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Skip Towne
01-17-2008, 12:05 PM
I got out of that trap and now I pay them off each month. How about you?

Sure-Oz
01-17-2008, 12:06 PM
I don't own one, but have loans i need to pay off, like car, and personal line off credit. No trap though.

ChiefsFan4Life
01-17-2008, 12:06 PM
I have some debt right now ($600) but that's only because of stupid Christmas ... once I get the Christmas stuff paid, I never have a "debt" month to month

King_Chief_Fan
01-17-2008, 12:07 PM
I got out of that trap and now I pay them off each month. How about you?

No debt except for house payment. 3 more years no debt.

Hammock Parties
01-17-2008, 12:07 PM
I got my first credit card a few months ago. Been paying it off each month.

Rain Man
01-17-2008, 12:16 PM
I don't have credit card debt, but my cats are in it up to their eyeballs.

Stupid credit card companies and their easy applications.

RustShack
01-17-2008, 12:17 PM
No, but I have a debt card!

Otter
01-17-2008, 12:22 PM
I have them but rarely use them except to rent a car. I'm still paying off student loans and try not to purchase anything I can afford to pay for in cash on hand.

Archie Bunker
01-17-2008, 12:24 PM
I seem to be falling further and further into to debt. Dug a big hole in college and can't seem to stop digging it deeper.

wutamess
01-17-2008, 12:26 PM
No CC debt. Actually I'm overpaid by $16 (got an invoice telling me that.).

Next coupla months my $4k remaining balance on student loan is going to be paid off. That means... no car or credit card payments.

My wife has a $30k SL we need to take care of but I'd rather pay off the rental house instead of tackle her loan since they're close to the same monthly price but the rental is income generating.

Only bills we'll have after the next coupla months is her SL & Mortgages.

MTG#10
01-17-2008, 12:26 PM
I seem to be falling further and further into to debt. Dug a big hole in college and can't seem to stop digging it deeper.

Stop buying shit.

The Franchise
01-17-2008, 12:28 PM
Yes I do...but I'm well on my way to paying that and my truck off. The only debt I'll have is my student loan when I graduate.

wutamess
01-17-2008, 12:28 PM
I seem to be falling further and further into to debt. Dug a big hole in college and can't seem to stop digging it deeper.

You really need to listen to Dave Ramsey.
I've managed to dump about $25k of debt last year.

The Franchise
01-17-2008, 12:34 PM
You really need to listen to Dave Ramsey.
I've managed to dump about $25k of debt last year.
How so?

Scaga
01-17-2008, 12:44 PM
How so?

He sell kiddie porn on the internet....
and naked pictures of his neighbor's wife :D

Mr. Plow
01-17-2008, 12:46 PM
I've got some debt. Outside of our medical debt, there is nothing too bad. Just paid off one of our cars and several other things.

We do have debt month to month because....well....kids are expensive. Plus we've been to the damn ER 3 times in 1 1/2 months with 3 different kids.

Wile_E_Coyote
01-17-2008, 12:48 PM
He sell kiddie porn on the internet....
and naked pictures of his neighbor's wife :D

Kittie porn & naked pictures of the neighbors rat terrier won't get me far

wutamess
01-17-2008, 12:52 PM
How so?

I always budgeted & saved but after listening to Dave Ramsey's Total Money Makeover I had a plan.

Basically I put off frivolous spending and paid off both of our cars the beginning of last year. This year I'm paying off my SL & saving the rest so I won't have to worry about the yearly layoffs that seems to happen every year in my company.

If you're interested in The TMM by Dave Ramsey... I suggest the audio book so you can listen while in your car. There's probably a torrent out there somewhere for it.

Great stuff man.
Search for it here and there are a couple of threads around here somewhere.

FWIW: I'm currently on disc 11 of his 14 disc financial Peace University.

MTG#10
01-17-2008, 12:56 PM
I always budgeted & saved but after listening to Dave Ramsey's Total Money Makeover I had a plan.

Basically I put off frivolous spending and paid off both of our cars the beginning of last year. This year I'm paying off my SL & saving the rest so I won't have to worry about the yearly layoffs that seems to happen every year in my company.

If you're interested in The TMM by Dave Ramsey... I suggest the audio book so you can listen while in your car. There's probably a torrent out there somewhere for it.

Great stuff man.
Search for it here and there are a couple of threads around here somewhere.

FWIW: I'm currently on disc 11 of his 14 disc financial Peace University.

Stop buying shit.

No payment necessary.

Archie Bunker
01-17-2008, 12:58 PM
Stop buying shit.

LMAO

Can't argue with that.

Hog's Gone Fishin
01-17-2008, 01:04 PM
David Ramsey is cool, he changes the lives of idiots. People call in and tell him they have 25,000 in cc debt and a Hummer and make 800 a month. How can I get out of debt. Cracks me up!
I keep a cc balance , whenever I see something I really want like a new gun I just bought I use a card and then when the bill comes I switch it over to a 0% cc. I have used the 0% method for almost 20 years and NEVER EVER paid a finance charge.

wutamess
01-17-2008, 01:09 PM
David Ramsey is cool, he changes the lives of idiots. People call in and tell him they have 25,000 in cc debt and a Hummer and make 800 a month. How can I get out of debt. Cracks me up!
I keep a cc balance , whenever I see something I really want like a new gun I just bought I use a card and then when the bill comes I switch it over to a 0% cc. I have used the 0% method for almost 20 years and NEVER EVER paid a finance charge.

