AOPA credit card --- WARNING.

Chuck wrote:

"Paul Tomblin" wrote in message
...

In a previous article, "Chuck" said:

"Paul Tomblin" wrote in message
...

Anybody who carries a balance on any credit card is an idiot or a

sucker.

Or isn't as wealthy or well off financially as you are...

Nobody is *forcing* you to buy what you can't currently afford, you know.
Back before credit cards existed, people actually saved up money ahead of
time for major purchases, instead of all this "buy now and pay later"
instant gratification stuff.




Ya know... I didn't say that paying the balance off was a bad thing. I guess
what kinda ticked me off about your post was you said that people were
idiots or suckers for not paying the balance. I merely pointed out that some
people can't do that.

If I get a new job and have to go to Sears and buy $2,000 worth of tools, I
will not be able to pay the balance off in one month. But I gotta have the
tools if I want the job.

That is exactly why any financial advisor worth their salt recommends
that you save an amount equal to 3 - 6 months of expenses as an
"emergency" cash fund. Yes, it takes time to do this and a lot of
self-control, which most Americans no longer have, but that eliminates
the need to ever use a credit card for a situation like this ... or a
transmission failure in your car ... or a leak in your roof, etc.

Rather than save, most people use credit as their emergency fund. And,
as Paul said, that is a sucker play.

Matt

"Matt Whiting" wrote in message
...
Chuck wrote:

"Paul Tomblin" wrote in message
...

In a previous article, "Chuck" said:

"Paul Tomblin" wrote in message
...

Anybody who carries a balance on any credit card is an idiot or a

sucker.

Or isn't as wealthy or well off financially as you are...

Nobody is *forcing* you to buy what you can't currently afford, you
know.
Back before credit cards existed, people actually saved up money ahead
of
time for major purchases, instead of all this "buy now and pay later"
instant gratification stuff.




Ya know... I didn't say that paying the balance off was a bad thing. I
guess
what kinda ticked me off about your post was you said that people were
idiots or suckers for not paying the balance. I merely pointed out that
some
people can't do that.

If I get a new job and have to go to Sears and buy $2,000 worth of
tools, I
will not be able to pay the balance off in one month. But I gotta have
the
tools if I want the job.

That is exactly why any financial advisor worth their salt recommends
that you save an amount equal to 3 - 6 months of expenses as an
"emergency" cash fund. Yes, it takes time to do this and a lot of
self-control, which most Americans no longer have, but that eliminates
the need to ever use a credit card for a situation like this ... or a
transmission failure in your car ... or a leak in your roof, etc.

Rather than save, most people use credit as their emergency fund. And,
as Paul said, that is a sucker play.


And some people like me are financially strapped and do not have the money
to save after the bills are paid. In fact, I was putting $20 a paycheck into
the credit union at work trying to save a little bit and had to stop making
that deposit because I needed that $20 per pay period just to make bills. In
the last 3 years, our health insurance at work has gone up 135% and co-pays,
etc have risen also. I have 3 prescriptions, my wife has 5 and our son has
one. That's around $150 per month or a little more. Both vehicles are paid
off, so no car payments. We rent a house and it is actually about $100 below
the going rate for our area. Electric bills are out the roof. Do I need to
keep going? In otherwords, by me living paycheck to paycheck, and my yearly
raises at 3% if I am lucky that don't even cover cost of living, I am doing
everything that I can to stay afloat and will resort to whatever means I
have to to provide for my wife and son. I wish that you people that make
$100,000 a year, own airplanes, drive Lexus and Mercedes and live in half
million dollar houses could understand...

When I got married, my wife got hurt and we ended up getting behind on bills
because she couldn't work for almost a year. Everytime we see daylight,
something happens and we get sucked back into the hole again.

The point that I keep trying to make is that some people are not able to
save because of their financial situation. It seems that most in this NG
don't seem to understand that.

I understand what yall are saying about the 3-6 month cushion, and that is
great if you can afford to do so. I wish that I could. If so, I would have a
cushion in the bank.

I do take offense to being called a sucker and an idiot because I have 1
credit card that I am paying interest on. In my situation, I have no choice.

If you want to call people who have 15 credit cards with balances and they
buy big screen TV's, stereos, jewelry, etc on credit, I will agree with you
then, but think about the persons situation before you call people names...


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Chuck

I feel for you man ... I hope this turns around for you soon...

My theory is that peoples complete financial future can be determined to
some extent by their financial start. You can start out the plus side or the
negative side of it . And it can all be changed by the opportunity you were
given in business, maybe by the help your parents gave you when you were
young ( helping you to buy your first car, etc..)
or on the flip side by any bad turn of events that might have happened to
you along the way.

