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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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igotthisguitar
Joined: 08 Apr 2003
Location: South Korea (Permanent Vacation)
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Kalhoun
Joined: 30 May 2003
Location: Land of the midnight noise!
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 Posted: Mon Mar 28, 2005 6:01 am Post subject: |
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| Very interesting show. Glad I watched it. Thanks for the heads up. |
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igotthisguitar
Joined: 08 Apr 2003
Location: South Korea (Permanent Vacation)
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| Posted: Tue Mar 29, 2005 9:32 pm Post subject: |
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| Kalhoun wrote: |
| Very interesting show. Glad I watched it. Thanks for the heads up. |
All in the line of duty  |
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deessell
Joined: 08 Jun 2005
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| Posted: Tue Dec 13, 2005 1:40 am Post subject: |
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| Time of the year again. |
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Kenny Kimchee
Joined: 12 May 2003
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| Posted: Tue Dec 13, 2005 5:34 am Post subject: |
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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. |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Tue Dec 13, 2005 5:41 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. |
I've only ever used my credit cards as basically service charge free debit cards. With maybe the exception of the odd christmas where I'll spread it over two months, I'll max pay my balance every month. Have you seen what interest does to a balance? Lord. Yeah, why people would have money in the bank but keep making small payments on their card debt is totally insane.
Credit cards are a great convenience and in some ways are 100% necessary these days. Try to rent a movie or car without a card. Ha. Impossible. However, too many people just can't control their spending. I love living 100% debt free with a healthy bank balance... I can't see any other life. |
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pdxsteve
Joined: 29 Sep 2004
Location: Bundang
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| Posted: Tue Dec 13, 2005 6:22 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. |
Don't worry. As long as you're using the card (whether paying interest or not) the credit card company is making money. |
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Kenny Kimchee
Joined: 12 May 2003
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| Posted: Tue Dec 13, 2005 2:13 pm Post subject: |
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| pdxsteve wrote: |
| 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. |
Don't worry. As long as you're using the card (whether paying interest or not) the credit card company is making money. |
Good point, Steve, I forgot about the transaction fees that they charge vendors. A couple of restaurants I used to work at made us waiters eat that service charge if our customers paid by card - ouch. |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Tue Dec 13, 2005 4:23 pm Post subject: |
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| Kenny Kimchee wrote: |
| pdxsteve wrote: |
| 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. |
Don't worry. As long as you're using the card (whether paying interest or not) the credit card company is making money. |
Good point, Steve, I forgot about the transaction fees that they charge vendors. A couple of restaurants I used to work at made us waiters eat that service charge if our customers paid by card - ouch. |
In North America? That has got to be a violation of something or another. Credit card companies theoretically make money via the service charge but it ends up people making the minimum payment and paying the 23% yearly interest is the real cash cow.
Personally, I'm in favor of the high interest. Credit cards are unsecured credit. We pay lower interest on things like car loans and mortgages because they're backed by easy to sell things if the person defaults. Credit card companies have to get in line when a person declares bankruptcy (although I think the USA recently passed some tongue-deep-in-bank-ass law allowing credit card companies to go to the front of the line...). |
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cruisemonkey
Joined: 04 Jul 2005
Location: Hopefully, the same place as my luggage.
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| Posted: Wed Dec 14, 2005 2:18 am Post subject: |
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| I love Frontline... thanks! |
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Wrench
Joined: 07 Apr 2005
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| Posted: Wed Dec 14, 2005 4:27 am Post subject: |
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| I learned the hard way that credit cards suck. I paid my off, and I am never geting one again. If I don't have the cash I just don't buy it. |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Wed Dec 14, 2005 4:52 am Post subject: |
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| Wrench wrote: |
| I learned the hard way that credit cards suck. I paid my off, and I am never geting one again. If I don't have the cash I just don't buy it. |
If you have self control and can max pay every month, they're great. Back in the 1990s I had a GM visa that let you collect cash towards a new car. Being the "manager of fun" at my tax software company, I was able to charge our end of tax season and Christmas parties to my card. I'd pay it off that month with the expense check from work. And I'd get free money towards a new car. When I eventually bought my new car, I had $2000 of free money. I don't even want to talk about the deal the network guy got slapping RAID drives and hardware on his Amex card for Amex points...