You calling me an idiot? :doh!:

Hog's Gone Fishin
01-17-2008, 01:18 PM
You calling me an idiot? :doh!:

I guess it depends, did he change your life ? Beans and rice. Rice and beans my friend.

sparkky
01-17-2008, 02:14 PM
debt free here at the farm. anything on any cards gets paid in a month or two.

tyton75
01-17-2008, 02:46 PM
You calling me an idiot? :doh!:


I'll call you an idiot.. but thats nothing new coming from me :)

Simplex3
01-17-2008, 02:52 PM
All we owe on is the house.

I put almost everything on credit cards and just pay it off every month. Discover pays me cash every year to use their money. My Visa card gives me iPods and stuff for using their money. Works like a champ.

Frosty
01-17-2008, 03:01 PM
I do now, as of about an hour ago. ;) It will get paid off when we get the statement, as we don't keep a CC balance.

We have been CC debt free for about 8 years now, after having the experience of having almost $35,000 in CC debt and having the suckers jack the interest rate up to 22% :eek:

We do currently have two car payments, though, which is almost as dumb. :doh!:

Silock
01-17-2008, 03:09 PM
No.

ChiTown
01-17-2008, 03:11 PM
Not since College, when I had $3500 in CC debt (back in the 80's).

If I can't afford it with cash, I generally don't buy it.

DJJasonp
01-17-2008, 03:23 PM
Man...either chiefsplanet is the anomaly or I'm the only one on the planet with maxed out cards.

Yep....debt sucks.

wutamess
01-17-2008, 03:27 PM
Man...either chiefsplanet is the anomaly or I'm the only one on the planet with maxed out cards.

Yep....debt sucks.

The latter.
:Pinky:

Hog's Gone Fishin
01-17-2008, 03:47 PM
Man...either chiefsplanet is the anomaly or I'm the only one on the planet with maxed out cards.

Yep....debt sucks.


If you will continue making your minimum monthly payment it you can have that thing payed off by, never.

trndobrd
01-17-2008, 03:50 PM
I figure if I run up enough debt on credit cards forced on me by those predatory cc companies the government will eventually come bail me out.

MTG#10
01-17-2008, 03:52 PM
I play CC companies off of each other, and have never paid any interest or finance charges. I get ads in the mail every day for 0% interest for the first year on purchases and balance transfers. When the year is almost up on one card, I just get another one, transfer the balance from the old one (if any) and have another year. I then close the old account. Ive been doing this for 5-6 years now.

wutamess
01-17-2008, 03:56 PM
I play CC companies off of each other, and have never paid any interest or finance charges. I get ads in the mail every day for 0% interest for the first year on purchases and balance transfers. When the year is almost up on one card, I just get another one, transfer the balance from the old one (if any) and have another year. I then close the old account. Ive been doing this for 5-6 years now.

You're sure getting them.
That's showing them.

Warrior5
01-17-2008, 04:41 PM
I don't have credit card debt, but my cats are in it up to their eyeballs.

Get some cat handcuffs...

BigVE
01-17-2008, 04:49 PM
You're sure getting them.
That's showing them.



Where else can you get a zero percent interest loan? Not everyone is independently wealthy and can just pay cash for every thing that life presents.

phisherman
01-17-2008, 04:57 PM
sure, but it's hard to establish a good credit score when all your CC's open and close within a year.

rageeumr
01-17-2008, 05:16 PM
I paid mine off a few months after I graduated college. I put everything in the world on my Chase Freedom card, but I pay it off every month. I make a lot of work-related purchases on it as well and get reimbursed. Chase paid me $750 to use their money interest free last year and I'm guessing I'll get over $1000 next year.

Simplex3
01-17-2008, 05:32 PM
I figure if I run up enough debt on credit cards forced on me by those predatory cc companies the government will eventually come bail me out.
This would be funny if it wasn't true.

Talisman
01-17-2008, 05:35 PM
I used some of the ideas in an audio book I got out of the library one time: "Turning Debt into Wealth." Just got the mortgage and the wife's student loan left. I pay off my credit card at the end of each month and let the points/miles rack up.

Generally it talks about cutting expenses enough to save about 10% of your monthly income that you throw on top of your lowest debt. Once that's paid off, you roll over the 10% and the payment you were making onto the next highest debt and let it snowball. It's nice to see them drop off and once you get it going even the bigger debts fall pretty quickly.

stevieray
01-17-2008, 05:36 PM
Don't have one.

Don't believe in them.

If it's something I can't afford, I save for it.

DaFace
01-17-2008, 05:40 PM
Credit cards? Nah. Student loans? Unfortunately.

At least they're relatively low interest.

Skip Towne
01-17-2008, 05:42 PM
Don't have one.

Don't believe in them.

If it's something I can't afford, I save for it.
I use mine to pay bills over the phone and to buy gas and such. I don't like to spend money on stamps and fool with the paperwork of bills.

Calcountry
01-17-2008, 05:46 PM
All we owe on is the house.

I put almost everything on credit cards and just pay it off every month. Discover pays me cash every year to use their money. My Visa card gives me iPods and stuff for using their money. Works like a champ.Actually, those premiums come out of the merchants pockets.

