Why do people get credit cards loan?

[Naida_BR]

I don't know if you call that 'out of normal' but I am not a person who gets credit cards loans, even if my allowance is high.
Why are so many people concerned with getting credit cards loans and increasing their maximum allowance?
The maximum I have got with a credit card in once was £500 which I paid the next month. Even before paying with
the credit card, I would have only paid if I had enough money on my main account to pay the balance.

Do you run 'credit card schemes' where you get a £5k loan with a bank, move to another bank and get other £6k to
pay your previous loan, move to another bank and get other £10k to pay your previous loan, etc. ? 

Credit card loans is a product that would make you so poor immediately.
It is very dump to get a credit card in my opinion. It is just a way to pay for things with money you don't have. It instantly get you in the debt cycle and you can never repay it.

[1715226571]

1715226571

[1715226571]

1715226571

[1715226571]

1715226571

[1715226571]

1715226571

[1715226571]

1715226571

[1715226571]

1715226571

[Shasha80]

Why do people get credit cards loans? this question becomes a mystery
for some people. The fact is a lot of evidence that credit card loans
make a negative effect on someone's life especially with
credit card loans many people waste or buy something not important.
Can damage the finances and many people who involved credit loans make them poor.
Most likely people use credit card loans are simple because of prestige. If it's true the reason is prestige
this is a very careless act.

My advice avoid credit card loans in your life, if you want
buy something in priority cash. If not enough to do the old-fashioned way
by saving. I make sure life will feel more enjoyable
without using a credit card loan. but this is just my personal opinion
, which might be wrong.

[peter0425]

I stopped having credit cards since I start to earn and learn Cryptocurrency,because of accessibility from my wallets to withdraw anytime and faster
Yeah there’s perks and and rewards but I don’t also want hassles if time comes that I forgot to pay earlier or not having funds to cover the loan since we cannot assure of not experiencing difficulties in life sooner

This procedure allows banks to earn a lot of money

Absolutely things that also my concern why I focused in Cryptocurrency using

[edulord]

Is there anything bad about it ?
at time people are in financial mess or need to pay some bills or house rents and there is nobody to help. Opportunity left unuse is a waste.

[jacsom]

I tried it once because the credit card company offered me a very nice interest rate which is a lot lower than getting a personal loan.

[I31B1]

I don't know if you call that 'out of normal' but I am not a person who gets credit cards loans, even if my allowance is high.
Why are so many people concerned with getting credit cards loans and increasing their maximum allowance?
The maximum I have got with a credit card in once was £500 which I paid the next month. Even before paying with
the credit card, I would have only paid if I had enough money on my main account to pay the balance.

Do you run 'credit card schemes' where you get a £5k loan with a bank, move to another bank and get other £6k to
pay your previous loan, move to another bank and get other £10k to pay your previous loan, etc. ? 

Well, for me, people get credit cards because they want to buy a lot of things without knowing about its interest.

[MoonsGravity]

I've been using my credit card to buy random stuff a lot for two reasons. 1 are to collect points. The 2nd reason is because I always seems to overdraft my debit by some unexpected unknown bill. Leaving me with a large fee.

[Artemis3]

I don't know if you call that 'out of normal' but I am not a person who gets credit cards loans, even if my allowance is high.
Why are so many people concerned with getting credit cards loans and increasing their maximum allowance?
The maximum I have got with a credit card in once was £500 which I paid the next month. Even before paying with
the credit card, I would have only paid if I had enough money on my main account to pay the balance.

Do you run 'credit card schemes' where you get a £5k loan with a bank, move to another bank and get other £6k to
pay your previous loan, move to another bank and get other £10k to pay your previous loan, etc. ?  

Oh yes i remember things like that back when we could use credit cards. Some people did what you describe, while others simply used them without any need ie. pay everything with credit card and clear the debt immediately the next day, to show a "pristine record".

Back then you could even pay in advance to bypass the maximum. There was no practical maximum if you overpaid the thing in advance, we used to do this as well, since the starting limits were so low and credit card was the only type of "electronic money" you could use online. Thankfully we now have bitcoin, and those idiotic bank limits matter no more. It also happens that credit cards stopped operating in this country, for various reasons.

ie. you want to buy something £1000, but your limit is £500, and currently have zero debt, you go into your bank and "pay" £1000 to your credit card), then you could spend £1000 with that card once; repeat as needed).

Last they "worked" my "gold" and "platinum" credit cards had a purchasing power equivalent to 1 satoshi (the magic of hyperinflation), and our gov forbade the prepaying thing so they became useless even before Trump ordered all American companies out from this country.

Of course its not "free money", you are paying extra fees to the bank and credit card companies than if you did not use them. And they love slaving you to pay their monthly interest if you can't afford to clear the debt immediately... Using the credit card for credit is dumb in my opinion, unless its an emergency.

[Negotiation]

The advantages of every item have the same difficulty with the credit cards You cannot use the card all the time. There are many places where card transactions are not done. Banks usually offer credit card loans to their benefit and from now on they get some interest. The banker does not offer a loan to pay off their credit considering their leverage But I think using credit cards is fine.

[akram143]

Actually banks making us to get them,loan which is something good and really bad for people.Credit card loan needs to be paid with highest interest rate if you don't paid them in the right time so they are making more profits than other schemes.

But what is actually a credit card,making people to spend their money on useless things then later they will pay the credit debt from important savings or salary.

