Books

  • Jeff Michael: Repair Your Credit and Knock Out Your Debt

    Jeff Michael: Repair Your Credit and Knock Out Your Debt
    I highly recommend this book because I wrote it.

  • Edie Milligan: Tips from the Top: Targeted Advice from America's Top Money Minds

    Edie Milligan: Tips from the Top: Targeted Advice from America's Top Money Minds
    I have about a dozen entries in this book.


  • DISCLAIMER: The opinions presented on this weblog are solely those of its author, and do not represent the opinions of my employer or clients. I cannot guarantee that the materials presented on this site will be error-free, or that any errors will be corrected. I make no representations as to the accuracy, correctness, or reliability of the information presented here; this site reflects only the personal opinions of its author and is for entertainment purposes only. * Further, this site is not responsible for any comments left in response to weblog posts, and we neither endorse nor guarantee any content contained therein, nor do we endorse any materials, websites, or services linked to in comments left by blog readers. I reserve the right to remove comments at will, but accept no obligation to do so.

August 2010

Sun Mon Tue Wed Thu Fri Sat
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31        
My Photo

« More consumer-friendly credit cards | Main | Banks seeking Hispanic customers »

TrackBack

TrackBack URL for this entry:
http://www.typepad.com/services/trackback/6a00d8341c5b1d53ef00d83497e35169e2

Listed below are links to weblogs that reference Schumer to consumers: don't use store cards:

Comments

I'm pretty much an ANTI credit card guy. But putting that aside for a minute, I have some thoughts about store cards.

1.)If your going to pay your balance in full every month, just find yourself a good rewards bank card and use it instead of the store card. The reward throughout the year might be better than the one time savings with the store card.

2.)Many retailers are becoming credit card companies with a few items out front. I haven't seen recent figures but there have been times the credit divisions make more than the retail divisions of the companies.

3.) I think having bank cards PLUS store cards would be, for many, too much debt to carry. It's so easy to get in trouble, the store cards might be the last straw for many consumers.

With that said ,I don't believe it should be legislated. It should be a matter of free market economics.

I'm not so much anti-credit cards as I am anti-borrowing. Credit cards are okay to use as a convenience item; they allow you to shop without having to carry around lots of cash. But when credit card users begin carrying over balances and turning those credit purchases into long-term loans, they've got a problem.

Here's another article with some of the positives of credit card use:
http://www.marketwatch.com/news/story.asp?guid=%7B29AB19C0-830A-4D9D-BA5D-F198F75957B7%7D&siteid=google

Store cards can be great, if used correctly. Keeping your balances around 30% is the way to go, as well as making your payments on time, of course.

The comments to this entry are closed.