Skip Towne
01-17-2008, 05:48 PM
Actually, those premiums come out of the merchants pockets.
What % do you give up to take credit cards?

Simplex3
01-17-2008, 05:48 PM
Actually, those premiums come out of the merchants pockets.
Oh, I get that. I also know full well that I see it in an increased cost of goods. I'm not blind to the facts.

:)

Do they nail your for about 1% Visa and MC, 1.5% Discover, and 1,345% on AmEx?

a1na2
01-17-2008, 06:00 PM
I've paid interest on credit cards twice in my life, at the most. 2 months worth of interest.

When I was a kid we didn't have money so if we wanted anything we had to wait until we had the money to buy it. That plan has followed me all my life and I've been able to stay out of debt. Pay as you go and don't go if you can't pay.

PastorMikH
01-17-2008, 06:09 PM
We used to be up to our eyeballs. Combine the spending a young person does when they first get a CC and trying to start up a HBB about 10 years ago and failing got us pretty deep. I added up just the interest we were paying every month and it was close to $400 a month.

We finally got out of debt (We have 1 car payment and the house payment) about a year and a half ago. I have a little right now on my card from Christmas and truck accesories I bought in the last month for the new truck. But I have them on a 3.9% interest card, and could pay them off at anytime but I'm getting 4.5% interest on my savings so I'd rather make payments for a couple of months.



MTG#10 has the answer to debt. We buy so much junk we could live without on credit.

To get out, we quit spending and focused on paying off the higher interest stuff first. Some CC (like dept stores) will nail you for 20+% interest - that's a killer! We also moved stuff over to lower interest cards until we could pay it off. Once a CC is paid off QUIT USING IT, then added what we had been paying on that one to what we were paying on another and paid if off faster.

Then, once we were out of dept we put $ in savings. It felt good to buy a used car with cash and probably saved us 1-2k in interest on a loan. Before we bought our house we made a payment to our savings of what we thought we could afford over and above our existing housing costs for about 6 months to make sure we could swing the payment.


Another rule of thumb I go buy is if I can't pay cash for a toy, I do without. That's why I ride a 30 year old Motorcycle, I don't want to make payments on one like my friends do.

I've also learned it really doesn't matter how much a person makes, you can be broke all the time making a quarter mil a year and you can be comfortable at 30K. What matters is how you manage what you have.

R8RFAN
01-17-2008, 06:10 PM
Debt free except for mortgage

Jenson71
01-17-2008, 06:11 PM
I have some debt, but it never goes up, I pay off as much as I need to each month, with my "income" and in the summer, I'll get a big chunk of change and actually have a surplus.

As for student loans, I have a lot. I will probably graduate from undergrad with over $25,000 in student loans. And I hope to go to Law school or grad school. But I plan on getting a good job and living like a hermit for a few years afterwards. I don't want to keep paying off student loans past my 30s.

R8RFAN
01-17-2008, 06:16 PM
sure, but it's hard to establish a good credit score when all your CC's open and close within a year.


Good credit score only enables a person to get in debt

TN_Chief
01-17-2008, 06:20 PM
I pay them off each month but intentionally carry about $1k worth of debt total. I've been told that is actually more favorable when they run your credit report than if you have zero balances on everything.

Demonpenz
01-17-2008, 06:22 PM
I have a couple maxed out. Thank god for them though. I had hd the entire season in my apt

Spott
01-17-2008, 06:29 PM
I charge everything to my cards and pay them off at the end of the month. I rarely write a check anymore, except to my mortgage company.

phisherman
01-17-2008, 06:37 PM
Good credit score only enables a person to get in debt

i agree, but i don't play on buying my next home in cash.

i could use a nice interest rate.

i hate owing anyone money as much as the next man.

Calcountry
01-17-2008, 06:43 PM
Oh, I get that. I also know full well that I see it in an increased cost of goods. I'm not blind to the facts.

:)

Do they nail your for about 1% Visa and MC, 1.5% Discover, and 1,345% on AmEx?I am a small retailer, so I get bent over a little harder than that.

There are a plethora of different "fees" that they attach to the affinity cards in addition to the standard cut of about 2.1%. It varies based on total transactions and average ticket. It is some god awful formula that DanT would have trouble ciphering. Bottom line, every month I pay about 2.5 to 2.75 % of the GROSS take on those things.

When I see those Visa commercials where they are condition the youngins to pay that way, even for coffee, I want to puke.

Hammock Parties
01-17-2008, 06:44 PM
When I see those Visa commercials where they are condition the youngins to pay that way, even for coffee, I want to puke.

I'm pretty sure those commercials are advocating debit cards. Nothing wrong with that.

Simplex3
01-17-2008, 06:46 PM
I am a small retailer, so I get bent over a little harder than that.

There are a plethora of different "fees" that they attach to the affinity cards in addition to the standard cut of about 2.1%. It varies based on total transactions and average ticket. It is some god awful formula that DanT would have trouble ciphering. Bottom line, every month I pay about 2.5 to 2.75 % of the GROSS take on those things.

