and now I use it mainly for entertainment. I've found myself stuck in debt because of reckless spending but I plan to ask for a lower rate, because, I've been their loyal customer for 3 years already".

Walter L., 43, economist.

"Credit card should be avoided by people who are strapped for cash. They are not for people who do not have a substantial enough income to pay for their everyday needs or emergencies. From my experience I know for sure that the plastic is a perfect plaything or, inversely, a powerful financial tool for more than the average income customers. Such customers use a credit card to earn rewards or for investment purposes. They can allow paying more than the minimum each month and so they do not pay interest. Their credit card is purely their advantage, though it is not the sweetest deal for the lender".

Well, you've learned about credit card management experience of 3 most different customers with different occupations and styles of life. Hopefully, it will help you get on the right track and acquire common sense when you decide to apply for your next credit card.

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