Credit cards are very useful, but of course should be used responsibily.
But in this time of ecnomic uncertainty, I think it's obvious that people should put them away if not cut them up and start saving some actual money. It seems like it would do everyone better since money in the bank is REAL money for both yourself and for the banks to invest, instead of them trading debt around, which is essentially what brough us to where we are today.
And so, for my saving fiasco I have decided to flip the bird to credit cards, get out of debt, stop paying interest and saving my money instead.
I don't really care if that's not what the economy needs right now, that's what it's getting.
For anyone's interest, since January 01, 2008, I've paid $260.36 in interest. That's actually quite lower than I thought it would be. However, I've had that credit card since I think 2007 and I can only look at my history online up until Jan 2008. So it's probably closer to $300-$400.
If you have CIBC, you can look at it by checking out your credit card spending report. Start a label (I called mine, getting a** humped), then went down the list and put all interest charges into that categroy to get my magic number. Weak. I don't know how to do it with other banks.
That's my money, you jerks!
So, because I'm trying to save money, it's important to know these things. I could have bought my travel backpack with that money, and had enough money to go out for dinner and some drinks. AND essentially I would have been able to buy everything that I've used my credit card for if I had just saved up that money in the first place.
I know, credit cards are useful, even necessary for some things (car rentals, hotel rentals, online shopping) but that's all good if you've got the money in the first place already. The mentality of "I'll pay for it later" is just plain stupid. You know who you are.
Anyway, here are some website's that have helped me come to this conclusion, though I admit that it's not hard to come to it by yourself.
IS IT WORTH IT? Ken Rockwell, Photo extraordinaire, is my hero for photography at least. But he's also a genius when it comes to practical knowledge. Mostly I was looking at this to save up for photo equipment, but I already own a sweet camera and whatnot so it's all for the trip!
GET RICH SLOWLY pretty self explanitory really. He just gives you some obvious advice that everyone should take. You'd be surprised how much money you're throwing away.
Anyway, that's it for now.
** I realize that older people I know will probably be saying D'UH YOU TOOL WE'VE BEEN SAYING THIS SINCE YOU WERE 13. Well, to them I say... YOU'RE RIGHT! I should have listened. Well know I am. Thank you.