Everyone can tell you how foolish it is for you to use a credit card but
from your description of your situation it is understandable that you do
what you have to do... It is easy to tell other people what they should do
but until they are in the same exact situation as you it doesn't carry as
much weight.

I have been very lucky to have been given a few breaks when I was young that
allowed me to start out on the plus side of the money curve. And I have made
sure that I thanked both of my past bosses for the break / opportunity that
they gave me back then.

Good luck and take care.

Jon






"Chuck" wrote in message
...

"Matt Whiting" wrote in message
...
Chuck wrote:

"Paul Tomblin" wrote in message
...

In a previous article, "Chuck" said:

"Paul Tomblin" wrote in message
...

Anybody who carries a balance on any credit card is an idiot or a

sucker.

Or isn't as wealthy or well off financially as you are...

Nobody is *forcing* you to buy what you can't currently afford, you
know.
Back before credit cards existed, people actually saved up money ahead
of
time for major purchases, instead of all this "buy now and pay later"
instant gratification stuff.




Ya know... I didn't say that paying the balance off was a bad thing. I
guess
what kinda ticked me off about your post was you said that people were
idiots or suckers for not paying the balance. I merely pointed out
that
some
people can't do that.

If I get a new job and have to go to Sears and buy $2,000 worth of
tools, I
will not be able to pay the balance off in one month. But I gotta have
the
tools if I want the job.

That is exactly why any financial advisor worth their salt recommends
that you save an amount equal to 3 - 6 months of expenses as an
"emergency" cash fund. Yes, it takes time to do this and a lot of
self-control, which most Americans no longer have, but that eliminates
the need to ever use a credit card for a situation like this ... or a
transmission failure in your car ... or a leak in your roof, etc.

Rather than save, most people use credit as their emergency fund. And,
as Paul said, that is a sucker play.


And some people like me are financially strapped and do not have the money
to save after the bills are paid. In fact, I was putting $20 a paycheck
into
the credit union at work trying to save a little bit and had to stop
making
that deposit because I needed that $20 per pay period just to make bills.
In
the last 3 years, our health insurance at work has gone up 135% and
co-pays,
etc have risen also. I have 3 prescriptions, my wife has 5 and our son has
one. That's around $150 per month or a little more. Both vehicles are paid
off, so no car payments. We rent a house and it is actually about $100
below
the going rate for our area. Electric bills are out the roof. Do I need to
keep going? In otherwords, by me living paycheck to paycheck, and my
yearly
raises at 3% if I am lucky that don't even cover cost of living, I am
doing
everything that I can to stay afloat and will resort to whatever means I
have to to provide for my wife and son. I wish that you people that make
$100,000 a year, own airplanes, drive Lexus and Mercedes and live in half
million dollar houses could understand...

When I got married, my wife got hurt and we ended up getting behind on
bills
because she couldn't work for almost a year. Everytime we see daylight,
something happens and we get sucked back into the hole again.

The point that I keep trying to make is that some people are not able to
save because of their financial situation. It seems that most in this NG
don't seem to understand that.

I understand what yall are saying about the 3-6 month cushion, and that is
great if you can afford to do so. I wish that I could. If so, I would have
a
cushion in the bank.

I do take offense to being called a sucker and an idiot because I have 1
credit card that I am paying interest on. In my situation, I have no
choice.

If you want to call people who have 15 credit cards with balances and they
buy big screen TV's, stereos, jewelry, etc on credit, I will agree with
you
then, but think about the persons situation before you call people
names...


---
Outgoing mail is certified Virus Free.
Checked by AVG anti-virus system (http://www.grisoft.com).
Version: 6.0.801 / Virus Database: 544 - Release Date: 11/24/2004

"iflyatiger" wrote in message
...
Chuck

I feel for you man ... I hope this turns around for you soon...

My theory is that peoples complete financial future can be determined to
some extent by their financial start. You can start out the plus side or
the
negative side of it . And it can all be changed by the opportunity you
were
given in business, maybe by the help your parents gave you when you were
young ( helping you to buy your first car, etc..)
or on the flip side by any bad turn of events that might have happened to
you along the way.

Everyone can tell you how foolish it is for you to use a credit card but
from your description of your situation it is understandable that you do
what you have to do... It is easy to tell other people what they should do
but until they are in the same exact situation as you it doesn't carry as
much weight.