When I see those Visa commercials where they are condition the youngins to pay that way, even for coffee, I want to puke.
Eee gads. That sucks. I can get better rates on the Internet, but I'll bet having the point of sale equipment would drive those costs up on me.

crazycoffey
01-17-2008, 06:47 PM
college and credit cards = about $33,000, no car/house/or other debt.

soooooo, skip - are you wanting to help me pay them off? I take visa....

Simplex3
01-17-2008, 06:47 PM
I'm pretty sure those commercials are advocating debit cards. Nothing wrong with that.
You think he doesn't have to pay Visa for a customer using a debit card?

You need to get out of your mother's basement and get an apartment and a real job. Self sufficiency would help you greatly.

SnakeXJones
01-17-2008, 06:48 PM
I have a huge medical bill does that count?

Hammock Parties
01-17-2008, 06:49 PM
You think he doesn't have to pay Visa for a customer using a debit card?


Again, nothing wrong with debit cards.

R8RFAN
01-17-2008, 06:54 PM
i agree, but i don't play on buying my next home in cash.

i could use a nice interest rate.

i hate owing anyone money as much as the next man.

Why do you want a next one?

Just get 10% cash to put down on it and they will be falling all over you to sell you a house no matter what your credit score is

DTLB58
01-17-2008, 08:01 PM
None,Zip,Zilch,Zero

We cut them all up 5 years ago this coming March and haven't missed them once! :thumb:

Rain Man
01-17-2008, 08:21 PM
I always thought it would be kind of cool to pay off my entire mortgage with a credit card that has a grace period and frequent flyer miles, and then pay it off with a new mortgage before the grace period expires. Round-the-world trip, here I come.

Sadly, I can't find a card like that. I've also tried to get my monthly mortgage to be paid automatically via credit card, but can't find a mortgage company that will do it.

Phobia
01-17-2008, 08:28 PM
We cut them all up.

I carry a Sutherlands card and a couple of business related credit lines at various suppliers. Our Van is paid off and my truck is very nearly paid. It feels pretty good. I'm surprised so many idiots on the Planet don't carry debt.

Gonzo
01-17-2008, 08:54 PM
31, Married, kid on the way, never had one, I don't plan on ever having one.

Skip Towne
01-17-2008, 08:54 PM
We cut them all up.

I carry a Sutherlands card and a couple of business related credit lines at various suppliers. Our Van is paid off and my truck is very nearly paid. It feels pretty good. I'm surprised so many idiots on the Planet don't carry debt.
I'll bet there are a lot of guys on here carrying debt that just aren't posting it.

Phobia
01-17-2008, 09:02 PM
I'll bet there are a lot of guys on here carrying debt that just aren't posting it.

Don't get me wrong. I have plenty of debt. I finally clawed my way out of debt a couple years back only to go through a custody battle. That put me right back into debt AND consumed my retirement. But now at least I'm not taking on new debt and am paying down the old debt steadily. Our '07 Christmas was our first without credit cards and while it was more thin than usual, we had a great time which was made even better knowing we paid cash for everything under the tree. Heck, I did half my Christmas shopping at a client's house. He paid for part of his bill in clothes he normally sells on ebay. I adore the barter system. I don't think it's used nearly enough in this country.

Buehler445
01-17-2008, 09:08 PM
I play CC companies off of each other, and have never paid any interest or finance charges. I get ads in the mail every day for 0% interest for the first year on purchases and balance transfers. When the year is almost up on one card, I just get another one, transfer the balance from the old one (if any) and have another year. I then close the old account. Ive been doing this for 5-6 years now.

Nothing against you, but I would strongly suggest you do not do this any longer.

Your credit score (determines what interest rate you get on loans like your mortgage, car, etc.) is determined by longevity and payment history, both of which you are failing at.

I'm no finance guru, but this is not healthy for your credit, which is you will use. I promise.

As for me the only thing I owe money on is my student loans. And it sucks. I would rather owe money on something that is making me money. But I suppose you could consider my degrees earning me money. I suppose.

Buehler445
01-17-2008, 09:09 PM
Don't get me wrong. I have plenty of debt. I finally clawed my way out of debt a couple years back only to go through a custody battle. That put me right back into debt AND consumed my retirement. But now at least I'm not taking on new debt and am paying down the old debt steadily. Our '07 Christmas was our first without credit cards and while it was more thin than usual, we had a great time which was made even better knowing we paid cash for everything under the tree. Heck, I did half my Christmas shopping at a client's house. He paid for part of his bill in clothes he normally sells on ebay. I adore the barter system. I don't think it's used nearly enough in this country.

Damn, that blows. I will cry like a bitch if I have to give up my retirement. And I'm only 24!

'Hamas' Jenkins
01-17-2008, 09:11 PM
I have Student Loans (around 23K), and a car payment.

'Hamas' Jenkins
01-17-2008, 09:12 PM
I'll bet there are a lot of guys on here carrying debt that just aren't posting it.

Yeah, most people consider it embarrassing to post about stuff like that.

suds79
01-17-2008, 09:18 PM
no debt besides my house.

My wife and I read the book The Total Money Makeover by Dave Ramsey and it's worked out really well for us.

He doesn't have any get rich fast schemes. He just has an old fashioned approach of, if you want something, save the money 1st and then buy it instead of charging it.

What a novel idea :thumb: :p

check it out if you get a chance.

