do you carry a CC balance?

[Gepetto 977]

Never! I don't even use it at all anymore, except when I bought a new washer and dryer a few months ago and then I paid it off (online from one of my accounts) before I even got the bill.

[KSB2424 3,082]

How many of you guys are married and support kids?

 

How many have had a major medical incident happen recently?

[MTSkiBum 1,593]

I am cheap, but lazy when it comes to credit cards. I usually carry a few thousand dollar balance. New card with a 0% apr for the first year. I will need to pay it off shortly.

Then I will get another credit card with a 0% introductory rate. I think I am up to 6 or 7 cards.


I could rack up a ton of debt really quick if I wanted.

[Cdub100 3,366]

Just make extra payments. I never understood why anyone would get a 15 year mortgage. A very small interest rate deduction?

 

Yeah... that "small interest rate deduction" is huge when cover over 15 years. That being said not only did I refi to a 15 year but I pay down the principal too. My 15 year will be more like an 11 year.

 

BTW - I know some people subscribe to "good debt" but I'm not one of them. Every dollar going to interest is a dollar that could go towards my investment accounts.

[Hardcore troubadour 12,588]

 

Yeah... that "small interest rate deduction" is huge when cover over 15 years. That being said not only did I refi to a 15 year but I pay down the principal too. My 15 year will be more like an 11 year.

 

BTW - I know some people subscribe to "good debt" but I'm not one of them. Every dollar going to interest is a dollar that could go towards my investment accounts.

The spread wasn't that much when I got mine. As rates have gone up the spread has gotten bigger. Like I said already, if it's a nice spread, do it.

[Cdub100 3,366]

That's if you can get a 1% spread on the loans. If you compare a 15 vs a 30 original the spread is usually .25 or so. Maybe it's different. Been a while since I got one. But yeah, If your interest rate is going down 1% Definetly do it.

 

If you can get .25 off your rate with little to no down. You're a fool not to do it.

[Cdub100 3,366]

The spread wasn't that much when I got mine. As rates have gone up the spread has gotten bigger. Like I said already, if it's a nice spread, do it.

 

If it's .10 I'll do it as long as I'm saving a few thousand dollars.

[Hardcore troubadour 12,588]

 

If you can get .25 off your rate with little to no down. You're a fool not to do it.

I don't think so. Why be bound to the higher Payment for 20 bucks a month? You can still pay extra, but if something comes up you don't have to. Plus the value of the dollar will decrease over the length of the loan. Today's 1500 a month payment is worth what 20 years from now?

[mobb_deep 917]

Never! I don't even use it at all anymore, except when I bought a new washer and dryer a few months ago and then I paid it off (online from one of my accounts) before I even got the bill.

It's easy to save money, when you can't find a date.

[WhiteWonder 2,171]

 

 

I dont know what other things were different at that time but I just dont know how people could do it.... were home prices just that much lower compared to income?

 

 

people could also live off monthly savings account interest

[WhiteWonder 2,171]

How many of you guys are married and support kids? no

 

How many have had a major medical incident happen recently? yes

[Gepetto 977]

How many of you guys are married and support kids?

 

How many have had a major medical incident happen recently?

Gall bladder surgery 2 years ago, a fence blown down, bolt in tire requiring 4 new tires, refrigerator went out all within 3 months.

[WhiteWonder 2,171]

unless you're just a terrible spender and you can't rationalize the $$ when you're swiping plastic, there is almost no reason not to pay for every purchase with a rewards card of some kind.

 

i just got a chase freedom unlimited card and i get $150 back on my first $500 spent (I know, big deal, but its pretty nice to know my 6 month auto premium plus a new sand wedge and box of pro V's will cost me $350 instead of $500) and 1.5% after that. Combined with my regular chase freedom and its rotating 5% categories (currently gas and I gas up at places that are same cost cash or credit), there is not much I pay for in cash unless its like co-workers daughters girl scout cookies .

 

Since I know I can pay off my cards in full, every month, i'd be giving away money by not using my cards.

[Hardcore troubadour 12,588]

unless you're just a terrible spender and you can't rationalize the $$ when you're swiping plastic, there is almost no reason not to pay for every purchase with a rewards card of some kind.

 

i just got a chase freedom unlimited card and i get $150 back on my first $500 spent and 1.5% after that. Combined with my regular chase freedom and its rotating 5% categories (currently gas and I gas up at places that are same cost cash or credit), there is not much I pay for in cash unless its like co-workers daughters girl scout cookies .

