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Started By
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1
Posted on 5/2/19 at 8:17 am to slackster
quote:
The OT is full of them.
I'm not convinced that people sincerely believe nonsense like "credit is a scam." It's just another example of how people think back on their lives and instead of being critical of their own decisions, they blame negative experiences on nefarious outside forces.
"You're a scammer because you sold me a car I couldn't afford with no down payment and a 132-month loan." Never mind your decision to purchase said car.
Posted on 5/2/19 at 8:20 am to TheDeathValley
quote:
One year old daughter, she is expensive
Ain’t that the damned truth
Posted on 5/2/19 at 8:22 am to Pecker
132? Where can I sign up? I’m at 180 moth and 7.5% interest right now on my F-250 4x4 diesel. But 0 down and oil is booming baby
Posted on 5/2/19 at 8:22 am to Pecker
I've noticed the people who have these dated, hardline rules about finances are almost never ballers
I have a few friends who are anti-credit card and I try to explain how they're a good thing, but they just aren't having it
I have a few friends who are anti-credit card and I try to explain how they're a good thing, but they just aren't having it
Posted on 5/2/19 at 8:25 am to GreatLakesTiger24
Being a hardline rule follower is a good thing financially when you’re young and broke. It’s a good way to save a little to give yourself breathing room.
But the minute you have financial flexibility, I.e. you have options, you need to be able to take advantages of all the opportunities presented to you, whether that’s free money from credit cards with yearly fees (need to see if it’s worth it) or financing your home, car, whatever.
But the minute you have financial flexibility, I.e. you have options, you need to be able to take advantages of all the opportunities presented to you, whether that’s free money from credit cards with yearly fees (need to see if it’s worth it) or financing your home, car, whatever.
Posted on 5/2/19 at 8:26 am to GreatLakesTiger24
quote:
I've noticed the people who have these dated, hardline rules about finances are almost never ballers
I have a few friends who are anti-credit card and I try to explain how they're a good thing, but they just aren't having it
well if you are not a "baller", then CC debt is a scary thought, as it is a huge financial strain
and if they know that they couldn't handle a CC responsibly, commend them on their self awareness instead of trying to pressure them into it
Posted on 5/2/19 at 8:27 am to GreatLakesTiger24
I think the truth is they just can't qualify for a card so they deflect from the real reason
Posted on 5/2/19 at 8:29 am to Salmon
These people aren't dumb. They should be able to understand it doesn't need to be different than the debit card they use.
However, grandpaw's Dave Ramsey philosophy brainwashed them.
ETA- and they're going to be pissed when they see what happens when you buy a car with no credit history.
However, grandpaw's Dave Ramsey philosophy brainwashed them.
ETA- and they're going to be pissed when they see what happens when you buy a car with no credit history.
This post was edited on 5/2/19 at 8:31 am
Posted on 5/2/19 at 8:30 am to GreatLakesTiger24
quote:
These people aren't dumb. They should be able to understand it doesn't need to be different than the debit card they use.
Right. They seem smart enough to know that they wouldn't just treat it like a debit card.
Self awareness is a powerful thing.
Posted on 5/2/19 at 8:31 am to GreatLakesTiger24
quote:A lot of it is based on personal finance advice from 4-5 decades ago that was targeted at people who were financially irresponsible. If you’re financially irresponsible then you’re better off being anti-credit. Just know that being anti-credit says nothing about credit, and everything about you.
I've noticed the people who have these dated, hardline rules about finances are almost never ballers
I have a few friends who are anti-credit card and I try to explain how they're a good thing, but they just aren't having it
Posted on 5/2/19 at 8:36 am to cable
But they have a lot of participation trophies.
Posted on 5/2/19 at 8:42 am to Salmon
quote:
They seem smart enough to know that they wouldn't just treat it like a debit card.
There's just no winning sometimes.
You can build credit without using a credit card for everyday purchases and opening yourself up to carrying CC debt. However, some posters in this thread are shitting on people who would just rather pay cash (debit) for everyday things.