A card with a points plan or cash back is great.
Your basic gold card comes with a $50 fee but it's great if you're the type who rents a car once or twice a year. A gold card comes with free rental insurance. You rent one car a year and it pays for itself.
It's a tool. You can use a hammer to fix a squeaky board or you can use a hammer to wreck your life. We've had the benefit of the finest education on earth. There's no good reason why someone should abuse a credit card. |
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Kalhoun
Joined: 30 May 2003
Location: Land of the midnight noise!
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| Posted: Sun Feb 11, 2007 8:32 pm Post subject: |
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The interest really adds up. I'm happy that the Korean credit cards are paid off at the end of the month. I think it's great that we can put it on our tax report and get something back for it at the end of the year.
Saving toward something that I want can be a good idea. I guess the secret is to live a simpler life. |
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Poemer
Joined: 20 Sep 2005
Location: Mullae
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| Posted: Mon Feb 12, 2007 3:32 am Post subject: |
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Mindmetoo said: Personally, I'm in favor of the high interest. Credit cards are unsecured credit. We pay lower interest on things like car loans and mortgages because they're backed by easy to sell things if the person defaults.
That argument doesn't wash, and there are a number of reason's why. Firstly, if credit card companies are concerned about recouping their losses on potential defaults, then they need to screen potential borrowers more carefully, not blanket mailboxes with solicitations for cards and sign up every fiscally irresponsible college kid they can find in the hopes that their parents will pay the bills that the students themselves will undoubtedly be unable to pay. Financing the bank's crap shoot of extending credit to high risk borrowers is not something responsible cardholders should be required to do.
Secondly, banks should not overextend credit to cardholders. Many people end up in debt because the bank offered them a line of credit well beyond what their income could justify. This too is negligent on the banks part and is not a valid excuse for charging responsible credit user usurous interest fees.
Yes, if you buy a car or a house the bank can take the car or house back and recoup some of their losses. Yet even in consideration of that fact your income and assets will be carefully scrutinized before credit in the form of a loan is extended. Nobody goes out giving home or car loans willy nilly to anybody who spends 5 minutes filling out an application that is a mere formality. Banks shouldn't be doing that with credit cards, and then acting like their poor business practices justify the obscene interest rates they charge. |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Mon Feb 12, 2007 5:35 am Post subject: |
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| Poemer wrote: |
Mindmetoo said: Personally, I'm in favor of the high interest. Credit cards are unsecured credit. We pay lower interest on things like car loans and mortgages because they're backed by easy to sell things if the person defaults.
That argument doesn't wash, and there are a number of reason's why. Firstly, if credit card companies are concerned about recouping their losses on potential defaults, then they need to screen potential borrowers more carefully, not blanket mailboxes with solicitations for cards and sign up every fiscally irresponsible college kid they can find in the hopes that their parents will pay the bills that the students themselves will undoubtedly be unable to pay. Financing the bank's crap shoot of extending credit to high risk borrowers is not something responsible cardholders should be required to do.
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Credit cards present you a contract with the rates listed. You sign that contract. You don't like it, don't sign. It's really that simple. Credit card companies are not in business to subsidize your lifestyle. Even banks that don't take on high risk customers still charge very high rates. Again, that's the nature of unsecured credit. You can't get around that very, very basic fact of economics.
| Quote: |
| Secondly, banks should not overextend credit to cardholders. Many people end up in debt because the bank offered them a line of credit well beyond what their income could justify. This too is negligent on the banks part and is not a valid excuse for charging responsible credit user usurous interest fees. |
Please. We're grown boys. The bank is not your mommy. You got to take responsibility for your own finances. |
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