Skip Towne
01-17-2008, 09:40 PM
Don't get me wrong. I have plenty of debt. I finally clawed my way out of debt a couple years back only to go through a custody battle. That put me right back into debt AND consumed my retirement. But now at least I'm not taking on new debt and am paying down the old debt steadily. Our '07 Christmas was our first without credit cards and while it was more thin than usual, we had a great time which was made even better knowing we paid cash for everything under the tree. Heck, I did half my Christmas shopping at a client's house. He paid for part of his bill in clothes he normally sells on ebay. I adore the barter system. I don't think it's used nearly enough in this country.
I agree. This country was built on the barter system.

chief52
01-17-2008, 10:30 PM
no debt besides my house.

My wife and I read the book The Total Money Makeover by Dave Ramsey and it's worked out really well for us.

He doesn't have any get rich fast schemes. He just has an old fashioned approach of, if you want something, save the money 1st and then buy it instead of charging it.

What a novel idea :thumb: :p

check it out if you get a chance.

I probably should check something like this out. I really have no financial plan. I do all right, but I need a plan. Mortgage and truck payment and a couple K on credit card. I max out on my 401k. I do not have trouble paying my bills, but I could sure do a lot better job of saving and/or investing.

'Hamas' Jenkins
01-17-2008, 10:32 PM
I agree. This country was built on the barter system.

You give me 1000 acres, and I will give you this fresh bottle of moonshine and a bullet in your head.

Deal!! DEAL!!!

http://www.inmag.com/travel/graphics/deal-or-no-deal.jpg

wutamess
01-17-2008, 10:34 PM
Where else can you get a zero percent interest loan? Not everyone is independently wealthy and can just pay cash for every thing that life presents.

That an excuse?
I doubt that his bills were created out of necessity.

PastorMikH
01-17-2008, 10:41 PM
Good credit score only enables a person to get in debt


Depends on how you use it. Mine enabled me to get a house loan for about 1.5-2% less than a bad credit score would have. It also helped me to get about half the interest rate on our truck purchase as a bad credit score would have. On the truck, we'll pay less money in interest on the loan than we did on our first car purchase even though the car cost less than a third of the cost of the truck.


But, when we walked into the bank and the loan officer told us we could afford quite a bit more house than we were looking at we replied, "No,we can't." She told us that our credit was good enough to get quite a bit more $ than we were asking for. I told her the reason why our credit was good enough to do so is we knew our limitations.

BWillie
01-17-2008, 10:46 PM
I have had a credit card since I was 16. I use it exclusively to pay for EVERYTHING I can except for obviously drinks at the bar if they don't allow tabs. I charge a soda at the gas station, a hamburger at mcdonalds, plasma tv, it doesn't matter. Whatever they let me. I have paid it off EVERY SINGLE TIME in the last eight years.

For the life of me, I have no f*cking clue why people do not pay them off every month. I mean no idea. There are some credit cards that have an OK interest rate, but still why do you need to buy shit you can't afford? I maintain my view that the only thing you should be buying on credit is a house. If you want a car, save your money. You can get a perfectly dependable car for 4-5K. And you go in saving 25K over those dumbasses who buy a new SUV on a 11% 72 month auto loan.

What makes it so hard to only charge things you can afford? If you can't afford it, don't buy it. Think of your credit card like your bank account, if you don't have enough money in it, don't charge it. Hell, my credit card company has paid me to charge things..probably about $500 in my life time. You know, one of those citi bank cash off cards, and I have never paid interest, ever.

Buck
01-17-2008, 10:46 PM
Credit Card Debt - approx. $750

Car Loan Debt - approx. $4,500

Approx $5250 total

PM me if you want my CC#, Bank Account #, or SSN.

PastorMikH
01-17-2008, 10:47 PM
..I adore the barter system. I don't think it's used nearly enough in this country.


The IRS would disagree with you. It's really hard for them to keep track of how much to tax you when you barter.


:)

Phobia
01-17-2008, 10:50 PM
The IRS would disagree with you. It's really hard for them to keep track of how much to tax you when you barter.


:)

Oh - gosh. I never thought of that. I should probably give them a call or something when I barter.

chief52
01-17-2008, 10:51 PM
Oh - gosh. I never thought of that. I should probably give them a call or something when I barter.

Don't worry...they'll find you. :doh!:

BWillie
01-17-2008, 10:52 PM
The IRS would disagree with you. It's really hard for them to keep track of how much to tax you when you barter.


:)


I owe the state of Iowa six dollars and fifty five cents in state income tax. I wonder when it's going to catch up with me.

Skip Towne
01-17-2008, 10:59 PM
The IRS would disagree with you. It's really hard for them to keep track of how much to tax you when you barter.


:)
That's the beauty of it.

MTG#10
01-18-2008, 10:23 AM
That an excuse?
I doubt that his bills were created out of necessity.

What bills? The only bills I have is my wife's student loan and my mortgage. Im running a 0 balance on my CC right now. The only time I use a CC is if I see a great deal on something I planned on buying later anyways, but dont have the cash for. I then have a year to pay for it with no interest.

Example - a couple years ago I planned to buy a riding lawnmower with my next income tax return. It was August and Lowes was having a big sale on the mower I wanted, but it only lasted for a few more days. I put it on my card, paid no interest and when I received my tax return in February I paid it off. It saved me $400

Nothing against you, but I would strongly suggest you do not do this any longer.

