Do you own a credit card

[BlackVelvet]

Got pre-approved for one and I though why not, how exciting. Now I've lost it for the second time and haven't used it since I got it more than seven months ago. Did you know not using your credit card messes with your credit rating? Wax wadso wax beel.

[Lamagoodle]

Got pre-approved for one and I though why not, how exciting. Now I've lost it for the second time and haven't used it since I got it more than seven months ago. Did you know not using your credit card messes with your credit rating? Wax wadso wax beel.

Dear Jasmine, I have three cards:

1. Two visa cards which are not credit cards from two different banks where I have accounts; These are not credit cards. I am allowed to withdraw the amount I have in my bank accounts.

2) A Eurocard (Mastercard) provided by my employer. This is a credit card and I only use it when I am abroad. I do not pay for it.

I receive a credit card sent to me every month; no credit limit and no fee. I do not use them; I have about 13 cards on my kitchen table.

The business card providers have a clear business model; the more you use their credit card the more rate of returns for them

[BlackVelvet]

I think most banks here give Visa debit cards to their account holders. Why don't you chop up your credit cards? I was 6 points off a perfect 100 lakin adiga seems there is no more room for improvement.

[Lamagoodle]

I think most banks here give Visa debit cards to their account holders. Why don't you chop up your credit cards? I was 6 points off a perfect 100 lakin adiga seems there is no more room for improvement.

I just keep them for the sake of it.


Do you know that there are some credit card companies and finance houses that specifically target people with bad credits? and that there are companies that buy bad debt?

BTW, check this funny clip

[BlackVelvet]

Yes. Loan sharks have surfaced and some even advertise on TV. Some over 4,000% APR if you can believe it.

I did some research apparently one such company has migrated from America because, get this, the UK had no set legal limit on interest rates on pay day loans whereas the state it was based in (Flodira) does. Always assumed Europe protected its citizens and America exploited theirs

[Lamagoodle]

The finance/credit markets are not regulated when it comes to the APR they charge.

Inflation is low in Europe. Interest rates are low. Yet they charge astronomical interest rates. There are what is called "SMS loan" where you send credit card companies a simple SMS and recieve money without surety/security.

The banks/credit card companies/financial houses theoretically make money on the differences between interest rates on savings and borrowing. I.e. there is a circular flow.

But in practise, they peg interest rates on savings to LIBOR/central bank borrowing, while charging higher rates for borrowing.

Jasmine, there are also Nisch Banks (some of them going by the name islamic banks, Halaal banks etc) which claim to provide interest free loans but in reality they charge more than established banks. Beware of them

[BlackVelvet]

The whole system is built to exploit.

Ps lol at the video. Would you ever take out a mortgage?

[Lamagoodle]

The whole system is built to exploit.

Ps lol at the video. Would you ever take out a mortgage?

In Europe, there are homes for rent and thus buying a house can be avoided. But, in the UK house ownership is almost a neccessity, In the long run buying a home will pay off unless there is a total collapse like the credit crunch in the US (which some economists termed as credit card crunch).

Strategically, you should opt for fixed interest rate and little downpayment. In that way, if the going gets tough, you just throw them the keys.

[BlackVelvet]

Lol at the distinction between Europe and UK but you are right. In some cases the mortgage works out cheaper than renting.

Haye LamaG you'd better finish that story. And seriously I think you've found your talent. Congrats.

[SecretAgent]

In canada houses r so cheap $200,000 for a 4bedroom + 2bathrooms da value of da houses increases everyyear then after 10 years ur house is worth $600,000 not a bad idea but salafis say no riba blah blah but who takes salafis seriously

[Lamagoodle]

Lol at the distinction between Europe and UK but you are right. In some cases the mortgage works out cheaper than renting.

Haye LamaG you'd better finish that story. And seriously I think you've found your talent. Congrats.

Thanks; do you think I am that good? I am flattered

I will be finishing it soon. Will you be my agent/editor inadeerey? The next story will be on the trials and tribulations of diaspora somalis; I am thinking of having somalinet characters in the story what do you think? perhaps a strong BV as the main character.

BTW, some people have in private suggested that I should not end that story. They suggested that I continue with a few more episodes. what do you think?

[Twist]

I always wonder, is it that necessary to have a credit card in North America and Europe? I mean, are there any instances where someone can't buy something if they don't have a credit card, or it's that people want that option where they can buy something beyond their financial capacity and then pay interest if they can't pay it back on time?

I never owned one and only use Debit MasterCard. I use it to buy with all the things I would have bought with credit card (online stuff, plane tickets, phone purchases etc) while still using my own money.

[BlackVelvet]

LamaG you really are. Have you had any training? And it would be a pleasure to be your editor but if you ever decide to publish (outside SNet) you have to give notice lol.

Ps this medium might be more effective regarding that cultural revolution you spoke of.

In canada houses r so cheap $200,000 for a 4bedroom + 2bathrooms da value of da houses increases everyyear then after 10 years ur house is worth $600,000 not a bad idea but salafis say no riba blah blah but who takes salafis seriously

You get a lot more for your money in Northern America in general. Almost makes me want to move.

[BlackVelvet]

I always wonder, is it that necessary to have a credit card in North America and Europe? I mean, are there any instances where someone can't buy something if they don't have a credit card, or it's that people want that option where they can buy something beyond their financial capacity and then pay interest if they can't pay it back on time?

I never owned one and only use Debit MasterCard. I use it to buy with all the things I would have bought with credit card (online stuff, plane tickets, phone purchases etc) while still using my own money.

Some people get them to buy things they can't afford and others for the exact reason you mentioned. I got it out of kibir.

[Twist]

Kibir ma jabo ee qofkiisaa jabo. When you go over & can't pay it on time adoo ooynaayo yaan ku arkin.