CC for emergencies or not.....

Avatar for lovmy2kids
iVillage Member
Registered: 03-26-2003
CC for emergencies or not.....
9
Thu, 10-28-2004 - 1:15pm
I'm feeling really good today, because I finally convinced DH to cancel his pathetic little $300.00 limit cc when it's paid off.. (should be within the next month) He kept saying he wanted it for emergencies, but I figure thats what our emergency fund is for. If he has $300.00 in savings why would he need a $300.00 cc that charges a $60.00 annual fee

? On top of that we aren't very financially responsible people and I know that cc would not just be used for emergencies so it's just better not to have it.

So I'm curious how many people want their credit cards for finacial emergencies, how many use it just for emergencies (or know they could if it was paid off), how many are like me and it's better to just not have it?

-Darcy

 

Avatar for mahopac
iVillage Member
Registered: 07-24-1997
Thu, 10-28-2004 - 3:14pm
Depends on what you consider an emergency, I guess.

I have an Amex card that has to be paid every month, and I have never had an emergency that couldn't be handled by Amex - car repair, dentist, doctors, etc.

Kelly

iVillage Member
Registered: 09-21-2004
Thu, 10-28-2004 - 4:45pm
Well, when I first got a cc (years ago still a teen), I did use mine for emergencies. Mostly unexpected car repairs. I never maxed it out and I always paid it off in a reasonable amount of time. I didn't even buy clothes or anything with it. Now its not that way. If I could get dh to work with me, and leave them alone, I would use them for emergencies and only have 1 or 2. I think cc can be good and useful if used wisely.
iVillage Member
Registered: 07-06-2003
Thu, 10-28-2004 - 9:42pm
We have one credit card that we keep in case we'd ever need to be towed/repairs for the car or to reserve flight/hotel. But we make a habit of paying off the charges within a few days or at the latest before the bill is due to avoid interest charges.

Kassandra

Kassandra

"It is said that life has its peaks and valleys.  The challenge is to accept them equally and experience them

iVillage Member
Registered: 10-06-2004
Fri, 10-29-2004 - 2:19am
Hello and very good advice given. That is my plan once I become totally debt free. Thanks for sharing.

 

Avatar for cowboy4me
iVillage Member
Registered: 03-25-2003
Fri, 10-29-2004 - 8:42am
Darcy, I was like you I had two cc for emergencies, but also like you I never used in for emergencies, unless buying a new CD is an emergencies. ;) So, on October 16, 2004 I mailed all my cc to my brother & dad to shoot them. This way I can't ever use them again and the make pretty shiny confetti. All accounts are closed, except two. Right now, I don't have an emergencies fund either, but starting 2005; I will start building one.

"Love knows hidden paths."~~German Proverb

Jenny

Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Fri, 10-29-2004 - 9:51am

This is going to sound weird but I think I'm somewhere in the middle.


I've been known to use my CC's for non-emergencies (quite a bit) - BUT I wouldn't want to be completely without one either as there are things it's good for.

iVillage Member
Registered: 05-06-2004
Fri, 10-29-2004 - 10:09am
I would be glad your husbands cc is limited to $300. surely he can't get into too much trouble with that amount. If he does good with it, he can move on to a card without a fee.
iVillage Member
Registered: 05-10-2004
Fri, 10-29-2004 - 11:54am

Hi Darcy,


We do not keep a credit card for emergencies.

 

iVillage Member
Registered: 10-27-2004
Sat, 10-30-2004 - 2:19pm
I will not keep a cc for emergencies. My DH can; he uses them responsibly. I do not. And I have finally surrendered to the fact that I never will.

I am trying to decide how to go about building an emergency fund while also staying current on my cc (and other) obligations.