Your credit score (determines what interest rate you get on loans like your mortgage, car, etc.) is determined by longevity and payment history, both of which you are failing at.

I'm no finance guru, but this is not healthy for your credit, which is you will use. I promise.


My credit score goes up a few points every month and is currently 795.

Andoverer
01-18-2008, 11:36 AM
We have $0 debt except the mortgage. That wasn't always the case however. My wife and I had $43,000 in debt about 4 years ago and paid it all off. We were inspired by Dave Ramsey's debt free living teachings and got it done. 10,000 of us saw Dave at his live event last year in downtown KC and he is scheduled to be there again Saturday May 3rd. I highly encourage anyone to go check it out. I only use my corporate credit card these days and I feel dirty when I do!

Hog's Gone Fishin
01-18-2008, 12:15 PM
Nothing against you, but I would strongly suggest you do not do this any longer.

Your credit score (determines what interest rate you get on loans like your mortgage, car, etc.) is determined by longevity and payment history, both of which you are failing at.

I'm no finance guru, but this is not healthy for your credit, which is you will use. I promise.

As for me the only thing I owe money on is my student loans. And it sucks. I would rather owe money on something that is making me money. But I suppose you could consider my degrees earning me money. I suppose.


That's bullshit! I've been doing ot forever (15-20Years). My credit score is 786. I just pulled my credit report two weeks ago online.

Calcountry
01-18-2008, 12:30 PM
That's bullshit! I've been doing ot forever (15-20Years). My credit score is 786. I just pulled my credit report two weeks ago online.So I married my dream girl, I married my dream girl; but she didn't tell me her credit was bad. So instead of living in the pleasant suburbs I am living in the basement, of her mom and dad. So now I can't get a loan, for a respectable home..... Thats as much as I can do, but yeah, pull the credit report on the bitch before you get married.

Buehler445
01-18-2008, 01:18 PM
That's bullshit! I've been doing ot forever (15-20Years). My credit score is 786. I just pulled my credit report two weeks ago online.

All I know is thats what I have read about how your credit score is calculated. I told you I wasn't a finance guru.

Kerberos
01-18-2008, 02:04 PM
I got my first credit card a few months ago. Been paying it off each month.

Nick is paying you more than a $500 promise?

Kerberos
01-18-2008, 02:08 PM
I agree. This country was built on the barter system.

"Break a Deal, Face the Wheel"

Bump
01-18-2008, 02:39 PM
I had a few things happen to me last year that put me $7K in the hole on CC's. I plan to have it paid off withing a few months though and then I will go back to paying them off in full every month. I do have a free round trip flight with Southwest though!

crazycoffey
01-18-2008, 02:42 PM
"Break a Deal, Face the Wheel"


welcome to thunderdome!

Skip Towne
01-18-2008, 04:15 PM
Nick is paying you more than a $500 promise?
That's what I thought. How did he ever get a credit card? Maybe he meant a debit card.

Skip Towne
01-18-2008, 05:50 PM
I have had a credit card since I was 16. I use it exclusively to pay for EVERYTHING I can except for obviously drinks at the bar if they don't allow tabs. I charge a soda at the gas station, a hamburger at mcdonalds, plasma tv, it doesn't matter. Whatever they let me. I have paid it off EVERY SINGLE TIME in the last eight years.

For the life of me, I have no f*cking clue why people do not pay them off every month. I mean no idea. There are some credit cards that have an OK interest rate, but still why do you need to buy shit you can't afford? I maintain my view that the only thing you should be buying on credit is a house. If you want a car, save your money. You can get a perfectly dependable car for 4-5K. And you go in saving 25K over those dumbasses who buy a new SUV on a 11% 72 month auto loan.

What makes it so hard to only charge things you can afford? If you can't afford it, don't buy it. Think of your credit card like your bank account, if you don't have enough money in it, don't charge it. Hell, my credit card company has paid me to charge things..probably about $500 in my life time. You know, one of those citi bank cash off cards, and I have never paid interest, ever.
I thought you had to be 18 to get a credit card.

MTG#10
01-18-2008, 05:56 PM
I thought you had to be 18 to get a credit card.

Parents can get their children CC's with a pre-set spending limit. Basically, the parents pay the money up front and let the kids spend it while building their own credit.

DaFace
01-18-2008, 05:57 PM
That's bullshit! I've been doing ot forever (15-20Years). My credit score is 786. I just pulled my credit report two weeks ago online.

Kinda sorta. If you only open a new card once (or maybe twice) a year, it's not a big deal. If you go opening and closing 5 a year, though, you'll see your score slide pretty quickly.

Mr. Flopnuts
01-18-2008, 05:57 PM
Again, nothing wrong with debit cards.

So I assume you have no problem paying the fee to use it at most retailers? Don't carry paper, carry plastic, it's safer, and doesn't cost much

Skip Towne
01-18-2008, 06:01 PM
So I assume you have no problem paying the fee to use it at most retailers? Don't carry paper, carry plastic, it's safer, and doesn't cost much
I've never paid a fee to use my debit card. The retailer never knows the difference. They look just like a cc.

MTG#10
01-18-2008, 06:03 PM
Kinda sorta. If you only open a new card once (or maybe twice) a year, it's not a big deal. If you go opening and closing 5 a year, though, you'll see your score slide pretty quickly.

yeah I wouldnt recommend doing that more than once a year. Most of the offers I get are good for a full year so there's no need to get more than one at a time.

