Credit Cards - Its important to help Thais understand them

[BAKABAS]

I brought my Thai friend to Australia in 2007. Fell in love , married, have children and the most wonderful live together. Without the help from this website back in the day, my plans probably would not of came through. Everything is bliss, a mutual beneficial relationship. She treats me like most Thais do, ii put her on a pedestal. Win Win. Anyways, id like to share a tip for prospective men and women that wish to go down the path, a little piece of advice that might save some grief in he future.

Tonight after 7 years, a realisation has evolved.. It wasn't ugly, except for a little raising of my voice. I am 99% of time a pacifist and hate confrontation, especially with the one I love.

But. the truth, the awakening of reality, had to be discussed. Yeah, my wife cried, which guts me, but I think that it might make a positive difference to a peaceful happy in the future.

Thais, don't have credit cards at least the last time I looked.. so her introduction to them 7 years ago, made me think that its convenient, its the way we do things. i cannot blame her for that, i managed all the bills and repercussions. 7 years ago we had 52,0000 dept. on credit cards. I have been paying the with interest and today i find i still have $42000 left. that's no way to live and bright up a family.

Hers is the kicker... My wife doesn't realise what things cost using credit cards. She buys things at a price. She is fooled into thinking that price is what she is to pay.

But before i pay the goods off, i need to pay interest on all previous items purchased beforehand

So you must tell her the truth to help her understand how it all works, , This is what i understand tonight. 1. you buy a baby Play Set of ebay for $60. Until This is paid off. that $60 grows etc pay interest on other items off the credit Card. if it doesn't, and for example doesn't get done for 3 years , the $60 toy now costs $860. No wonder the banks a re rich and we always never seem to get out of debt.

Tonight i had a really good talk about this to my wife. maybe she understands, who knows.

AND I GOT 1 DOZEN CARDS , All we own, and chopped them all up on the table. It wax a surprise on much we are giving to the banks!, in future we will spend only our hard earned money and xxxx the banks.

Hopefully a lesson learnt by my wife, and hopefully i can be proud of myself in the morning.

Moral of the story: don't use credit. /The only true winners are the banks. Chop all you cards tod say. Live life real, as intended.

All the very best to you all, stay happy >I

Edited October 28, 2013 by metisdead
Profanity

[bifftastic]

You had 12 credit cards? And it's your wife's fault?

Ok, I know that maybe she didn't understand the interest on the cards, but rather than saying 'It's important to help Thais understand them' which is just a little patronising isn't it? Wouldn't it be wiser to advise that people generally be wary of buying things on credit to such a large extent?

Anyway, it's a good thing that you've finally decided that credit cards aren't the way forward.

I hope you can manage to get out of your debt situation.

I know it can be tough to do that.

[beachproperty]

Sounds like a happy ending....and not wishing to provoke you...but if you had $52.000 in credit card debt it CAN'T all be from you wife using the cards....If you have 12 cards and she has 1 ....does that mean you spent 12 times as much as her....I'm not so sure getting into a shouting match was the right thing......

Should've just sat her down in the first place and cut ALL the cards up in front of her....End of it.....no tears.....except can't spend freely anymore unless you have cash

[Nautilus05]

No offense, but I'd say you're more to blame than your wife. It's your money, and you should be keeping tabs on it. Plus you probably (or should have) known going in your wife has never had a credit card before.

[richard_smith237]

Get her a debit card instead !

[h90]

You had 12 credit cards? And it's your wife's fault?

Ok, I know that maybe she didn't understand the interest on the cards, but rather than saying 'It's important to help Thais understand them' which is just a little patronising isn't it? Wouldn't it be wiser to advise that people generally be wary of buying things on credit to such a large extent?

Anyway, it's a good thing that you've finally decided that credit cards aren't the way forward.

I hope you can manage to get out of your debt situation.

I know it can be tough to do that.

I stoped reading at: "Thais, don't have credit cards at least the last time I looked"....

[7by7]

Or use the credit card as a debit card; i.e. pay off the full amount of each statement every month.

That way you can get up to 60 days credit without paying any interest (at least in the UK you can; I assume it's the same in Australia).

[JoeThePoster]

12 cards, 7 years, $42,000. That's one long haul.

[MrMalarkey]

52,000 dollars on c/c....crikey.

A $60 play set ending up costing $860 after 3 years? What kind of cards do you have ?

or your math sucks.

Me thinks it is your math if you still have 12 cards with $42k debt after 6 or 7 years.

[MrMalarkey]

Actually OP...thanks for reminding me to go pay my c/c off entirely tomorrow

[wylergnu]

Yeah I can't see how it's all the wife's fault if you have that many credit cards. Consolidate them all into a few 0% balance transfer cards and cut them up too once you get them. At least that way you won't be paying interest.

Sent from my E350 using Thaivisa Connect Thailand mobile app

[bangkokstick]

Not sure the wife is the problem when a guy cannot live without debt...

[slapout]

Having had 2 wives, 3 daughters and 1 son and a business I used a single credit card with the business for tax purposes, each of the wives had a personal checking account for their expenses, when the kids went to college they opened a bank account on which they could write checks, the exception is Thailand where a debit card was used as checks are not readily accepted.