I have been very lucky to have been given a few breaks when I was young
that
allowed me to start out on the plus side of the money curve. And I have
made
sure that I thanked both of my past bosses for the break / opportunity
that
they gave me back then.

Good luck and take care.



Thanks Jon...

I'm glad that you have had the opportunity to become financially stable. I
am confident that someday, I will finally be there also! Just wondering
when!! haha

I have made a few bad choices in the past (waiting until I was almost 40 to
go to college, etc...), but hopefully it is all behind me...

sarcasmI know that I can count on the moral support from my fellow
aviation buffs.../sarcasm


---
Outgoing mail is certified Virus Free.
Checked by AVG anti-virus system (http://www.grisoft.com).
Version: 6.0.801 / Virus Database: 544 - Release Date: 11/24/2004

Chuck wrote:

"iflyatiger" wrote in message
...

Chuck

I feel for you man ... I hope this turns around for you soon...

My theory is that peoples complete financial future can be determined to
some extent by their financial start. You can start out the plus side or

the

negative side of it . And it can all be changed by the opportunity you

were

given in business, maybe by the help your parents gave you when you were
young ( helping you to buy your first car, etc..)
or on the flip side by any bad turn of events that might have happened to
you along the way.

Everyone can tell you how foolish it is for you to use a credit card but
from your description of your situation it is understandable that you do
what you have to do... It is easy to tell other people what they should do
but until they are in the same exact situation as you it doesn't carry as
much weight.

I have been very lucky to have been given a few breaks when I was young

that

allowed me to start out on the plus side of the money curve. And I have

made

sure that I thanked both of my past bosses for the break / opportunity

that

they gave me back then.

Good luck and take care.




Thanks Jon...

I'm glad that you have had the opportunity to become financially stable. I
am confident that someday, I will finally be there also! Just wondering
when!! haha

I have made a few bad choices in the past (waiting until I was almost 40 to
go to college, etc...), but hopefully it is all behind me...

sarcasmI know that I can count on the moral support from my fellow
aviation buffs.../sarcasm

Actually, the folks here arguing against paying credit card interest are
being VERY supportive of folks in your situation. Calling a spade a
spade may not make you feel good, but the advice is excellent if you
really want to be in control of your finances. If you just want folks
to make you feel good, then that is a different goal...

Matt

"Matt Whiting" wrote in message
...
Chuck wrote:

"iflyatiger" wrote in message
...

Chuck

I feel for you man ... I hope this turns around for you soon...

My theory is that peoples complete financial future can be determined to
some extent by their financial start. You can start out the plus side or

the

negative side of it . And it can all be changed by the opportunity you

were

given in business, maybe by the help your parents gave you when you were
young ( helping you to buy your first car, etc..)
or on the flip side by any bad turn of events that might have happened
to
you along the way.

Everyone can tell you how foolish it is for you to use a credit card but
from your description of your situation it is understandable that you do
what you have to do... It is easy to tell other people what they should
do
but until they are in the same exact situation as you it doesn't carry
as
much weight.

I have been very lucky to have been given a few breaks when I was young

that

allowed me to start out on the plus side of the money curve. And I have

made

sure that I thanked both of my past bosses for the break / opportunity

that

they gave me back then.

Good luck and take care.




Thanks Jon...

I'm glad that you have had the opportunity to become financially stable.
I
am confident that someday, I will finally be there also! Just wondering
when!! haha

I have made a few bad choices in the past (waiting until I was almost 40
to
go to college, etc...), but hopefully it is all behind me...

sarcasmI know that I can count on the moral support from my fellow
aviation buffs.../sarcasm

Actually, the folks here arguing against paying credit card interest are
being VERY supportive of folks in your situation. Calling a spade a
spade may not make you feel good, but the advice is excellent if you
really want to be in control of your finances. If you just want folks
to make you feel good, then that is a different goal...



No, actually what you people need to be doing is saying "hey, when you are
able to get back on your feet again, stay away from the credit cards and try
your hardest not to use them now unless it's a dire emergency"

If something like that was said, I would say thanks for the advice. But
instead, all that I have heard is that I am a sucker and an idiot for having
a balance on ONE credit card.

Name calling isn't being supportive...


---
Outgoing mail is certified Virus Free.
Checked by AVG anti-virus system (http://www.grisoft.com).
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Chuck wrote:

"Matt Whiting" wrote in message
...

Chuck wrote:


"Paul Tomblin" wrote in message
...


In a previous article, "Chuck" said:


"Paul Tomblin" wrote in message
...


Anybody who carries a balance on any credit card is an idiot or a

sucker.