 

Since I know I can pay off my cards in full, every month, i'd be giving away money by not using my cards.

What's the interest rate?

[WhiteWonder 2,171]

What's the interest rate?

 

doesn't matter. I don't carry a balance

 

but its 0% for 15 months and variable 15.5-24% (based on your credit score as well as prime) after that, if you were so inclined

[Gepetto 977]

I didn't like getting large bill every month. Plus it's too easy to swipe a cc and proven a person spends more when using plastic.

[Hardcore troubadour 12,588]

 

doesn't matter. I don't carry a balance

 

but its 0% for 15 months and variable 15.5-24% after that, if you were so inclined

I think I will have to get one. I always thought the interest rate on the rewards ones was way too high. I'm not a big CC guy, but you make sense.

[WhiteWonder 2,171]

I didn't like getting large bill every month. Plus it's easy and proven a person spends more when using plastic.

 

no doubt. but if you are able to have the mentality to pretend your card is cash and you only buy what you would normally fork over cash or a check for, then you'd be missing out by not using a card. that was my point. Obviously not everyone is capable of that mentality or there wouldn't be so much CC debt out there

[WhiteWonder 2,171]

I think I will have to get one. I always thought the interest rate on the rewards ones was way too high. I'm not a big CC guy, but you make sense.

 

personally, If I were going to have to start carrying the balance and paying even the 15% interest, then its not worth it. I mean, it would still be better than a non rewards card but the rewards would be completely offset by the interest rate you'd be paying.

 

but again if you can be very disciplined and only spend what you would normally pay cash for on the spot or bigger purchases that you know you could write and clear a check for, then its just flat out nice to get the rewards points. I just cash mine in every so often and have them mail me a check or direct deposit it into my checking account.

 

https://creditcards.chase.com/credit-cards/cash-back?CELL=6TKX&jp_ltg=chsecate_cashback

[Gepetto 977]

 

no doubt. but if you are able to have the mentality to pretend your card is cash and you only buy what you would normally fork over cash or a check for, then you'd be missing out by not using a card. that was my point. Obviously not everyone is capable of that mentality or there wouldn't be so much CC debt out there

 

I'm thinkin g about usin a cc again for gas purchases. Some gas staton pumps in my area have got skimming machines stealing debit and credit cards and I'd be protected by a credit card company but not using my debit card.

 

I will earn 1% cash back using my cc too.

[WhiteWonder 2,171]

 

I'm thinkin g about usin a cc again for gas purchases. Some gas staton pumps in my area have got skimming machines stealing debit and credit cards and I'd be protected by a credit card company but not using my debit card.

 

I will earn 1% cash back using my cc too.

a debit card is not totally unprotected. its just that a thief will have access to the money on the spot and you will have to file a claim with your bank which they will investigate and generally should return your money to you. a credit card will usually have 1 or 2 purchases go through, then have the rest blocked if deemed suspicious and you just call and confirm which transactions are not you. Its "safer" because your actual money is not going anywhere with the CC but in reality you have recourse in both scenarios.

 

 

i had my capital one CC info stolen twice, probably at the same place and purchases were made in brooklyn and nyc. I was impressed with how quickly they flagged the card because it would not be out of the ordinary for me to use in those places. I think I had been at the Barclays center in Brooklyn the week before.

[Hardcore troubadour 12,588]

a debit card is not totally unprotected. its just that a thief will have access to the money on the spot and you will have to file a claim with your bank which they will investigate and generally should return your money to you. a credit card will usually have 1 or 2 purchases go through, then have the rest blocked if deemed suspicious and you just call and confirm which transactions are not you. Its "safer" because your actual money is not going anywhere with the CC but in reality you have recourse in both scenarios.

 

 

 

i had my capital one CC info stolen twice, probably at the same place and purchases were made in brooklyn and nyc

When I had my CC info stolen it was used in Brooklyn at a staples and a Popeyes chicken place upstate. Next to a prison. Go figure

[Gepetto 977]

I had my cc info stolen when I bought a vacuum cleaner from some random internet vacuum parts sales place once.

 

Whoever stole it, placed an order from Minnesota for some expensive music recording or instrument of some type for like $1,000 and were having it shipped to some business on a main street in town that looks like a non used building where it would be left out for anyone to take. The place that the order was placed at called me to confirm because it looked suspicious to them so I was able to stop it right at the place of business before they shipped the item out. I canceled my cc and got a new number.

