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do you carry a CC balance?


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#81 Gepetto

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Posted 15 February 2017 - 08:32 PM

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.



#82 KSB2424

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Posted 15 February 2017 - 08:45 PM

How many of you guys are married and support kids?

How many have had a major medical incident happen recently?
Disclaimer: I have no focking idea what I'm talking about.

"Only a life lived for others is a life worthwhile." Albert Einstein

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#83 MTSkiBum

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Posted 15 February 2017 - 08:48 PM

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.


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#84 Cdub100

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Posted 15 February 2017 - 08:50 PM

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.


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#85 Hardcore troubadour

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Posted 15 February 2017 - 08:52 PM

 
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.

#86 Cdub100

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Posted 15 February 2017 - 08:53 PM

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.


“for family, for freedom, for country, and for God” - President Donald J. Trump

 


#87 Cdub100

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Posted 15 February 2017 - 08:54 PM

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.


“for family, for freedom, for country, and for God” - President Donald J. Trump

 


#88 Hardcore troubadour

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Posted 15 February 2017 - 08:59 PM

 
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?

#89 mobb_deep

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Posted 15 February 2017 - 09:01 PM

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.

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#90 WhiteWonder

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Posted 15 February 2017 - 09:01 PM

 

 

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


Stuck in the process.....

 


#91 WhiteWonder

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Posted 15 February 2017 - 09:03 PM

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

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


Stuck in the process.....

 


#92 Gepetto

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Posted 15 February 2017 - 09:04 PM

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.



#93 WhiteWonder

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Posted 15 February 2017 - 09:08 PM

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  :lol:

 

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


Stuck in the process.....

 


#94 Hardcore troubadour

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Posted 15 February 2017 - 09:11 PM

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  :lol:
 
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?

#95 WhiteWonder

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Posted 15 February 2017 - 09:12 PM

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


Stuck in the process.....

 


#96 Gepetto

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Posted 15 February 2017 - 09:15 PM

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.



#97 Hardcore troubadour

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Posted 15 February 2017 - 09:16 PM

 
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.

#98 WhiteWonder

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Posted 15 February 2017 - 09:17 PM

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


Stuck in the process.....

 


#99 WhiteWonder

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Posted 15 February 2017 - 09:20 PM

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....secate_cashback


Stuck in the process.....

 


#100 Gepetto

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Posted 15 February 2017 - 09:26 PM

 

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.



#101 WhiteWonder

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Posted 15 February 2017 - 09:31 PM

 

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. 


Stuck in the process.....

 


#102 Hardcore troubadour

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Posted 15 February 2017 - 09:34 PM

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

#103 Gepetto

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Posted 15 February 2017 - 09:46 PM

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).



#104 Cdub100

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Posted 15 February 2017 - 09:48 PM

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.


“for family, for freedom, for country, and for God” - President Donald J. Trump

 


#105 WhiteWonder

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Posted 15 February 2017 - 09:49 PM

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?  :lol:


Stuck in the process.....

 


#106 Gepetto

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Posted 15 February 2017 - 09:50 PM

 

so... your fault?  :lol:

 

I guess so



#107 Mookz

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Posted 15 February 2017 - 10:23 PM

The credit card companies owe me money.  :dunno:



#108 fandandy

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Posted 15 February 2017 - 10:28 PM

The credit card companies owe me money.  :dunno:

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

 

Credit card companies pay him interest.  



#109 Marshall

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Posted 15 February 2017 - 10:33 PM

Nope.

 

Don't carry/use a credit card.

 

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


"Every man must skin his own skunk."  ~ Abraham Lincoln's father


#110 SUXBNME

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Posted 15 February 2017 - 11:08 PM

Conceal / Carry?  :ninja:


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#111 KSB2424

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Posted 15 February 2017 - 11:19 PM

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


:lol:
Disclaimer: I have no focking idea what I'm talking about.

"Only a life lived for others is a life worthwhile." Albert Einstein

Political Correctness is a doctrine fostered by a delusional, illogical minority, and rabidly promoted by an unscrupulous mainstream media, which holds forth the proposition that it is entirely possible to pick up a turd by the clean end.

#112 Gepetto

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Posted 15 February 2017 - 11:20 PM

:lol:

 

That was a damn expensive summer. :mad:



#113 KSB2424

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Posted 15 February 2017 - 11:28 PM

 
That was a damn expensive summer. :mad:

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.
Disclaimer: I have no focking idea what I'm talking about.

"Only a life lived for others is a life worthwhile." Albert Einstein

Political Correctness is a doctrine fostered by a delusional, illogical minority, and rabidly promoted by an unscrupulous mainstream media, which holds forth the proposition that it is entirely possible to pick up a turd by the clean end.

#114 SUXBNME

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Posted 15 February 2017 - 11:30 PM

, a fence blown down, 

https://cdn.meme.am/...70/44829470.jpg


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#115 penultimatestraw

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Posted 16 February 2017 - 12:11 AM

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.

#116 penultimatestraw

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Posted 16 February 2017 - 12:12 AM

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.

#117 penultimatestraw

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Posted 16 February 2017 - 12:15 AM

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.

#118 KSB2424

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Posted 16 February 2017 - 12:26 AM

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....
Disclaimer: I have no focking idea what I'm talking about.

"Only a life lived for others is a life worthwhile." Albert Einstein

Political Correctness is a doctrine fostered by a delusional, illogical minority, and rabidly promoted by an unscrupulous mainstream media, which holds forth the proposition that it is entirely possible to pick up a turd by the clean end.

#119 SUXBNME

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Posted 16 February 2017 - 12:54 AM

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  :mad:


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#120 penultimatestraw

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Posted 16 February 2017 - 01:02 AM

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.