Or isn't as wealthy or well off financially as you are...

Nobody is *forcing* you to buy what you can't currently afford, you

know.

Back before credit cards existed, people actually saved up money ahead

of

time for major purchases, instead of all this "buy now and pay later"
instant gratification stuff.




Ya know... I didn't say that paying the balance off was a bad thing. I

guess

what kinda ticked me off about your post was you said that people were
idiots or suckers for not paying the balance. I merely pointed out that

some

people can't do that.

If I get a new job and have to go to Sears and buy $2,000 worth of

tools, I

will not be able to pay the balance off in one month. But I gotta have

the

tools if I want the job.

That is exactly why any financial advisor worth their salt recommends
that you save an amount equal to 3 - 6 months of expenses as an
"emergency" cash fund. Yes, it takes time to do this and a lot of
self-control, which most Americans no longer have, but that eliminates
the need to ever use a credit card for a situation like this ... or a
transmission failure in your car ... or a leak in your roof, etc.

Rather than save, most people use credit as their emergency fund. And,
as Paul said, that is a sucker play.



And some people like me are financially strapped and do not have the money
to save after the bills are paid. In fact, I was putting $20 a paycheck into
the credit union at work trying to save a little bit and had to stop making
that deposit because I needed that $20 per pay period just to make bills. In
the last 3 years, our health insurance at work has gone up 135% and co-pays,
etc have risen also. I have 3 prescriptions, my wife has 5 and our son has
one. That's around $150 per month or a little more. Both vehicles are paid
off, so no car payments. We rent a house and it is actually about $100 below
the going rate for our area. Electric bills are out the roof. Do I need to
keep going? In otherwords, by me living paycheck to paycheck, and my yearly
raises at 3% if I am lucky that don't even cover cost of living, I am doing
everything that I can to stay afloat and will resort to whatever means I
have to to provide for my wife and son. I wish that you people that make
$100,000 a year, own airplanes, drive Lexus and Mercedes and live in half
million dollar houses could understand...

I truly feel sorry for people in your situation. However, it doesn't
change the mathematics. If you have no excess income to save, where do
you find the extra money to pay the interest on the credit card?

Matt

My folks always taught me to pay cash, which I did for a long time. But then
I found out that in some cases, prices went up practically as fast as I
could save the cash for them, and I didn't have anything to base a credit
rating on, so I got loans and credit cards. Pretty much worked out the same
and I had the things when I wanted them.

mike regish

"Matt Whiting" wrote in message
...

I truly feel sorry for people in your situation. However, it doesn't
change the mathematics. If you have no excess income to save, where do
you find the extra money to pay the interest on the credit card?

Matt

mike regish wrote:

My folks always taught me to pay cash, which I did for a long time. But then
I found out that in some cases, prices went up practically as fast as I
could save the cash for them, and I didn't have anything to base a credit
rating on, so I got loans and credit cards. Pretty much worked out the same
and I had the things when I wanted them.

Yes, in the short-term, no, in the long-term. Where does the money you
pay to the bank come from? Does it just magically appear?

No, it is money that you no longer have to pay for the fun things in
life or even the necessities as the case may be. Yes, to save cash for
large purchases does delay the initial purchase or two, but once you get
ahead of the cycle you are ahead forever.

It really isn't hard to understand. If you pay $50,000 in interest in
your lifetime, that is a couple of cars that you weren't able to buy.


Matt

I accept what you say, Chuck, and agree that there ARE people who are in
debt due to circumstances beyond their control (although I don't believe
this is true for MOST people who are in debt).

What I'm saying is that borrowing, especially with a credit card, will
ONLY make matters worse for such a person (family). They MUST find some
way to increase their income or decrease their expenses. It's that
simple, and whining that they don't WANT to reduce their standard of
living (including having internet access) won't change the basic truth
of it.

Rich

Chuck wrote:


And some people like me are financially strapped and do not have the money
to save after the bills are paid.

When I got married, my wife got hurt and we ended up getting behind on bills
because she couldn't work for almost a year. Everytime we see daylight,
something happens and we get sucked back into the hole again.

The point that I keep trying to make is that some people are not able to
save because of their financial situation. It seems that most in this NG
don't seem to understand that.


I do take offense to being called a sucker and an idiot because I have 1
credit card that I am paying interest on. In my situation, I have no choice.

If you want to call people who have 15 credit cards with balances and they
buy big screen TV's, stereos, jewelry, etc on credit, I will agree with you
then, but think about the persons situation before you call people names...