Rain Man
01-18-2008, 06:28 PM
I had a few things happen to me last year that put me $7K in the hole on CC's. I plan to have it paid off withing a few months though and then I will go back to paying them off in full every month. I do have a free round trip flight with Southwest though!

Prostitute with a video camera?

Couldn't jump the 24th bus on your motorcycle?

Can't stand having a 50" LCD TV when the guy next door has a 62" LCD TV?

There was no way the Chiefs wouldn't cover the spread?

Jim Beam had a "buy 12 hogsheads, get the 13th free" sale?

Accidentally killed a Bald Eagle with a bottle rocket on the 4th of July?

Defense attorney demanded payment up front?

Rain Man
01-18-2008, 06:32 PM
All of this talk reminds me of a story from high school. The band (yes, I was in the band) went on a long-distance trip for a couple of weeks, and a friend of mine was fretting about his little sister. He was a very responsible sophomore, and she was a completely ditzy freshman, although ditzy in a really cute Goldie-Hawn-on-Laugh-In kind of way.

He just knew that she was going to do something stupid and lose her money, and he was going to have to take care of it. She was offended by that.

On Day Three of a 14-day trip, she went into a store, found a coat that she couldn't live without, and spent all of her money on it. All of it. Money that was meant to buy food. My friend uttered a deep sigh and bought her food for the rest of the trip, while she strongly defended her actions as being reasonable because, hey, that coat was really, really nice.

chief52
01-20-2008, 11:24 AM
Just purchased Dave Ramsey's " My Total Money Makeover " book. Hell, it was only $14.95. He may not be the answer, but it can not hurt. Maybe this thread will inspire me to get my finances in order. I do not seem to have near as much control over my money as I should.

Buehler445
01-20-2008, 11:37 AM
Just purchased Dave Ramsey's " My Total Money Makeover " book. Hell, it was only $14.95. He may not be the answer, but it can not hurt. Maybe this thread will inspire me to get my finances in order. I do not seem to have near as much control over my money as I should.

Good work, man. I'd also look into "The Slight Edge: $ecret to a Successful Life" By Jeff Olson. It is really easy to read and it talks about the way you need to think as opposed to what you need to do.

Good luck! I think most people on here could follow your lead and do better with their cash.

Hydrae
01-20-2008, 11:54 AM
Paid them all off last year and do not own a single credit card now and have no intention of ever owning one again. Mortgage payment and 1 car payment is all we have left.

I lost my job last year but got a nice severance package. Knew I would probably not be able to make as much money with any new position so we made it a point of reducing our monthly expenses as much as possible so I wouldn't have to kill myself working multiple jobs. So far, so good!

chief52
01-20-2008, 11:56 AM
Good work, man. I'd also look into "The Slight Edge: $ecret to a Successful Life" By Jeff Olson. It is really easy to read and it talks about the way you need to think as opposed to what you need to do.

Good luck! I think most people on here could follow your lead and do better with their cash.

I hope I can make some changes. I am making more than I ever have, but somehow I do not seem to have more. Got to control it better. This year is the year!

I will check out the Olson book as well...thanks.

BWillie
01-20-2008, 02:21 PM
So how come when I see what rate I can get on any sort of a loan, such as a auto loan or applying for credit...why does that lower your credit score? I don't understand why that has anything to do with it. Shouldn't the way you have paid back lenders in the past be sole basis of your credit score?

Hammock Parties
01-20-2008, 02:26 PM
So I assume you have no problem paying the fee to use it at most retailers?

Since when is there a fee to use a debit card?

Hammock Parties
01-20-2008, 02:28 PM
That's what I thought. How did he ever get a credit card? Maybe he meant a debit card.

I have a Capital One credit card. Use it mostly for gas.

Hydrae
01-20-2008, 02:51 PM
Since when is there a fee to use a debit card?


My Credit Union debit card causes $.25 charges everytime I use it as a debit instead of credit at a lot of places like Wal-Mart and my local Valero station.

wutamess
01-20-2008, 03:16 PM
I have a Capital One credit card. Use it mostly for gas.

Did you know that he's gay?
He actually started in gay porn.

MTG#10
01-20-2008, 03:46 PM
My Credit Union debit card causes $.25 charges everytime I use it as a debit instead of credit at a lot of places like Wal-Mart and my local Valero station.

Thats odd, my bank charges me like $5 if I DONT use mine at least 6 times a month. Ive never had any kind of charge for using it.

a1na2
01-20-2008, 03:52 PM
I agree. This country was built on the barter system.

That being said, do you think we can trade Herman Edwards for a good place kicker?

a1na2
01-20-2008, 03:56 PM
i agree, but i don't play on buying my next home in cash.

i could use a nice interest rate.

i hate owing anyone money as much as the next man.

I do plan on buying my next home without a mortgage.

So far a healthy savings account (retirement payouts from USN) and the current home paid off.

We expect to build a new home near retirement age and walk in without owing a penny.

Whether we accomplish that or not doesn't deter us from staying with the plan. Have the floor plan laid out and working on the finish details.

Credit is good, but cash is better.

DanT
01-20-2008, 04:29 PM
I am a small retailer, so I get bent over a little harder than that.

