ORIGINAL: toolmaker7341
OK time to get out my soap box. The nay sayers obviously arn't in any type of business. I run my busines on credit cards,much cheaper that a bank revolving credit account. I do a job and it takes 2 + months to get paid hard to live on nothing plus buying materials for the next job. Before the banks crashed I got paid 2-4 wks. Its great to use the banks money for 30 days free. I purchased my frist turbine with a credit card. They are a great tool if you know how to use them. OK box away.
Actually, Ido run a business and have for 14 years now. Iknow all about balancing accounts receivable and accounts payable in managing a business. There have been several times that we've had to use credit several times throughout the years for several different reasons, but we've always gone to the bank for those times and used signature loans to get what we needed. The interest rate on signature loans from my bank is much better than most cards offer. Idon't keep a revolving account at the bank, Isimply do a signature loan when we need a bit extra to help with projects. However, we don't make it a habit of doing that and prefer to not take loans if we can avoid it. In 14 years I can still count on one hand the number of times we've had to do this. Whenever we have a big install job for a customer all of the hardware is payed for at the time the client approves the job, so we aren't out of our pocket on those huge purchases.
I'm sorry if Iupset some with my statement as it wasn't my intent. Ido realize that there are many people that use credit cards responsibly and never have any problems with them. And to those people Iwill agree that what Isaid doesn't apply to you. Unfortunately you are in the minority in our country in that you use your credit cards responsibly. Recently Iheard that the average person in this country has $10,000 worth of credit card debt. Ten Thousand Dollars!!!!That's huge and outrageous when you start considering just how much money that is, and think about how much interest they are paying on that money. Our society as a whole does not handle credit well. Far too many people get credit and consider it a blank check to go out and spend and never consider the fact that they have to pay it back. Many then get another card and make payments on the first card, and so on and so forth. It becomes a very slippery slope that gets many people in trouble quickly. And yes, Ican speak from experience because Ifell prey to that mentality when I was in collage. I got my first card and went to town with it, and found myself with a lot of debt that took some time to pay it off. All of this is why Istated earlier that credit shouldn't be used to finance a hobby with.
Ken