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Thumb of Michigan | Right after my "practice" marriage. About 1980. I was able to avoid over spending issues and other problems many seem to have with easy credit. My ex- not so much.
Not to get preachy here- but whether anyone likes the concept of a credit card or not, it may be the easiest or even only way to achieve a good credit score for some. If that's important to them anyway.
To wit: I know an individual who was anti credit card their entire life. Anti any kind of credit far as that goes. Nothing at all wrong with it, until having a poor credit score becomes expensive. In Michigan, insurance companies convinced the legislature that they should be able to rate risk and premiums based on credit scores. I don't agree with that, many didn't, and its supposedly illegal form them to do so now. Although, I was involved with a complaint with the Michigan Insurance Commision and an insurance company over exactly that, after it was supposed to be illegal. Anyway: the individual I know was charged over double for insurance the year after this originally took effect. No accidents, no tickets, no claims. A credit score under 600 was all it took. Score was that low because they had just always paid cash, not because of bad loans or any other debt.
That person did get a CC after this debacle, and uses it very sparingly. But they have a good credit score now.
Still use one of 3 cards now, depending on their programs. If nothing else, it saves me a lot of time with book keeping and check writing. Writing way less checks than we used too.
I also have a business that started taking payments by credit cards a few years ago. I don't like the fees, but in reality, our cost of collections has decreased considerably. Many customers will set auto payments up with us, those and ACH have really helped keep collection cost lower than relying on just cash or check payments. | |
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When did you start using a credit card?