There are a plethora of different "fees" that they attach to the affinity cards in addition to the standard cut of about 2.1%. It varies based on total transactions and average ticket. It is some god awful formula that DanT would have trouble ciphering. Bottom line, every month I pay about 2.5 to 2.75 % of the GROSS take on those things.

When I see those Visa commercials where they are condition the youngins to pay that way, even for coffee, I want to puke.

I have never been anywhere where folks paying for deli food with Visa cards are much faster than folks paying with cash and I damn sure haven't been in the part of the universe where a cash-paying customer would get some attitude from a cashier. Whoever makes those Visa commercials hates truth.

BWillie
01-20-2008, 05:31 PM
I have never been anywhere where folks paying for deli food with Visa cards are much faster than folks paying with cash and I damn sure haven't been in the part of the universe where a cash-paying customer would get some attitude from a cashier. Whoever makes those Visa commercials hates truth.

Are you serious? Paying with a credit card EVERYWHERE is MUCH faster than paying and fumbling with cash, writing a check, putting in your pin for a debit card. It is THE fastest way to pay. I don't charge things because I can't afford them at the moment, I charge stuff because it's fast, builds my credit, it makes it easier to track expenses, and allows me to carry around as little cash as possible.

DTLB58
01-20-2008, 05:36 PM
Just purchased Dave Ramsey's " My Total Money Makeover " book. Hell, it was only $14.95. He may not be the answer, but it can not hurt. Maybe this thread will inspire me to get my finances in order. I do not seem to have near as much control over my money as I should.

Dave's way IS the answer! If followed it will literally change your life.

We used it to the tee and paid off $40,000 in 2 years. Debt free but the house at the end of the 2 years. It really is a simple plan, but it's just like everything discipline is the key.

Good luck and feel free to pm if you have any questions.

BWillie
01-20-2008, 06:33 PM
I have a scenario I was wondering about from a credit expert. If someone were to say open 10 credit card accounts with huge max limits, that would put a dent in their credit for the short term no? But if they had 10 credit cards and charged 10K on them each month and paid them all back would that make your credit look golden or still crappy because of all the credit you have open? Does that make sense?

Skip Towne
01-20-2008, 06:38 PM
That being said, do you think we can trade Herman Edwards for a good place kicker?
No, the system works best when items of equal value are exchanged. We could trade Herm for a crappy place kicker.

Mojo Rising
01-20-2008, 10:45 PM
I use credit cards for everything. The points earned by purchases are nice but don't even compare to the bonus points they give you for signing up for the cards.

Once I earn the bonus I cancel the card and wait a month and sign up again.

I did a rough estimate for my gains last year from bonus points and it is easily over $10k. Approaching $15k.

Starwood Amex has a very generous offer. Sign up for 1 credit card and you get enough to stay at a Westin Hotel. (about $250). United and AA have card offers that get you very close to a free flight by signing up for 1 credit card. Citi has the ThankYou Network that can earn Circuit City or Best Buy gift cards (flat screen TV's.)

I use my and my wife's ss#. Then I also sign up for the business credit card to double up.

I have heard that it is a little damaging to the credit score but I have run my credit number and it is still very high because I pay everything off and have a low debt to available credit score.

Last year was my best haul ever. It was a large part due to Amex's Gold Card offer where they offered 25k points (transferrable to $250 - $325 of gift cards) for every card. They offered it twice. The 1st go round I did 7 cards, the second 8.

onescrewleftuntwisted
01-21-2008, 12:57 AM
nope no debt, i kinda like it that way but then again i am planning on going back to school so im sure that damn debt will find me again

DanT
01-21-2008, 04:01 PM
Are you serious? Paying with a credit card EVERYWHERE is MUCH faster than paying and fumbling with cash, writing a check, putting in your pin for a debit card. It is THE fastest way to pay. I don't charge things because I can't afford them at the moment, I charge stuff because it's fast, builds my credit, it makes it easier to track expenses, and allows me to carry around as little cash as possible.


If you pay with cash, you don't have to write or sign anything nor do you have to enter a pin number nor do you have to wait for a verification of approval to arrive over an electronic network nor do you have to present identification. When you pay with a Visa (debit or credit) card, you typically have to wait for at least 2 of those elements to occur. Like I said, paying with a Visa card is not much faster than paying with cash.

chief52
01-21-2008, 06:16 PM
Are you serious? Paying with a credit card EVERYWHERE is MUCH faster than paying and fumbling with cash, writing a check, putting in your pin for a debit card. It is THE fastest way to pay. I don't charge things because I can't afford them at the moment, I charge stuff because it's fast, builds my credit, it makes it easier to track expenses, and allows me to carry around as little cash as possible.

Cash is the quickest and most efficient way to make a purchase. I do not "fumble" for my cash. It is not that difficult. I give you that it is easier to track your expenses if you put them all on a card, but it is surely not as quick or efficient as cash. No way.

RJ
01-21-2008, 06:24 PM
I rarely have much cash in my pocket. I use my debit card almost exclusively. The weird thing is that now when I do have cash on me I treat it like Monopoly money.

Rain Man
01-21-2008, 06:43 PM
I think the only way that credit is faster than cash is if your cashier is reading the amount of change to give you, and then you hand him/her another nickel so you can get a quarter back instead of two dimes.