I have cautioned everyone who would listen against personal credit card use and the op has reinforced my belief. I am a firm believer in paying cash (this includes a check) for all purchases with the possible exception of a house or a business expense. Credit for personal items has been the ruination of so many people that I have met, I feel bad for them but not overly so. It is just another tempation that they have not resisted.

[x0r1987]

I have had credit cards for 9 years...

I really dont think I have every paid any interest... ie: I always pay what the product costs...

Perhaps the issue was an issue before your mrs.. BUt now, with a family, and priority's, you realize the changes that need to be made...

I swear by my credit cards (2)... But, I pay them every single month, ensuring to get in during the interest free period (not hard... they give you at least 30 days usually), at what ever value the bill says...

and wow... 40k + on CC debt....

I get a bit annoyed if mine creeps over 1000... 555

Edited October 29, 2013 by x0r1987

[besth]

OP, I think that it is not a problem of your wife not understanding credit cards (and much less, Thais in general). I think the main problem is that your wife is not aware of your personal financial situation. Maybe if you explain that openly to her, the credit card part will be clear for her as well.

Hope things improve for you, but you need to confront your own reality, not just find excuses for it.

[Hedghog]

Deport the wife.

Declare bankruptcy.

Sorted.

[trainman34014]

The OP needs to have a good long look in the mirror to get a clear picture of whose fault all this is.

By the way; Thai Farmers have got loads of credit cards !

[David48]

I'd like to put a different spin on the OP ... and may I say, it's a worthwhile story you shared.

I can see how how you see it as fiscal education lesson for a Thai person.

Let's step back a little, take a broader view and suggest that it's more maybe a lesson along the lines of ...

Actions have consequences ...

Now, it's probably an unfair generalisation, but it seem to be a wide-held belief in Thailand.

That can be translated into your action of buying has the consequence of also acquiring a debt.

[David48]

^^ That said, I do ask the question ... When you said "AND I GOT 1 DOZEN CARDS" there is the presumption that they are in your name and not joint names or her name only.

If you put her name on the card, there is a shared onus on the debt.

Assuming that you are a good fiscal manager and actually read the Credit Card statements as they arrive at the door ... how can you lay the blame solely at your wife's feet?

As I said above ... actions has consequences ...

.

[MrMalarkey]

How many times would he have to teach the lesson to get $52k racked up.

Slow learner much.

[norrona]

so you got a load of chopped up credit cards....$42k worth of debt and rising and a thai missus?

well done...give it a few weeks of belt tightening and I reckon you could end up with....

chopped up credit cards, $42k+ of debt and no thai missus

Edited October 29, 2013 by norrona

[danbradster]

If she doesn't understand interest, then she should have a debit card and she'll understand it perfectly.

However, it seems you don't understand either. Since after 7 years, your debt has hardly decreased. Maybe it's time for a budget...

Edited October 29, 2013 by danbradster

[MrMalarkey]

Actually OP...thanks for reminding me to go pay my c/c off entirely tomorrow

Paid it off today...in fact now in credit $200.

Flick of a switch, internet banking is marvelous.

[smokie36]

Actually OP...thanks for reminding me to go pay my c/c off entirely tomorrow 

 

Paid it off today...in fact now in credit $200.

 

Flick of a switch, internet banking is marvelous.

Yep and no need to listen to some automated message blethering nonsense at you

[Bangkokhatter]

^^ That said, I do ask the question ... When you said "AND I GOT 1 DOZEN CARDS" there is the presumption that they are in your name and not joint names or her name only.

If you put her name on the card, there is a shared onus on the debt.

Assuming that you are a good fiscal manager and actually read the Credit Card statements as they arrive at the door ... how can you lay the blame solely at your wife's feet?

As I said above ... actions has consequences ...

.

I don't see much evidence of fiscal management here and would suggest the OP takes a look at himself before blaming it all on the wife.

[Skint]

I prefer the credit system in Germany and Netherlands, pay in full with exception my klm card which is 3 months. I only use credit cards for flights and other small online purchases.

Sent from my iPhone using Thaivisa Connect Thailand

[falkan]

pretty stupid wife!

[crumpled]

That is nearly as much as my outstanding mortgage !!

Credit cards are only good for those who understand them and if you have had debt for a long time like that and only able to pay the minimum each month, you should have cut them up earlier IMHO.

I have one credit card it is 0 balance. Used in Thailand for 0% transfers, booking flights and similar. Long may it stay that way and also means I have emergency funds if and when I need them.

[AYJAYDEE]

you had $52,000 in credit card debt 7 years ago ie: BEFORE you married? and you think THAIS need help understanding credit cards?? lol

[wooloomooloo]

I have two credit cards and my wife has a duplicate of one for her own use. I utilise them for convenience and, more importantly, to maintain a good credit rating.

If the OP's willing to continue living life at 17%+ of interest and unable to clear the debt, then you are living beyond your means.

Blaming your wife sounds naïve and, sorry, childish. You sound like you are angry with yourself but projecting this on to your wife, and, ultimately, your child.

Kill your relationship at your leisure.