okay um
do you want to start
do you have a
well credit cards um i think think they are wonderful but um
uh i think you have to have a lot of restraint
um i have never been in trouble with credit cards but uh my youngest daughter is and a friend of mine is and i think it is terrible
that they can uh you know wipe out a max in uh such a short time
um-hum
uh i never pay interest charges i value my money too much to uh line somebody else's pockets with my money
um-hum
and i always um pay it off before um i am charged any interest on my balance
so you never let it run up on you
never
that is wonderful that is wonderful i am uh i i kind of uh
uh i'm just do very you know just just all depends that it when i have everything all paid off and then i start wanting something and i don't really have enough well don't have enough in savings savings you know like for a big purchase
um-hum
then uh sometimes i i uh lose sight of it you know it's it just it is just is easy to use
and then uh after a while i i am like you i hate paying those people interest and then i make
um um-hum
i make i i added like uh uh wrote uh an addition to to my car loan through the credit union which i knew was lower interest just to pay them all off and then i swore i would never use them again
um-hum
right you really have to show a lot of restraint but if you look at if you look at the time frame on that uh you will find that you have about six or seven weeks
um-hum
before you have to make that payment back to the credit card company without being charged any interest
the only thing is you have to make sure that you don't charge more than you know you are going to be able to pay
that's correct yeah you
at a given time and
um-hum
your budget has to be so that you can uh
you know summarize what your balance is going to be at a particular time and i can do that
yeah and the problem the problem is especially with young people is they they want things now they don't want to have to wait for them and credit cards are the way to do that
that's right
and then then they're in trouble
well that's what the you know that's what that's what it is geared for advertisement you know is uh to wet you appetite and give you that
um-hum
oh i've got to have that i can't live without that and that's the image
that the younger generation has you know
i have a i have a friend who uh
well she is old enough to know better but uh she she did it and she got really in bad shape she ended up going into bankruptcy
um-hum
Palley Royal is her downfall and there is no limit on those things
on that
they just let you come and spend and you know run it up run it up so i don't know
who was that that could
Palley Palley Royal
is that a department store
uh-huh
oh okay that's probably
i i do not know if i don't know if it is local
no it is not in uh in Dallas huh-uh no we we have Dillard's and uh Sanger Harris and Macy's and
no Palley Royal
Neiman Marcus and things like that and i am sure that they probably would not have a problem either
i know i know a lot of people who uh some gals some ladies at work who don't have any problems with money or anything but they they really love Palley Royal
so you know they it is just hard you know you got stay away or else you might end up you just can't help yourself and buy
well
self-control yeah self-control though is the key
self-control is the key my daughter has my daughter is twenty and she got a Sears credit card when she was about eighteen
um-hum um-hum
um-hum
um-hum
and uh Christmas before last she and her boyfriend her boyfriend had gotten one too i believe
and they gave some of the most wonderful gifts to everyone in their family i mean they spent lots of money on they gave each other these beautiful things they gave stuff to all of us and we were going
um
oh dear
i can't believe you all did this you should not have done this and they got angry and said
we wanted to do it
um-hum um-hum
okay now she is still paying on that Sears charge she has now you know she's learned and she she is uh definitely paying it off paying paying on it and not running it back up but you can't tell them
wow
sure
well experience is the best teacher and sometimes you know uh a lot of us have have to learn by experience and and uh if you can learn by someone's else's past mistakes then you are very wise
that's right
if you can heed to advice given
um-hum
the only good thing one good thing about credit cards though uh especially in business if you
uh you have to
you know you are going to be reimbursed by your company
that's true yes i am yeah um-hum
and then uh in fact i know of a man who is in uh
he is in a he he he he well he he is in an oil pipe
pipe line selling kind of a thing and he has to
he has to live on credit cards and then he gets commission you know later on but if he did not have credit cards he could not exist because a lot of those you know because he knows
um-hum
six weeks down the road he is probably you know he is going to get the money to pay for it but he really does so sometimes i think
sure
oh credit cards are you know really a blessing
um-hum
uh but you have to be wise when you use them
that's true
and uh i have nothing against them other than you know people abusing it and then they get themselves in hot water and
you know they're just hurting theirselves
and when you uh have a bankruptcy uh it takes you i think about eight years to wipe that off your record
oh yeah
yeah
and so you know that is the shame about that is uh and people won't touch you
and you've got to live that down
um-hum that is true
that's really true
so you have to be very cautious about how you use your credit i mean it is a wonderful thing but don't abuse it
right uh you know like emergencies or something that you do not have the ready cash that you do not have cash and you have to
oh absolutely sure
your car breaks down or you have to you have to have something
um-hum
sure
it is a real it's you know you do not have the mo ney in savings so it really is a lifesaver at times when you do have to use it but
but like you say use it wisely
that's right
only in you know when you really have to or knowing that you are going to pay it off every every month
so that is that is something about American Express if you only use American Express you do not have a choice
well there is a lot of people that uh know exactly what they are doing
and they will run into tho usands and thousands of dollars into debt
and they will deliberately do this so that they can go into bankruptcy
and they they have a way of uh diverting all of the things that they've bought and put it like in hiding
you're kidding
no i have heard uh uh there was a radio program in Dallas that we listen to and i well it in fact it's nationwide
and i was shocked at some of the stories that came out of that uh program about
these people that really you know they bought all these wonderful things
and then they went bankrupt
and they were knowing they were going into bankruptcy
and they knew that yes they knew that they were going to do that and they just um-hum
so they it was planned
and uh they said you know it was worth the uh jeopardizing their credit for that amount of time
because they still had the stuff you know and they could write it off
you know they can only um be responsible for a certain percent and not the full uh amount that they owed
and i do not know who um
determines uh the percentage rate that they have to repay but it is not surely
what they are were indebted for
oh no right
um-hum
so it it they use it as a scam
instead of uh
to me they were criminals and they used that that
in a in a really bad situation
yeah
and that has kind of snowballed i guess around so i do not know maybe the courts and lawyers are
working on that to cover you know cover all the loopholes that might exist
but i've never been in that situation and hope i never have to be
yeah me too really
well i guess we covered it
okay
do you have any do you have anything else you want to add
no i can't think of anything i am sure that we haven't covered everything because that is uh that is a great big uh a ball
well if you have got any other thoughts
uh credit
throw them out
i can't think of anything right now
well listen thank you for calling and you have a good day
well thank you Catherine bye
bye-bye
