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Jerrek · 05-12-2003, 21:07

When I was writing my original post, I was talking about credit card debt.

I do understand debt in certain cases, even though I hate it. A house. A car. Education.

I am C$8,000 (3,500 pounds) in debt from a student line of credit. That was only during the first year, when my folks had a particularly hard time. They do pay the interest each month on it. I'll be responsible for that debt once I graduate.

I have three credit cards. A regular student MasterCard with no rewards. A GM VISA which gives me 3% cash back towards a GM car (+ $1,000 when I graduate). And an American Express Airmiles card.

I use the GM card for everything to get points. I use the regular card for items I want to budget separately to make it easier. I pay them off clean each month. In fact, I often deposit money before buying something with the credit card because I'm so allergic to credit card debt.

My parents have several credit cards, each with a specific purpose. My dad has one Airmiles card that he uses for business purposes, and can often spend $30,000 to $50,000 a month on the card [the company pays the card though]. That translates into a heck of a lot of airmiles for us.

05-12-2003, 21:07	#44
Jerrek Inactive Join Date: Jul 2003 Posts: 2,545	Re: credit cards When I was writing my original post, I was talking about credit card debt. I do understand debt in certain cases, even though I hate it. A house. A car. Education. I am C$8,000 (3,500 pounds) in debt from a student line of credit. That was only during the first year, when my folks had a particularly hard time. They do pay the interest each month on it. I'll be responsible for that debt once I graduate. I have three credit cards. A regular student MasterCard with no rewards. A GM VISA which gives me 3% cash back towards a GM car (+ $1,000 when I graduate). And an American Express Airmiles card. I use the GM card for everything to get points. I use the regular card for items I want to budget separately to make it easier. I pay them off clean each month. In fact, I often deposit money before buying something with the credit card because I'm so allergic to credit card debt. My parents have several credit cards, each with a specific purpose. My dad has one Airmiles card that he uses for business purposes, and can often spend $30,000 to $50,000 a month on the card [the company pays the card though]. That translates into a heck of a lot of airmiles for us.