when you're on the bench do you live off credit cards

**jmo21** · 31 August 2009, 07:09

I put everything through my credit cards anyway so that I build up cash back (admittedly it's not exactly a huge amount) and so my money sits in my bank account longer offsetting my mortgage, and pay if off in full at the end of the month

I usually get one 0% interest on purchases for X months type credit and load it up to the max and pay it off slowly (with no interest obviously)

I do NOT do what you suggest, which is just building up debt. If you have a small war chest then maybe yes you could do that, but it's a dangerous game esp if contracts are thin on the ground. I'd rather go permy than put everything through a CC for 6 months (with interest getting charged)

**NotAllThere** · 31 August 2009, 07:20

Originally posted by contractor79 View Post

...it would seem to make sense...

be bloody stupid

hth

**swamp** · 31 August 2009, 09:17

I put everything on my credit card, mainly for the cashback. Free money and all that, but I pay it all off each month religiously.

I wouldn't use a credit card on the bench in the sense you're talking about. First time contractors OTOH should always have a big limit credit card handy.

**VectraMan** · 31 August 2009, 09:50

I just took out a 0% for 15 months and transferred all my existing balance to it, on the basis that I'll pay it off sometime in the future. But I only had the existing balance because of a large and unexpected car bill.

If I was working I certainly would have paid it off within the two months, but for now I feel better keeping the money in my deposit account and just making the minimum payments on the card.

But that only works if you have a large balance already. 0% on purchases deals never last that long, and how many of your day to day bills can you pay by card anyway? Food and petrol maybe, but I'm not sure I could pay for much else without going for expensive cash advances.

If I'm still here in a few months, I'm going to have to decide whether I'm better off digging into ISAs or using my overdraft facility/credit cards more.

**xoggoth** · 31 August 2009, 10:09

Given that cheques are a hastle and often not accepted, debit cards have fewer gaurantees and carrying large wads of dosh is unsafe, I think most people use their credit cards for any transaction over ten quid now. My balance is often over £1000 but I pay it off every month.

I wonder if this changed pattern is behind much of the high debt levels that the press keep going on about. A credit card balance shows as a debt but if you can pay it off it is basically just part of your bank balance.

**BolshieBastard** · 31 August 2009, 11:14

Originally posted by contractor79 View Post

hi
when you are on the bench do you live off credit cards
even if you have a warchest?

it would seem to make sense
you just load up credit cards and pay £10/month off until you get a new gig, then pay the balances off when you get a new gig

I got one credit card with £3k that I could use. How many credit cards can you get? Like could I get 10 credit cards with £3k on them each and pay off just £100/month until I get a new gig?

I have no debts, car and a property so people should be very willing to give me credit cards.

Sorry but you sound a real arsehole with no idea how to budget judging by this post and your other one about leaving yourself with a huge tax liabilty to pay with no money left in your co.

Frankly, you are asking for trouble mxing out your credit cards and asking questions such as 'how many cards can you have?'

**Clippy** · 31 August 2009, 12:47

Sorry but you sound like you have no idea how to budget judging by this post and your other one about leaving yourself with a huge tax liabilty to pay with no money left in your co.

Frankly, you are asking for trouble mxing out your credit cards and asking questions such as 'how many cards can you have?'

Agreed.

You really need to review how you spend/save your money as you are asking for trouble the way you are currently going.

**contractor79** · 31 August 2009, 13:56

well no credit card only needs you to pay back £10/month for each card so that can keep ya going for a while

when you get contract you can just wipe out the debt

**TykeMerc** · 31 August 2009, 17:11

You were advised in several other threads to get rid of the expensive car, it appears you ignored that advice and are now suffering the inevitable consequences.

Living off credit card debt is unwise, plus I'd be very surprised if the min monthly payment stayed at the £10 a month mark for long as there's usually a fixed min percentage to pay.

when you're on the bench do you live off credit cards