This
Paying off debt
- Thread starter smitty2919
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This
CC use = dicipline. Only way to use them is to pay off in full every month. Or you go down the rabbit hole. Qpz
MOST people cant control the CC debt, that is the problem in America. A couple grand, pay it right off, who cares. But many people owe $20k or more to the CC companies. Then it turns into 50k. And then people go into BK.
If you use your CC with the mindset that you are paying in cash then there is no issues. When people start living off of credit and buying shit they normally can’t afford (living above your means) then they have issues.
But I wouldn’t take equity out of my house to pay off bills and cars either IMHO.
But I wouldn’t take equity out of my house to pay off bills and cars either IMHO.
We use cards for everything too, and just pay them when the bills come in.
Nope. Wrong again. Most people don’t understand money concepts or money handling.
You dont NEED a ****ing credit card. Now, tomorrow, next week or next year.
Build an emergency fund then build a savings account and you can get whatever you want with cash.
In many instances it's a byproduct of people viewing extreme debt-reducing measures as 'standard operating procedures' to reduce debt.
The personal health equivalent of a 6'0 275lb guy viewing a show where a doc is telling a 700lb guy he needs to have his stomach stapled, and explaining how effective the procedure is for weight loss.
I agree. I haven’t paid interest on a CC in 20yrs. Only did once when I was 18 and had just moved out. Then I figured out how to move the balance from card to card on those 3-6 month no interest deals.
Lower mortgage rates, car insurance, you name it. Lenders want to see a good credit score.
“BLM is doing God’s work”
2KblackGT
svtperformance.com mobile app
Uhhhhh really?
I think maybe you don’t understand money.
I could pay my house off and not be paying 2.5% interest...or make more than that by putting the 100k in a money market account.
Besides, if I can use someone else’s money to buy a property, why risk my own.
I’ve got 600k Marriott points, several hundred thousand air miles on various cards. Literally worth thousands of dollars.
You sound like you burnt yourself at some point.
“BLM is doing God’s work”
2KblackGT
svtperformance.com mobile app
Lol. No one ever got rich by earning frequent flyer miles or points.
You for sure don't need a credit card. This is a fact.
My opinion is you should use one for online purchases. If something shows up broken, or you send something back for a refund and you never get a credit, buy something from eBay, pay pal ect. Why would you want to put your checking account at risk?
Anyone / everyone that shops online should absolutely use a credit card. Problem is the average household carries a debt, and a percentage of people get out of control.
Honestly it comes down to the limits. No reason the average person needs a $10k limit on their credit card. Most houses holds if using for online purchase a couple grand limit is all you need.
If you need more, the cc company's should ask for a paystub showing income that justifies a higher limit. When you apply for a cc...you can put whatever income you want in the application. What a joke.
My opinion is you should use one for online purchases. If something shows up broken, or you send something back for a refund and you never get a credit, buy something from eBay, pay pal ect. Why would you want to put your checking account at risk?
Anyone / everyone that shops online should absolutely use a credit card. Problem is the average household carries a debt, and a percentage of people get out of control.
Honestly it comes down to the limits. No reason the average person needs a $10k limit on their credit card. Most houses holds if using for online purchase a couple grand limit is all you need.
If you need more, the cc company's should ask for a paystub showing income that justifies a higher limit. When you apply for a cc...you can put whatever income you want in the application. What a joke.
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What money market account is paying over 2.5%?
By taking out a mortgage/loan you are still risking your own money. You are responsible for the loan and any loss in value of the property.
Credit cards make it a lot easier to spend money. It is not just about paying the card off every month and getting rewards/cash back. You are much more likely to buy things you don’t need and overspend when you are using a credit card.
So when are you taking out that HELOC on your house to invest it? Because that's essentially what you're doing.
Amount of interest paid or reoccurring fees: $0
Minus the yearly $95 fee I'm up ~$555 for the year so far and this doesn't even touch the cash back I get from gas stations on another card with $0 interest paid either.
If you can't handle the fact your get a CC limit doesn't equate to your bank account, stick with debit or cash.
So your suggesting that I take out a mortgage on a paid off house to invest it? Doesn't make much sense to me...
Lol.
Is it the cheeseburgers fault that people are fat?
You guys are literally arguing FOR the “guns kill people” argument.
Can’t believe you are shaming a tangible object like a CC when in reality is dumbasses that can’t control their spending.
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Is it the cheeseburgers fault that people are fat?
You guys are literally arguing FOR the “guns kill people” argument.
Can’t believe you are shaming a tangible object like a CC when in reality is dumbasses that can’t control their spending.
Sent from my iPhone using svtperformance.com
I wouldn't shame a Credit Card (like you said, maybe the user that goes neck deep in debt with them).
I just share the opinion of a few others that CC's are not necessary. Credit score is literally the reflection of how well you work/pay lenders. The more lenders, the more payment, the better score. I'd personally rather just get to a point where I don't have to lend, thus don't need a score. I just work/pay for what I want, when I can afford it. Easier said than done.
Sure, maybe some cash back would be sweet at the end of year, but that $1000 back is a pebble in the Nile compared to all the other financial decisions we're making.
I do have to admit I have a CC in my wallet... work issued.
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Depends on your game plan but if you have 30 years to pay it back, it will give you cash to invest in other opportunities/investments if desired.
If you're content with a paid off house and your current investments and income or closer to retirement, it's safe to stay put.
My plan is to not worrying about paying off my houses until I'm content with my investments and have them all paid off at least by retirement.
If you have 100k sitting in a money market which pay less than 0.5% currently and you do not have plan of using it for anything like a dp on a house than that is bad new bears Put that shit in a Vanguard S&P500 index fund. Adjusted for 2% inflation a fund like that returns 8% a year over the long term. If your mortgage rate is 2.5% you are practically borrowing money for free. The only advantage to paying off your house early with that kind of rate is piece of mind of not having a mortgage but long term you would have way less money by paying off your house instead of putting it in the market.
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