|
Post by PolarsStepdad on Apr 28, 2024 12:16:24 GMT -5
I have a credit card. I seldom carry a balance. But when I do it's just to give my credit a little boost or i had an unplanned emergency. I think it's 8% from my credit union and only once has the balance ever been over 20-30% of limit more than a month kr two
|
|
|
Post by misterjr on Apr 28, 2024 12:28:41 GMT -5
When I got my Discover Cash Back card a couple of years ago, I opened a Discover Saving account at the same time. All my cash-back rewards go into the savings account, which currently has almost $12,000 in it.
Deadbeat here....
|
|
|
Banks
Apr 28, 2024 12:58:31 GMT -5
via mobile
Post by stc1993 on Apr 28, 2024 12:58:31 GMT -5
The amount it went up over last year was almost 50%.
|
|
|
Banks
Apr 28, 2024 13:00:39 GMT -5
Post by Mango Man on Apr 28, 2024 13:00:39 GMT -5
People with poor credit scores and low income are more often the “suckers” who fall for the higher interest rates on the few credit cards that they can actually receive. It’s a system that is set up for failure. A while ago I was reading about some credit company executives having a conference. They were talking about “dead beats”. Who do you think they were talking about? The people who don’t pay their credit cards? NO! They were referring to the people who religiously pay their credit cards every month and they don’t collect any of that huge interest from. Yes, timely payment of your credit card qualifies you to be considered a “dead beat”!by the credit card companies. We have no credit cards because we don’t want to support that obscene system in any way. However we do use bank issued debit cards and I suppose the bastards still make money on their use. 👎 If that's true, why does my credit score consistently stay high when the only debt I have is credit cards that get paid in full every month? That qualifies me for "deadbeat" status according to what you read. You're right, I think he's got it backwards.
|
|
|
Post by tonyroma on Apr 28, 2024 13:41:39 GMT -5
You have to have lines of credit to have a credit score. If you have multiple lines of credit and pay them off on time it equals a larger credit score. When me and the wive were waist deep in debt our credit score was awesome. Now that we got our shit in order it is steadily dropping. I made my kids get credit cards, just to build a history. Gas, rent , utilities.
|
|
|
Banks
Apr 28, 2024 13:59:28 GMT -5
Post by nuevowavo on Apr 28, 2024 13:59:28 GMT -5
It happened already. We set limits on the amount of money that can be withdrawn. To exceed the limits we have to call in first and give a code
When you use the debit card to make a purchase, do you submit your pin # or do you use it like a credit card? If you enter your pin, the merchant is charged a small transaction fee, like 25 cents. If you don't, then the merchant is charged just like it's a regular credit card, usually 2-3% of the transaction.
|
|
|
Post by cadman on Apr 28, 2024 14:47:16 GMT -5
I think I will go drown myself in tears that the banks charging 30% interest on credit cards they gave to people who obviously did not need credit cards can't collect on the debt those people put on those credit cards. I'm sure the Fed will print them some more money if they run out Here's the thing. The person likely paid $50,000 interest on that $20,000 balance before they defaulted and the bank wrote it off. Made $30,000 net off the guy.
|
|
|
Post by whitebacon on Apr 29, 2024 6:22:05 GMT -5
Back, a long time ago, maybe '08, every company we competed with went broke, out of business. How we survived I don't know. We owed like millions. Couldn't tell how much. North of 15 for sure. But we made it through with the grace of God.
Tell this story as I'm so proud of it. My boss, my partner, had this beautiful daughter. I didn't marry her. But she married well. He runs the company now.
We all made a joint decision to never borrow money again.
|
|
|
Post by johngalt on Apr 29, 2024 9:44:09 GMT -5
It’s not as cut and dried as some of you believe. Inflation is the biggest contributor or just day to day living. I understand that a lot of people find it hard to change their lifestyle and cut back on unneeded expenses like vacations and toys but a lot more are using plastic to pay utilities and food, which says a lot about the overall economy. I myself haven’t had a credit card debt in over 20 years, been debt free since 2005(thank god!) and try to pay cash for most things. But I understand how some are struggling these days. www.usatoday.com/story/graphics/2024/02/07/us-credit-card-debt-hits-trillion/72505645007/
|
|
|
Banks
Apr 29, 2024 9:54:16 GMT -5
Post by misterjr on Apr 29, 2024 9:54:16 GMT -5
I usually have $80-100 mixed $5-20 in my pocket, mostly for restaurant tips, everything else I buy retail, in person, or online goes on a credit card.
|
|
|
Banks
Apr 29, 2024 9:56:50 GMT -5
Post by gardawg on Apr 29, 2024 9:56:50 GMT -5
|
|
|
Banks
Apr 29, 2024 10:00:04 GMT -5
via mobile
Post by whitebacon on Apr 29, 2024 10:00:04 GMT -5
I usually have $80-100 mixed $5-20 in my pocket, mostly for restaurant tips, everything else I buy retail, in person, or online goes on a credit card. You sell insurance to idiots. End of conversation.
|
|
|
Post by richm on Apr 29, 2024 10:03:43 GMT -5
Back, a long time ago, maybe '08, every company we competed with went broke, out of business. How we survived I don't know. We owed like millions. Couldn't tell how much. North of 15 for sure. But we made it through with the grace of God. Tell this story as I'm so proud of it. My boss, my partner, had this beautiful daughter. I didn't marry her. But she married well. He runs the company now. We all made a joint decision to never borrow money again. I didn't compete with you but did go broke 2008-2010 and took a while to get feet back - the whole developing sector went into a stand-still with work slowly ratcheting down as the permitting process was finished on each project... Tough time for many.
|
|
|
Post by mackeralsnatcher on Apr 29, 2024 10:10:53 GMT -5
FWIW I used my debit card for a lot of stuff. Never really gave it much thought. Then five or six years ago it dawned on me that i could use my credit cards and get points (cash back) for the same purchases. I shop a lot at Publix, and now get 3% back using my capitol one savor card. Granted, it's not much BUT it's 3% better then using my debit card. My other Capitol one card (Quicksilver) is my other go to for other purchases (1.5)
I accrue points thru out the year and use them for gift cards in December for XMAS gifts.
|
|
|
Banks
Apr 29, 2024 11:03:54 GMT -5
Post by richm on Apr 29, 2024 11:03:54 GMT -5
FWIW I used my debit card for a lot of stuff. Never really gave it much thought. Then five or six years ago it dawned on me that i could use my credit cards and get points (cash back) for the same purchases. I shop a lot at Publix, and now get 3% back using my capitol one savor card. Granted, it's not much BUT it's 3% better then using my debit card. My other Capitol one card (Quicksilver) is my other go to for other purchases (1.5) I accrue points thru out the year and use them for gift cards in December for XMAS gifts. We tend to place purchases on a card for the points. Gas on a AAA card gets 3% back - $3.50X3% = like $0.10/gallon. Not gonna get rich but feels like we're doing something to combat the capitalists!
|
|