Topic: Why do people get credit cards loan? - page 3. (Read 1218 times)

Credit card loans are categorized as unsecured loans but bank won't give credit card to everyone,Only people with the capability of repaying it with such high interest rates will get them and you got that point too.But most of the salaried people useing credit cards for purchasing useless shits from online and local stores then have hard time on repaying it.

As the topic creator, my mind and opinion on credit card loans have changed so much.

As an entrepreneur in need of capital for cash flow reasons (customers not paying on time, need to pay employees, etc.),
using a credit card loan has made my life so easy. I realized that some companies (small ones) could go out of business if
credit card loans did not exist.

My friend had a small business contract in December that he could only fulfil if he took out a loan of £30k (~ $40k). I have completely
changed my view and, if you don't think they are useful it means you have not yet had a problem that would be solved
by this quick loan.

Don't take loans if you risk not being able to repay, but take it if needed to move forward and make progress in life.

I am not from US and the loan amount from credit card is not worth to destroy your complete reputation.

In the US, the credit reporting agencies and banks will allow you to rebuild your credit. It might take several years, but then you can do it all over again. If you are shrewd about it, there are ways to get the agencies to bring back good credit faster... maybe only a year or two.

But you can't take any loans in your life forever if you have defaulted loan because most of the countries keep tracking the credit score of every individual on that country.So its a one time offer.

If you get CC loans, you can use the money to live happier. Just don't own the stuff you buy. Put it all into trust or corporation. Then, when you default on the loans, you don't have anything that the courts can take away from you.

Some people actually do this for a living. They take out loans, and more loans to pay off the previous loans, and they hide the property they buy in legal ways. Then they default, and keep the stuff they purchased. They do it as a business.

Actually banks making us to get them,loan which is something good and really bad for people.Credit card loan needs to be paid with highest interest rate if you don't paid them in the right time so they are making more profits than other schemes.

But what is actually a credit card,making people to spend their money on useless things then later they will pay the credit debt from important savings or salary.

The advantages of every item have the same difficulty with the credit cards You cannot use the card all the time. There are many places where card transactions are not done. Banks usually offer credit card loans to their benefit and from now on they get some interest. The banker does not offer a loan to pay off their credit considering their leverage But I think using credit cards is fine.

Oh yes i remember things like that back when we could use credit cards. Some people did what you describe, while others simply used them without any need ie. pay everything with credit card and clear the debt immediately the next day, to show a "pristine record".

Back then you could even pay in advance to bypass the maximum. There was no practical maximum if you overpaid the thing in advance, we used to do this as well, since the starting limits were so low and credit card was the only type of "electronic money" you could use online. Thankfully we now have bitcoin, and those idiotic bank limits matter no more. It also happens that credit cards stopped operating in this country, for various reasons.

ie. you want to buy something £1000, but your limit is £500, and currently have zero debt, you go into your bank and "pay" £1000 to your credit card), then you could spend £1000 with that card once; repeat as needed).

Last they "worked" my "gold" and "platinum" credit cards had a purchasing power equivalent to 1 satoshi (the magic of hyperinflation), and our gov forbade the prepaying thing so they became useless even before Trump ordered all American companies out from this country.

Of course its not "free money", you are paying extra fees to the bank and credit card companies than if you did not use them. And they love slaving you to pay their monthly interest if you can't afford to clear the debt immediately... Using the credit card for credit is dumb in my opinion, unless its an emergency.

I've been using my credit card to buy random stuff a lot for two reasons. 1 are to collect points. The 2nd reason is because I always seems to overdraft my debit by some unexpected unknown bill. Leaving me with a large fee.

Well, for me, people get credit cards because they want to buy a lot of things without knowing about its interest.

I tried it once because the credit card company offered me a very nice interest rate which is a lot lower than getting a personal loan.

Is there anything bad about it ?
at time people are in financial mess or need to pay some bills or house rents and there is nobody to help. Opportunity left unuse is a waste.

I stopped having credit cards since I start to earn and learn Cryptocurrency,because of accessibility from my wallets to withdraw anytime and faster
Yeah there’s perks and and rewards but I don’t also want hassles if time comes that I forgot to pay earlier or not having funds to cover the loan since we cannot assure of not experiencing difficulties in life sooner

Absolutely things that also my concern why I focused in Cryptocurrency using

Why do people get credit cards loans? this question becomes a mystery
for some people. The fact is a lot of evidence that credit card loans
make a negative effect on someone's life especially with
credit card loans many people waste or buy something not important.
Can damage the finances and many people who involved credit loans make them poor.
Most likely people use credit card loans are simple because of prestige. If it's true the reason is prestige
this is a very careless act.

My advice avoid credit card loans in your life, if you want
buy something in priority cash. If not enough to do the old-fashioned way
by saving. I make sure life will feel more enjoyable
without using a credit card loan. but this is just my personal opinion
, which might be wrong.

Credit card loans is a product that would make you so poor immediately.
It is very dump to get a credit card in my opinion. It is just a way to pay for things with money you don't have. It instantly get you in the debt cycle and you can never repay it.

This procedure allows banks to earn a lot of money

I think people get credit cards loan because they have a dont high salary. People easyer take a loan then change job with good salary. But if you want change something and dont take a loan click here now and change work.

This procedure allows banks to earn a lot of money

It's obvious, benefits. Because of some benefits people can get out of credit card loan they are enticed to get one. Well, the obvious benefit of it is you can get some things you wanted with just a card. You don't need money to bring. Remember, some of these cards could be used outside the country.