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Started By
Message
If you can't pay off your credit card monthly, you shouldn't have one.
Posted on 1/13/26 at 1:53 pm
Posted on 1/13/26 at 1:53 pm
Simple enough.
I have very high standards though.
"The borrower is slave to the lender" (Proverbs 22:7)
I have very high standards though.
"The borrower is slave to the lender" (Proverbs 22:7)
This post was edited on 1/13/26 at 2:03 pm
32
Posted on 1/13/26 at 1:53 pm to theballguy
Points
Posted on 1/13/26 at 1:54 pm to theballguy
Probably good advice.
Posted on 1/13/26 at 1:54 pm to theballguy
If you can pay it off monthly, why even have one?
Look I don't disagree, but I've been poor before. I run a business that has had cash flow issues. Life hits you unexpectedly at time with multiple bills.
There's good reasons to have temporary and instant access to credit.
Look I don't disagree, but I've been poor before. I run a business that has had cash flow issues. Life hits you unexpectedly at time with multiple bills.
There's good reasons to have temporary and instant access to credit.
Posted on 1/13/26 at 1:57 pm to baldona
If it was up to me, no one would have one. They're just not needed.
I say this as a concession so that some people can handle cash flow issues.
Still, shouldn't everyone have enough cash on hand to handle temporary overages?
I say this as a concession so that some people can handle cash flow issues.
Still, shouldn't everyone have enough cash on hand to handle temporary overages?
This post was edited on 1/13/26 at 2:01 pm
Posted on 1/13/26 at 1:57 pm to baldona
Things like car rentals require a credit card. Using one and paying balance off every month has some nice perks on some cards. Basically Chase pays me for using their card.
Posted on 1/13/26 at 2:00 pm to BCvol
"If you can't pay cash for a house or car, you shouldn't buy one."
credit cards are just another means of financing, to be approached and managed as such.
I was raised to be averse to them... I mostly have been, but when I've been in a position where something big unexpectedly had to be paid for right then and there, I just budget in getting that paid off before it takes a bite out of my arse. The accruing interest is just part of that calculation.
What has changed from my parent's time is that stores had accounts and credit cards, with low or sometimes no interest... and "lay a way" programs. That has carried over to some web-based retailers... you buy things for a set monthly charge, no interest.
credit cards are just another means of financing, to be approached and managed as such.
I was raised to be averse to them... I mostly have been, but when I've been in a position where something big unexpectedly had to be paid for right then and there, I just budget in getting that paid off before it takes a bite out of my arse. The accruing interest is just part of that calculation.
What has changed from my parent's time is that stores had accounts and credit cards, with low or sometimes no interest... and "lay a way" programs. That has carried over to some web-based retailers... you buy things for a set monthly charge, no interest.
This post was edited on 1/13/26 at 2:06 pm
Posted on 1/13/26 at 2:02 pm to Lee B
quote:
"If you can't pay cash for a house or car, you shouldn't buy one."
True. I would say a loan for a house is fine. A car perhaps in some cases. But, should people be taking out loans for meals? For vacations?
If you're in debt, your number one priority is getting out of debt.
Posted on 1/13/26 at 2:02 pm to Lee B
quote:
If you can't pay cash for a house or car, you shouldn't buy one."
Completely different situation for a house.
You build equity in it and don’t pay with a credit card.
Posted on 1/13/26 at 2:04 pm to theballguy
If you downvote "The borrower is slave to the lender" (Proverbs 22:7), then you downvote God.
Posted on 1/13/26 at 2:05 pm to theballguy
If you pay interest on credit cards, you’re losing the financial game.
Posted on 1/13/26 at 2:06 pm to baldona
quote:
If you can pay it off monthly, why even have one?
I use mine like I would a debit card so I can get airline miles. I use it for everything and pay it off at the end of the month.
Posted on 1/13/26 at 2:06 pm to theballguy
quote:
Theballguy
You’re a Dave Ramsey guy I know now lol
Posted on 1/13/26 at 2:07 pm to Deuces
Dave Ramsey is a Godly man. But, I don't follow everything he says to the letter.
This post was edited on 1/13/26 at 2:08 pm
Posted on 1/13/26 at 2:07 pm to baldona
quote:
If you can pay it off monthly, why even have one?
Because carrying around cash is risky. If you lose cash, it is gone forever. You lose a CC card, you cancel it, and get a new one in the mail.
If somebody steals your debit card number and takes money from your account, it can be a hassle to get your money back. I know this from experience. Somebody steals your credit card number, you cancel it, and get a new one in the mail. You are not held responsible for fraudulent charges. I know this from experience.
CC have rewards so monthly spending has benefits.
Posted on 1/13/26 at 2:07 pm to baldona
quote:
If you can pay it off monthly, why even have one?
Look I don't disagree, but I've been poor before. I run a business that has had cash flow issues. Life hits you unexpectedly at time with multiple bills.
There's good reasons to have temporary and instant access to credit.
This. If cash flow is low in my business, mine have been my lifeblood.
This post was edited on 1/13/26 at 6:26 pm
Posted on 1/13/26 at 2:08 pm to Nurbis
Then if it's risky, use a CC but just pay it off every month. This is not hard to do.
Posted on 1/13/26 at 2:09 pm to theballguy
Logically, yes. But to think this is the stupidest thing I've ever heard. The problem is continuing to use a credit card time and time again without being able to pay.
Posted on 1/13/26 at 2:10 pm to theballguy
Always solid advice … until Bidenomics
Posted on 1/13/26 at 2:11 pm to theballguy
quote:
If you can't pay off your credit card monthly, you shouldn't have one.
True story. We had a credit card that we always paid off before the next cycle every time we used it. The company cancelled the card. My only guess was that they weren’t making money off of us by carrying a balance.
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