 

I have had money taken out of my debit card, an online renewal type of service that I didn't put a non-renew on and my bank wouldn't due anything about it. I told the banker to fock off ... (well not those words, but he got the point how I felt about there failure to help me out).

[Cdub100 3,366]

I don't think so. Why be bound to the higher Payment for 20 bucks a month? You can still pay extra, but if something comes up you don't have to. Plus the value of the dollar will decrease over the length of the loan. Today's 1500 a month payment is worth what 20 years from now?

Refi to a 30 year... Just like wifi you can go both ways.

[WhiteWonder 2,171]

have had money taken out of my debit card, an online renewal type of service that I didn't put a non-renew on and my bank wouldn't due anything about it. I told the banker to fock off ... (well not those words, but he got the point how I felt about there failure to help me out).

 

so... your fault?

[Gepetto 977]

 

so... your fault?

 

I guess so

[Mookz 1,287]

The credit card companies owe me money.

[fandandy 3,311]

The credit card companies owe me money.

There's gotta be a most interesting man in the world commercial here.

 

Credit card companies pay him interest.

[Marshall 98]

Nope.

 

Don't carry/use a credit card.

 

I have a simple financial rule: If I cannot afford something, I don't buy it.

[SUXBNME 1,320]

Conceal / Carry?

[KSB2424 3,082]

Gall bladder surgery 2 years ago, a fence blown down, bolt in tire requiring 4 new tires, refrigerator went out all within 3 months.

[Gepetto 977]

 

That was a damn expensive summer.

[KSB2424 3,082]

 

That was a damn expensive summer.

Now triple it with a wife and two kids.

 

Bert, bandrus, WW, Strike, yourself. Most everyone posting in this thread is not married or don't have kids.

 

A credit card is a necessary evil on occasion. That's the real world. At least to those who choose to be richer in other areas of life.

[SUXBNME 1,320]

, a fence blown down,

https://cdn.meme.am/cache/instances/folder470/44829470.jpg

[penultimatestraw 473]

How many of you guys are married and support kids?

How many have had a major medical incident happen recently?

Married. No kids. I had a broken leg and my wife had breast cancer surgery in the last few years.

[penultimatestraw 473]

I am cheap, but lazy when it comes to credit cards. I usually carry a few thousand dollar balance. New card with a 0% apr for the first year. I will need to pay it off shortly.

Then I will get another credit card with a 0% introductory rate. I think I am up to 6 or 7 cards.

I could rack up a ton of debt really quick if I wanted.

This surprises me.

[penultimatestraw 473]

Now triple it with a wife and two kids.

Bert, bandrus, WW, Strike, yourself. Most everyone posting in this thread is not married or don't have kids.

A credit card is a necessary evil on occasion. That's the real world. At least to those who choose to be richer in other areas of life.

Meh. You're rationalizing. Families existed way before credit card debt.

[KSB2424 3,082]

Meh. You're rationalizing. Families existed way before credit card debt.

Sure, a cc is no different than a loan from the bank. Or a "front" from the butcher or the blacksmith.

 

You're a doctor with no kids. I'm not judging, that's great.

 

Just don't make broad sweeping judgements yourself.

 

We seem to have enough "look at me" posts today as it is....

[SUXBNME 1,320]

Sure, a cc is no different than a loan from the bank. Or a "front" from the butcher or the blacksmith.

 

You're a doctor with no kids. I'm not judging, that's great.

 

Just don't make broad sweeping judgements yourself.

 

We seem to have enough "look at me" posts today as it is....

Just don't get him started on right of way laws for the filthy bicyclists

[penultimatestraw 473]

Sure, a cc is no different than a loan from the bank. Or a "front" from the butcher or the blacksmith.

You're a doctor with no kids. I'm not judging, that's great.

Just don't make broad sweeping judgements yourself.

We seem to have enough "look at me" posts today as it is....

I don't think minimizing debt is something to brag about. By their own admission, many of the posters with no cc debt aren't wealthy. And I know plenty of physicians in debt. First and foremost, I think minimizing cc debt is due to a fundamental difference in spending habits, one that isn't promoted by our consumerist society.

 

Not saying carrying a cc balance is never necessary, particularly when unexpected major expenses arise, but I bet most people who carry a balance don't do so because of such expenses. More likely, they have just become accustomed to living beyond their means.