I got one as a credit rebuilding card after a free spending wife and divorce left me literally drowning in debt. It very nearly did for me to be honest. Very dark days.

Took years to pay it all off, and even now, with no debt at all, I still have nightmares about it.

Great if you have financial discipline, however for the poorer amongst us they often prove too much of a temptation, and these are the people that the banks are trying to enslave.

I have one, 0% for a few years. I don’t use it as often as I should, ideally I would buy everything on it, and pay it off each month, but I just tend to use my debit card.

The only time it really gets used is for holidays & on holidays. I paid for 6 flights recently & it’s probably £2k all in. I’ll pay it off over a few months, rather than using my savings, which whilst not exactly earning record breaking levels of interest, is earning me more than not having it in the account because I spent it on flights 🙂

I also have a car on a lease. Probably makes me a wreckless financial ticking time bomb according to some.

Oh? I didn’t realise there was a minimum limit. How’s that calculated?

The protection is only for purchases (or part purchases) of between £100 and £30k:

https://www.moneysupermarket.com/credit-cards/guide-to-credit-card-protection/

Do you think this is the case or do you think middle-age IT guys just drive more expensive cars, have families, ride fancy bikes and live in slightly bigger houses so still spend most of what they earn?

In fairness it was a bit tongue in cheek. I am after-all an overweight, middling age IT guy who owns a few bikes, although my MTB has seen little use over the last few years! This years that should change though as I no longer work 2 hours away from home.

I know some people who spend all and more than they earn, and others who live well within their means. I even put my foot in in the other day asking “Who has £20k sitting in their bank account?” after having seen a receipt at my local co-op showing that balance, my mate said, erm, me.

Personally I like to save what I can and pay my card off regularly, but my car cost £3k 7 years ago, I live out of the city so have an 8 mile cycle to work. My house will need a new bathroom and kitchen in the next few years and I REALLY need to get someone to come and sort out the vast apple tree in my back garden (needs a chainsaw taking to it as it’s so bloody tall!). But I like to go away when I can so my money largely goes on travel!

Are they actually the majority in the world though? Or am I just a complete failure?

I’m a complete failure too! Just under £3k on an interest free credit card. Had to take extended time off work when my son was born. Savings gone, credit card used, only one okay wage. No savings and very little spare cash. Does worry me a lot.

I now try and live debt free apart from the mortgage so no credit cards for me.
When I was younger, early 20s, I got into significant amount of credit card debt. Took me years to sort it out. A lot of stress and worry involved.
I see the benefit of having them, especially if paid monthly. I just know I don’t have the discipline. Would end up with lots of shiny new stuff followed by a divorce!

Now being sanctimonious, answering an earlier question about middle aged IT guys….I’m 47, work as an IT contractor, never had any work gaps in over 20 years. Anyway, I drive a Berlingo on a 14 plate, wife has a 7 year old Kia. We live comfortably within our means, she’s a teacher earning an ok salary. I do have good bikes, three bikes with a total value of £11k.
We do sometimes discuss moving and getting a bigger house/mortgage, but haven’t done so yet. I don’t like where we live but I like the small mortgage.
I’m someone who suffers with the wants, I always want something new and different. Luckily my wife stops me being a spender. I’m that bad that I am just given “pocket money “ each week. If I want a big purchase I need to ask. I see it as an addiction, I look at the watch thread and think I’d like a new watch, or XC racing thread and want to buy a carbon hardtail. If I had access to the money I know I’d spend it.

Got 2 cards, one for purchases in foreign currency, one for day to day spending that gives me cash back once a year (usually get £450 cashback from it).

Pay them both off in full every month, so no interest paid.

Credit cards are exceptionally useful, and you’re limiting yourself a bit if you don’t use one, but you must be disciplined and pay it off before the 0% interest period has ended.

People who don’t trust themselves or have got burnt in the past, why is it? “ooh free money”, overly optimistic about your repayment abilities, or not knowing what you’ve spent?

I’m an engineering dork who is probably on the spectrum. I could probably list every expenditure I made in January. I can estimate a supermarket trolley (of items I buy) to within a few quid, even though I’m buying the food and drink I want to eat regardless, and know I won’t have an issue at the checkout. I know my car’s remaining range, intended travel plans, and when I’ll be passing the cheap petrol station.

Basically, I like doing rough mental calculations for fun, but I want to know how other people’s minds work.

overly optimistic about your repayment abilities, or not knowing what you’ve spent?

For me it’s been over-optimism, partly along with a bit of greed maybe…. One minute it’s all good, next thing you’ve kinda let it snowball and your card is at £5000 and you think “Crap what happened there” Mostly though it’s i guess blinding yourself with stupidity. It’s no different to eating a pack of jaffa cakes and not thinking about the calories. At the time the potential consequences don’t seem to register.
I sometimes astound myself with how little disposable i have overall considering earnings, but i 100% know it’s down to me and whilst i’m addressing the situation it won’t be as quick nor as painless as the spending it was in the first place.

Ayjaydoubleyou are you me ?

Ayjaydoubleyou are you me ?

We aren’t normal, but we aren’t that rare either.