5 credit card traps to avoid

Published: 7 Dec 2012 at 19.21
Online news:

The festive season is approaching and that means people will be making heavy use of their credit cards -- up to 30% more than at other times of the year, according to TMB Analytics.

All that extra spending means that many credit cardholders will need to work harder to avoid bad habits that can lead them into debt trouble, say analysts at the TMB Bank affiliate.

TMB Analytics estimates that total spending via plastic will increase from 6,100 baht to 8,100 baht per card on average by the end of December.

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RonBargie
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Discussion 12 : 08 Dec 2012 at 15.1312
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Abbub
There is only one reason: NO TAX
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abbub
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Discussion 11 : 08 Dec 2012 at 12.2111
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TONY yes in essence the whole thing is a scam. There never really is any money in the first place, nor in your hand nor in theirs. It is all on paper and banks cooperate in a huge scam to make it comes back through one door or another ASAP.

One could also argue they loan people's money to other people, at extremely low rates as rewards and extorting huge rates in return.

There are regions in France where entire groups of villages and towns started use of goods as exchange value, bypassing money. The authorities are desperately trying to put a stop to this. WHY?

Well, two basic reasons: 1) it works; 2) it could spread.
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abbub
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Discussion 10 : 08 Dec 2012 at 09.5710
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Become a revolution; cut up your credit cards.

Then start thinking about what would change if everybody burned all the money.

Just imagine one day the entire indebted population refuses the legal extortion which keeps it working for ridiculously low salaries so they can pay off continuously growing debt until the end of their lives.

Of course, don't do anything illegal.

Just think about it.
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tony
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Discussion 9 : 08 Dec 2012 at 09.579
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I really don't understand. In the normal saving account, here in Thailand the interest rate is less than 1% per annum. Other types of saving account with conditions may give you 3-3.5 percent. But why is it the credit card companies are allowed to charge more than 18-20 percent per annum. Is this the normal practice for credit cards worlwide? They are nothing less compared to loan shark. It is not surprising to see today's youngters with big crdit card debts, while these companies are enjoying their reap.
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onlyme
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Discussion 8 : 08 Dec 2012 at 09.218
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There is nothing wrong with using a credit card as long as you pay the balance in full each month on or before the due date. There are many times you have no choice such as on line purchases, booking hotels and so on. Just have a little personal discipline and you will be fine.
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RonBargie
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Discussion 7 : 08 Dec 2012 at 08.347
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Simple rule: just understand the advantages and disadvantages of a credit card, and use them only when it is your favour. Oh, and as said, always pay off the full amount each month.
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CMfarang
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Discussion 6 : 08 Dec 2012 at 08.156
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Live within your means. Always pay your CC bill in full every month.
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pointoffew
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Discussion 5 : 08 Dec 2012 at 05.175
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dao is 100% right. If you need credit, don't go for a credit car, it's the most expensive legally allowed form of credit in Thailand.
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GenetheMachine
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Discussion 4 : 08 Dec 2012 at 03.164
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Tip 6. Pay off the balance every month. The interest rate is already high but if you are late with any other bill such as your electric or phone bill then the interest rate goes up automatically.

In the US I am always getting telemarketing calls from people offering to lower my interest rate for a big price. It is a scam. All they do is contact the card issuer and ask them to lower your rate. You can do this yourself.
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DickFarang
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Discussion 3 : 08 Dec 2012 at 01.013
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I have got a Thai credit card, but I seldom use it.

I only use it in the rare circumstances that I have no other choice, e.g. to buy Skype credit.

All other things I pay “cash”, never on credit.
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