Posted on 5/2/19 at 8:52 am to GetCocky11
It's just financially optimal to pay for everything on a CC and pay it off every month than paying cash. I make points, plus the ~2.2% interest on the money that leaves my bank account once a month vs leaving it everyday for purchases.
It also gives me a lot of flexibility if something unexpected happens.
It also gives me a lot of flexibility if something unexpected happens.
Posted on 5/2/19 at 8:55 am to Mr Perfect
quote:
wish you were a millennial dude
Que? I am.
Posted on 5/2/19 at 8:58 am to GetCocky11
quote:
However, some posters in this thread are shitting on people who would just rather pay cash (debit) for everyday things.
All else being equal, it is an objectively worse way to purchase items.
Posted on 5/2/19 at 8:58 am to JohnnyKilroy
quote:
It's just financially optimal
Agreed...once you achieve a certain level of financial security.
But if you have lower income or a tight budget, it may be best to just pay cash for your stuff and be done with it.
Posted on 5/2/19 at 9:01 am to GetCocky11
quote:
However, some posters in this thread are shitting on people who would just rather pay cash (debit) for everyday things.
I don't see any reason to shite on people who use cash or debit. My biggest problem as that a lot of these folks push the idea of credit being inherently bad. These people don't know the difference between a charge card and a credit card. They don't know the security risks involved when it comes to using a debit card. They generally speaking have little knowledge about credit.
Posted on 5/2/19 at 9:05 am to GreatLakesTiger24
quote:
Having good credit makes buying a home and car more affordable, and CCs basically give you free money if you use it like a debit card.
Also affects your insurance rates and other things they do not tell you about.
I never said credit was bad.
Using it to buy a home is a good use. When the rates dropped in 2000 they hoped folks would refinance existing homes and reduce debt. Instead they sold a 100K home and bought a 250K home and less than a decade later 2008 happened.
Using it to buy income - say rental property - is a good use as long as you stay in budget. If you are financing rental property on 30 years or more you are probably paying too much for that income stream. If you can not pay it off in 15 years for new or updated or 7 years for property you will have to spend to repair and improve they you need to pass it by.
Using it for college - within certain limits - is a good use
(going in debt to buy 5K to 10K in crap to furnish your dorm room is not)
While I know many use it for a car, a car is a depreciating asset. Better to create a "car fund" for each car you buy then buy it at least 2 - 3 years out in cash for much less and no debt. Also, check the cost to insure of the vehicle as some models have high yearly cost. Until the 80's and the Brat hitting the Amrican shores trucks were some of the cheapest vehicles to insure. Between the 80's and 00's the 4 door Buick sedan was one of the cheapest to insure because they had the fewest claims (Your state insurance department can help you with this).
Using credit for a vacation to Vegas or overpriced goods is generally a terrible idea as the purchased asset has no relation to resale. Buy a diamond on credit then try to sell it and you might get 25 cents on the dollar, not a good use of capital.
If you are young the first thing you should do is make sure you have a "go to hell fund" that can pay all your bills for at least 6 months and hopefully a year.
Second thing is to learn to live on 10% less as it will make you a lender or investor where your money can work for you.
Third, do your homework! Be a smart consumer, not a sheep following the latest trend. A 800 dollar mountain bike in the summer may cost just 200 in February when the new model comes out (with some minor change)
Fourth, when you buy something start saving for the cost to replace it. If a water heater lasts 8 years put aside 1/8 the cost each year so when you need to replay it you will have the cash and not need the credit.
Fifth, invest so money you pay in debt to others becomes money you pay yourself to live on.
quote:
More people are moving into upper middle class than ever, which is basically the definition of getting ahead
Not really, real buying power has been declining since the first oil shock in the early 70's. In the 1960s' a single 40 weekly wage could support a father, mother, 2-4 kids, 2 cars, nice home, club memberships, and pets and other costs. Today a worker may have 2 to 4 jobs to create half the real wages and they can barely support themselves in a high goods cost era much less a family.
The more debt we accumulate as a country the more of our wealth must go to pay the interest on the debt. Fewer and fewer folks hold this debt and they are just getting richer.
Posted on 5/2/19 at 9:14 am to Philzilla2k
quote:
Isn’t 701 awful?
I think most would consider it fair.
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