One of my favorite sections of this week’s Carnival of Personal Finance was about credit cards. You see, there was a credit card duel/debate going on between Madison of My Dollar Plan and Ana of DebtFREE-Revolution.

I hope it’s ok with them if I link to all the posts because I think they’re awesome. In fact, there was more than just a little debating going on. I just wish we could have actually put them in the carnival, but I’ll put them here.

Sorry, Madison, in the end I think Ana won. Credit cards certainly have the potential to be useful tools. But I think she made some excellent points about the ways in which credit card companies seem particularly out to get every last cent.
A great illustration of this was Lynnae’s experience that same week, where she had been using a 0% card and paying it responsibly. Unfortunately it didn’t work out well:

{ 7 comments… read them below or add one }

RacerX January 9, 2008 at 9:48 pm

I believe everyone has to work the plan that works for them, but most of us didn’t get into debt with some CC help. This is why I advise most to cut them up.

My Dollar Plan January 9, 2008 at 11:23 pm

What Ana won?

mrsmicah January 9, 2008 at 11:24 pm

Well, technically Lynnae won, but I think of the two of you Ana won.

I still think arbitrage is pretty cool, if that’s any consolation.

Ryan S. January 10, 2008 at 2:09 am

I stand by my belief that credit cards -can- be helpful but man, are they fraught with pitfalls…


fathersez January 10, 2008 at 5:22 am

Actually I think both Ana and Madison won. Both of them passionately explained their stands.

What CCs can do and what they cannot do and what
might happen if you do not use them as a dutiful, obedient and well trained servant.

Ultimately we have to make our choices. The thing is that now we have a chance to make a more informed choice.

Mrs. M, you are right in that this debate merits a special place in PF history.

deepali January 10, 2008 at 9:20 am

Can anyone really say who won? Those who are anti-credit card will obviously favor Ana’s argument. And those who use credit cards responsibly will see Madison’s POV as favorable.

Personally, I thought the discussion was about the wrong thing.

mrsmicah January 10, 2008 at 9:29 am

What would you have liked to seen talk about, deepali? (getting ideas….) 😉

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