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| Do You Have a Credit Card ??? |
| Yep ( but only one ) |
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34% |
[ 29 ] |
| I got a couple |
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42% |
[ 35 ] |
| Nope |
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16% |
[ 14 ] |
| Not yet ( maybe one day ) |
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6% |
[ 5 ] |
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| Total Votes : 83 |
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Kalhoun
Joined: 30 May 2003
Location: Land of the midnight noise!
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 Posted: Thu Mar 29, 2007 1:54 am Post subject: |
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| Has anyone else watched this show? Any thoughts? |
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mlomker
Joined: 21 Mar 2007
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| Posted: Thu Mar 29, 2007 2:55 pm Post subject: |
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| Kalhoun wrote: |
| The interest really adds up. |
It's how the truly wealthy maintain their dynasties. I have a retirement account and even a 10% return can be a tremendous amount of money after you've been saving for a few years. Just imagine how much the banks are raking in at 15% interest on billions of dollars. It's amazing.
I filed bankruptcy in 1996 and I'm still a bit addicted to credit. It's easy to fall into the trap of supplementing your lifestyle just a little bit every month.
I read a book a while back called The Overspent American. It talks about our consumer culture and the inappropriate use of credit by the middle class. |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Thu Mar 29, 2007 4:47 pm Post subject: |
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| mlomker wrote: |
| Kalhoun wrote: |
| The interest really adds up. |
It's how the truly wealthy maintain their dynasties. I have a retirement account and even a 10% return can be a tremendous amount of money after you've been saving for a few years. Just imagine how much the banks are raking in at 15% interest on billions of dollars. It's amazing.
I filed bankruptcy in 1996 and I'm still a bit addicted to credit. It's easy to fall into the trap of supplementing your lifestyle just a little bit every month.
I read a book a while back called The Overspent American. It talks about our consumer culture and the inappropriate use of credit by the middle class. |
Yeah. Eating too many big macs and getting fat? Stop. Over spending? Stop. It's insane what those corporations are doing to us! |
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sock
Joined: 07 Oct 2006
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| Posted: Fri Mar 30, 2007 7:52 pm Post subject: |
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Recently listened to an interesting interview on NPR all about this topic. You can find it here:
http://www.npr.org/templates/story/story.php?storyId=9156929
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Harvard Law Professor Elizabeth Warren is an expert on bankruptcy and is an outspoken critic of consumer lenders.
Recently she appeared before the Senate Banking Committee to discuss the abusive lending practices by credit card companies. She considers the interest charges and late fees imposed by credit card companies to a "hidden tax" on cardholders. |
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Kalhoun
Joined: 30 May 2003
Location: Land of the midnight noise!
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| Posted: Tue Jun 12, 2007 8:28 pm Post subject: |
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| Thanks for the NPR link. Interesting. BTW, I'm wondering if people on here think the Korean Credit Card Industry has more checks and balances than the one in the USA, Canada,... etc.? |
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Kenny Kimchee
Joined: 12 May 2003
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| Posted: Wed Jun 13, 2007 3:27 am Post subject: |
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| Kenny Kimchee wrote: |
I don't get it when people carry a balance when they don't have to. For example, my brother is financially solvent with plenty of money in the bank, yet he carries a balance (I think it's about 2k US) on his card. I'm like, "Dude, what's your interest rate?" and he said "about 15%" Yo, unless you're investing that money somewhere else and getting better than a 15% return, you're just throwing money away. Pay it off! He's like "Yeah...so, anyway, you see the Falcons game?"
Against my Mom's advice, I got two credit cards when I was 19 (I'm 34 now) and ended up going into collections with both of them. I am now a credit deadbeat - I've got one card and haven't revolved a balance in over five years; they're probably gonna drop me when my card expires, since I ain't making them any money. |
Whoa, who dug this one up? Talk about a blast from the past!
Well, it's been 1.5 years since I wrote the above post and I haven't revolved a balance in the interim. My old card expired in November 2006 but BoA was good enough to give me another one. I hope they're making money charging transaction fees to the vendors, because they sure as hell ain't making any money off of me.
And my brother? He's still revolving a balance... |
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poet13
Joined: 22 Jan 2006
Location: Just over there....throwing lemons.
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| Posted: Wed Jun 13, 2007 3:58 am Post subject: |
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One of the best deals was always getting free insurance on car rentals. Also, depending on which card you pay with, you can get free upgrades.
That being said, I have an AMEX card from my "wealthy" days with a 100k credit limit that I haven't used in more than three years. I doubt I will either. Like the other poster said, if I don't have the cash, I dont buy it. |
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Kalhoun
Joined: 30 May 2003
Location: Land of the midnight noise!
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| Posted: Fri Aug 15, 2008 4:57 am Post subject: |
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| poet13 wrote: |
| ... if I don't have the cash, I dont buy it. |
Those are words to live by. |
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contrarian
Joined: 20 Jan 2007
Location: Nearly in NK
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| Posted: Fri Aug 15, 2008 8:51 pm Post subject: |
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| I have three cards now. Each on is paid to zero every month. Its the only way. |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Sat Aug 16, 2008 4:50 am Post subject: |
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| contrarian wrote: |
| I have three cards now. Each on is paid to zero every month. Its the only way. |
Absolutely. I use a credit card like a fee free debit card that also happens to pay me airmiles. |
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Kalhoun
Joined: 30 May 2003
Location: Land of the midnight noise!
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| Posted: Mon Sep 28, 2009 5:59 am Post subject: |
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| Kevin Trudeau's "Debt Cures" is also an interesting read as well. |
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DWAEJIMORIGUKBAP
Joined: 28 May 2009
Location: Electron cloud
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| Posted: Mon Sep 28, 2009 6:56 pm Post subject: |
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Well I kinda agree with that wierd Kenny Kimchi guy (though he is tight with his chips lol  )
But I will say that Credit cards are super usefull if you're travelling internationally and get caught short for some reason (lost your wallet, left money at the hotel etc, neet to book a quick train or flight...)
I don't see how they justify the huge interest rates and all the hidden charges / fees etc.. especially as they're outsoucing to India and saving even more in overheads than before....
As with all thinbgs if we consumers just used our power and stopped using them for like just one week (evryone) they;d soon listen and lower the rates... That'll never happpen thogh as we are a depoliticised genration
Sigh, more pepsi, more snickers, more coke... more mtv... |
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