[BADecker]

If you get CC loans, you can use the money to live happier. Just don't own the stuff you buy. Put it all into trust or corporation. Then, when you default on the loans, you don't have anything that the courts can take away from you.

Some people actually do this for a living. They take out loans, and more loans to pay off the previous loans, and they hide the property they buy in legal ways. Then they default, and keep the stuff they purchased. They do it as a business.

[akram143]

If you get CC loans, you can use the money to live happier. Just don't own the stuff you buy. Put it all into trust or corporation. Then, when you default on the loans, you don't have anything that the courts can take away from you.

Some people actually do this for a living. They take out loans, and more loans to pay off the previous loans, and they hide the property they buy in legal ways. Then they default, and keep the stuff they purchased. They do it as a business.

But you can't take any loans in your life forever if you have defaulted loan because most of the countries keep tracking the credit score of every individual on that country.So its a one time offer.

[BADecker]

If you get CC loans, you can use the money to live happier. Just don't own the stuff you buy. Put it all into trust or corporation. Then, when you default on the loans, you don't have anything that the courts can take away from you.

Some people actually do this for a living. They take out loans, and more loans to pay off the previous loans, and they hide the property they buy in legal ways. Then they default, and keep the stuff they purchased. They do it as a business.

But you can't take any loans in your life forever if you have defaulted loan because most of the countries keep tracking the credit score of every individual on that country.So its a one time offer.

In the US, the credit reporting agencies and banks will allow you to rebuild your credit. It might take several years, but then you can do it all over again. If you are shrewd about it, there are ways to get the agencies to bring back good credit faster... maybe only a year or two.

[akram143]

If you get CC loans, you can use the money to live happier. Just don't own the stuff you buy. Put it all into trust or corporation. Then, when you default on the loans, you don't have anything that the courts can take away from you.

Some people actually do this for a living. They take out loans, and more loans to pay off the previous loans, and they hide the property they buy in legal ways. Then they default, and keep the stuff they purchased. They do it as a business.

But you can't take any loans in your life forever if you have defaulted loan because most of the countries keep tracking the credit score of every individual on that country.So its a one time offer.

In the US, the credit reporting agencies and banks will allow you to rebuild your credit. It might take several years, but then you can do it all over again. If you are shrewd about it, there are ways to get the agencies to bring back good credit faster... maybe only a year or two.

I am not from US and the loan amount from credit card is not worth to destroy your complete reputation.

[CristianOff]

As the topic creator, my mind and opinion on credit card loans have changed so much.

As an entrepreneur in need of capital for cash flow reasons (customers not paying on time, need to pay employees, etc.),
using a credit card loan has made my life so easy. I realized that some companies (small ones) could go out of business if
credit card loans did not exist.

My friend had a small business contract in December that he could only fulfil if he took out a loan of £30k (~ $40k). I have completely
changed my view and, if you don't think they are useful it means you have not yet had a problem that would be solved
by this quick loan.

Don't take loans if you risk not being able to repay, but take it if needed to move forward and make progress in life.

[akram143]

As the topic creator, my mind and opinion on credit card loans have changed so much.

As an entrepreneur in need of capital for cash flow reasons (customers not paying on time, need to pay employees, etc.),
using a credit card loan has made my life so easy. I realized that some companies (small ones) could go out of business if
credit card loans did not exist.

My friend had a small business contract in December that he could only fulfil if he took out a loan of £30k (~ $40k). I have completely
changed my view and, if you don't think they are useful it means you have not yet had a problem that would be solved
by this quick loan.

Don't take loans if you risk not being able to repay, but take it if needed to move forward and make progress in life.

Credit card loans are categorized as unsecured loans but bank won't give credit card to everyone,Only people with the capability of repaying it with such high interest rates will get them and you got that point too.But most of the salaried people useing credit cards for purchasing useless shits from online and local stores then have hard time on repaying it.

[BADecker]

^^^ Regarding legal lending institutions in the USA...

Everybody who takes out a loan, prepays the loan with the signed application for the loan. The deal is done when the bank gives the person the money he is asking for. Banks treat the application as money. They deposit it into an account just like it was a check. Then they withdraw the money and give it to the "borrower." The process is done automatically when a person uses his credit card, even when he uses it at an ATM.

Then what is the loan repayment there for? You know, the paying of principle and interest done every month. Basically one thing. When the person makes his payments in a timely manner, all he is doing is buying good credit so that he can "borrow" more loans in the future... and do whatever else good credit allows him to do.

The whole thing is a trick to make money off all the unsuspecting so-called borrowers out there. All bank loans are paid off before the loan money is given to the so-called borrower. Banks only operate when things are a sure deal for them.

Google "Tom Schauf bank freedom" and read as many sites as you can. Get Tom's books.

[Hannu]

Yeah, own stupidity, those sums of money have a better use than spending. Invest somewhere. God thank i not have been token that 400 000 euros max limit Master Card. If i have so big limit i buy containers, bitcoin hashing production space, co-workers space on Helsinki. Satan poor, i try to get financial help even i know it's not free mostly.

[andy.bandy]

This main reason people have low salsry and they need maybe after some years to buy a new car, or just to change something in the house or to buy a house.

[Negotiation]

This main reason people have low salsry and they need maybe after some years to buy a new car, or just to change something in the house or to buy a house.

I do not think they will give a loan if there is a low salary They usually pay their loans considering their leverage. And the credit card does not belong to any low-quality person Banks consider the credit card of the person and then make a loan.