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#1
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"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. --- 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 |
#2
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In a previous article, "Chuck" said:
"Paul Tomblin" wrote in message ... 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. 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. And if you get a bank loan instead of carrying it on your credit card, the interest rates will be *much* lower and won't go up on a banker's whim. That's what I did when I needed a $5000 computer to set up my computer consulting business right out of college. Ok, initially I was stupid and used a credit card, but I changed to a bank loan as soon as I could get one. -- Paul Tomblin http://xcski.com/blogs/pt/ I think I'd like to see a Simpsons episode starting up with Bart Simpson writing 'I will not attempt to undermine the Usenet Cabal'. -- J. D. Falk |
#3
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"Chuck" wrote in message
om... "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. If I had to buy $2K worth of anything to get a job, I'd be much more worried about which column they'd go in for the deduction off my taxes. Jay |
#4
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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 |
#5
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"Chuck" wrote in message . com...
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. And those people are suckers. If you borrow money at several times the going interest rate (which is what you'll eventually do if you carry a balance), you're a sucker. The interest rate and fee structures that are currently allowed, were considered loan sharking in the recent past, a practice that was relegated to mostly criminal organizations. I saw a recent interview where a Harvard contract law professor was asked to explain (in layman's terms) an average cardholders agreement. Although the average consumer is supposed to know what is contained in a contract, she said she wasn't sure about all the details herself. On top of that, what she did ascertain is that the average cardholders agreeement gives the card issuer the right to charge whatever rate they want, and to change it with 15 days notice, usually by means of an insert full of small print with your bill. So even if you accept a bank's offer of a card for 1% interest for six months or whatever, there is really not much keeping them from bumping your rate (and making money) any time they want. The agreements are set up to give the issuing bank a ridiculous advantage in every aspect of the transaction. Borrowing money under those terms is truly a sucker bet. I've almost never kept a balance on a credit card. If I can't get a real loan (i.e. bank loan with reasonable terms), then that means I probably can't afford whatever it is I want to buy. John Galban=====N4BQ (PA28-180) |
#6
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Chuck wrote:
"Paul Tomblin" wrote in message ... In a previous article, "RS" said: If you have an AOPA/MBNA credit card then you should check the APR on your last statements. MBNA has been raising the APR on AOPA cardholders, even if you pay on time. Anybody who carries a balance on any credit card is an idiot or a sucker. snip Or isn't as wealthy or well off financially as you are... Just the opposite. Someone who is wealthy could afford to carry a balance, it is folks who aren't who shouldn't be. I'm with Paul, I've never paid a cent of interest on a credit card in nearly 20 years now. People who carry credit card balances, for anything other than a real emergency, are suckers as he said. And people who are smart, will save up an emergency fund so that even emergencies don't require carrying a credit card balance. Matt |
#7
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"Matt Whiting" wrote in message ... Chuck wrote: "Paul Tomblin" wrote in message ... In a previous article, "RS" said: If you have an AOPA/MBNA credit card then you should check the APR on your last statements. MBNA has been raising the APR on AOPA cardholders, even if you pay on time. Anybody who carries a balance on any credit card is an idiot or a sucker. snip Or isn't as wealthy or well off financially as you are... Just the opposite. Someone who is wealthy could afford to carry a balance, it is folks who aren't who shouldn't be. I'm with Paul, I've never paid a cent of interest on a credit card in nearly 20 years now. People who carry credit card balances, for anything other than a real emergency, are suckers as he said. And people who are smart, will save up an emergency fund so that even emergencies don't require carrying a credit card balance. Maybe I am in the wrong newsgroup to be discussing this. I would imagine that most people in this newsgroup make damn good money and can afford to have a nice chunk of change in the bank. Unfortunately, I am not in that situation. Luckily, we don't use credit cards other than Sears, so we don't worry much about interest on credit cards. --- 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 |
#8
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Chuck wrote:
"Matt Whiting" wrote in message ... Chuck wrote: "Paul Tomblin" wrote in message ... In a previous article, "RS" said: If you have an AOPA/MBNA credit card then you should check the APR on your last statements. MBNA has been raising the APR on AOPA cardholders, even if you pay on time. Anybody who carries a balance on any credit card is an idiot or a sucker. snip Or isn't as wealthy or well off financially as you are... Just the opposite. Someone who is wealthy could afford to carry a balance, it is folks who aren't who shouldn't be. I'm with Paul, I've never paid a cent of interest on a credit card in nearly 20 years now. People who carry credit card balances, for anything other than a real emergency, are suckers as he said. And people who are smart, will save up an emergency fund so that even emergencies don't require carrying a credit card balance. Maybe I am in the wrong newsgroup to be discussing this. I would imagine that most people in this newsgroup make damn good money and can afford to have a nice chunk of change in the bank. Unfortunately, I am not in that situation. Actually, it has little to do with how much you make, at least once above a truly subsistence income level, which varies by locale. Someone below this level, truly has no options, but running up credit cards doesn't help. They need to seek help from a charitable agency, etc. until they can restore sufficient income to live on. The real issue in 95% of situations, is that spending is simply out of line with income. I've taught financial management seminars in my church and studied this topic for about 20 years. Admittedly, their are people who simply don't have enough income to live on, but that is really a fairly small percentage of the population. In almost all cases, spending can be adjusted to live within one's means and even save money, however small amount that may be at first. Living on credit means you are paying money for interest that gives you no value in the long run. Over the course of your lifetime, you are even poorer for it. That is a simple fact. Luckily, we don't use credit cards other than Sears, so we don't worry much about interest on credit cards. Smart move. Matt |
#9
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"Chuck" wrote in message . com... "Paul Tomblin" wrote in message ... In a previous article, "RS" said: If you have an AOPA/MBNA credit card then you should check the APR on your last statements. MBNA has been raising the APR on AOPA cardholders, even if you pay on time. Anybody who carries a balance on any credit card is an idiot or a sucker. snip Or isn't as wealthy or well off financially as you are... You have to be wealthier to carry a balance than not. Mike MU-2 |
#10
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in article , Paul Tomblin at
wrote on 11/25/04 10:02 AM: Anybody who carries a balance on any credit card is an idiot or a sucker. Or they know perfectly well what they're doing and accept the consequences, distasteful as they may be. I made a conscious decision to carry some credit card debt in order to get my pilot's license. I had no other immediate options, and I don't regret doing it. |
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