Cell phones and a comment on paying in cash only
December 29th, 2008 by Questions
I`m one year into a Consumer Proposal. I have to admit I`m happier than I was a year ago. The down side is working only in cash limits my ability to make any transactions via the net or phone – all companies require a credit card. Even small purchases like books online require a credit card. How are others dealing with this problem? Also, I feel at this point in my life and job I will require a cell phone. Will my financial status hinder my purchasing and holding a cell phone contract? Thank you.
Posted from: New Brunswick
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December 30, 2008 at 10:02 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
Let us deal with the credit card first. The product you should look into is a secured credit card. This is just like a normal credit card except you have to put a deposit down in the beginning that is equivalent to your limit (i.e. a $500 limit would require a $500 deposit). So you are essentially using your own money so there is no risk to the lending institution. I always suggest people look into the secured card you can get through Capital One, not that I am a big proponent of credit or of Capital One, it is just that the annual cost for that card is more reasonable than the others I am aware of.
Now to the cell phone. This is a question I can’t answer as each cell phone company is different. Yes you will have negative information on your credit, but a cell phone isn’t a large ticket item and doesn’t require rock solid credit. So the best thing to do is ask. If not you can always go the pay as you go route, but it never hurts to ask in advance.