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147 Comments
- bwjacket, on 07/09/2009, -2/+46"So you're saying if I can't afford something, I shouldn't buy it?"
- Takfam, on 07/09/2009, -0/+26I do not understand the credit card mentality. I paid off my truck and my mother said "So, what are you looking at getting now?" I'm looking forward to being out of one of my debts, that's what I'm looking at! Why do people have this idea that they must always owe money?
- ishay, on 07/09/2009, -0/+21This infographic should be mandatory mailing material with every new credit card offer! AMEN.
- inactive, on 07/09/2009, -0/+19No, that was the descent into debt hell. This shows how to rise up out of it.
- drmangrum, on 07/09/2009, -3/+16Credit cards are not to blame for poor credit scores.
Credit card companies do some shady and immoral things, but they are not to blame either.
People buying ***** they don't need with money they don't have are to blame. I'm glad laws are going into effect to stop some of the shadiness of credit card companies, but people really need to stop looking for a scapegoat.
People need to be careful with debit cards too. If you're bad with money, you can easily outspend your bank account and start catching overdraft fees. - danknerd, on 07/09/2009, -2/+113. A Ford is a ***** car/truck
- Balanced, on 07/09/2009, -0/+9They're gambling that you'll pay that bill a few days late, or forget something, etc.
- shredswithpiks, on 07/09/2009, -1/+9"why not let the credit cards hold the debt if they aren't charging me anything for it?"
Because if something else comes up and you end up losing that $10k you have in the bank the credit card company's collection dogs are going to move into your life. I don't know *your* situation specifically, but this sounds like a dangerous game. - inactive, on 07/09/2009, -2/+9If you buy ***** that you can't pay for, you caused the rescission and cost hundreds of people their jobs. Gratz!
- sodade, on 07/09/2009, -1/+8"don't succumb to credit card come ons"
I have about $10k on a card that is at 0% for a year. Just before that year is up, I will pay it off. I have the money, but why not let the credit cards hold the debt if they aren't charging me anything for it? - shredswithpiks, on 07/09/2009, -2/+9Not really. The company you're buying from just inflates the price of whatever it is you're buying to compensate for the service fee. You think they're going to eat that cost?
- WELLDOITLIVE, on 07/09/2009, -1/+8Well most people aren't that responsible, but if you can work it like that then more power to you.
- smacksaw, on 07/09/2009, -0/+6The only thing I would add is that if you are negotiating a settlement for a debt, insist that it is reported paid as agreed upon. Not doing that is like ordering at the drive-thru, paying and then not picking up your food at the last window. There's no reason why any settled debt can't be reported in your favour.
- danknerd, on 07/09/2009, -3/+9NO! Anti-American commie Mexican Jew pot smoking liberal arts major terrorists Obama supporters did that.
- inactive, on 07/09/2009, -0/+6The other thing most people don't realize about negotiating a settlement for less than amount owed: the difference between original debt and new lower debt is considered taxable income by the IRS.
- shredswithpiks, on 07/09/2009, -0/+5American culture has just gotten used to it, is all. Car payments are standard. Everybody's doing it.
Doesn't make it any less stupid to constantly be in car payments and credit card debt your entire life. - shredswithpiks, on 07/09/2009, -0/+5OP is referring to the service fees that occur every time a card is ran.
- densetsu23, on 07/09/2009, -1/+6af⋅ford –verb
1. If I can charge it to my credit card and probably handle the monthly payments, I can afford it! Interest, schminterest.
2. If I have enough money in my checking and/or savings accounts to pay for it, I can afford it!
Guess which definition most people use... - cygnus2112, on 07/09/2009, -2/+7That's not always the case. In some cases, yes, people buy ***** they don't need. But most of the people I know who struggle with credit card debt either were laid off, had some medical emergency with themselves or family member, car dies, divorce, or some other life-challenging event that they weren't prepared for.
So it's not always about living above one's means, just ill preparation for emergencies. That's why most people who have been able to dig themselves out of debt, myself included, always suggest storing an emergency fund.. $1000 - $2000 just in case ***** hits the fan. Because it will hit the fan.
Wasn't there some report that most bankruptcies occur because of medical issues or divorces? Yeah, here you go... Harvard study:
http://www.businessweek.com/bwdaily/dnflash/conten ...
"Harvard researchers say 62% of all personal bankruptcies in the U.S. in 2007 were caused by health problems—and 78% of those filers had insurance "
So it's easy to scapegoat the card holders with 20% interest.. but people will do whatever they can just to survive. Including running up outrageous debt with cards with outrageous rates - even if you had the perfect spending budget before. You do what you have to, right? What if your kid needed $4000 in dental surgery and you had $30.23 in the bank? Beg on the corner?
Compassion. You may want to google it sometime. - sodade, on 07/09/2009, -0/+4Our whole house o cards economy is BASED on people buying ***** that they can't afford.
- Lowrider93, on 07/09/2009, -0/+4Just 2 generations ago the use of credit was considered to be a sign of poor moral character. Now Mad Ave has us fighting to get credit and they even have us keeping score. Consumerism is necessary, over consumerism is not. The proof is in the current economic crisis.
- FXNGLAS, on 07/09/2009, -0/+4Your FICO score is definitely worth monitoring. While each bureau has their own rating system, it gives you a very good idea of where you are at. WAMU used to give you free FICO with their credit cards, but since Chase bought them, that's gone.
- NJank, on 07/09/2009, -0/+4and those fees raise your prices, so it is your money in the end.
- NJank, on 07/09/2009, -0/+4I remember back before savings rates bottomed out (or maybe during the transition) people could get temp APRs far less than the rate they'd earn in a decent CD. A friend got a $20k card, used a purchase check to buy a CD, and even with the check fee made out with almost a grand after a year. Would have sucked had he missed that payment date, but he set up a reminder in Outlook and scheduled the payment for 3 weeks ahead of time.
- ricksite, on 07/09/2009, -4/+8People often brag about not using a credit card and paying cash for everything. There can be a huge downside in that you are not building up a credit history. I got a credit card in college and even carried a balance for a while. In ten years I hadn't missed at least paying the minimum payment. When it came time to buy a house, my good credit history saved me way more that I paid in interest on the card. I now use the card for everything and pay it off every month.
- WELLDOITLIVE, on 07/09/2009, -1/+5Jerbs
- emt1451, on 07/09/2009, -0/+3Is it actually worth it to get a FICO score or is that just a Suze Orman scam?
- 3Den, on 07/09/2009, -0/+3It always struck me odd that the most important thing people worry about in financial planning seems to be their credit score - how willing others are to lend them money.
Instead, they should be focusing on never needing to borrow money. - NJank, on 07/09/2009, -0/+3for people who need a money mommy, that service may be well earned.
- mac888, on 07/09/2009, -0/+3save and pay cash
- papashawn, on 07/09/2009, -0/+3My dad paid for my college tuition with credit cards. Yes, credit cards.
He put the balance on a card that offered 0% interest for a year, and before that year was up, he opened another 0% card and transferred the balance onto that. Wash, rinse, repeat until the whole thing was paid off. The only fees he had to pay were the balance transfer fees.
Compare that to the cost of a federal or Sallie Mae loan, and you'll see the value of good credit. - ranon78, on 07/09/2009, -0/+3It is a nice compliment to the Credit Card Hell post.
http://digg.com/business_finance/The_Descent_Into_ ... - papashawn, on 07/09/2009, -0/+3http://en.wikipedia.org/wiki/Stafford_Loan
Stafford loan interest rates are nowhere near 1.25%. - ripple123, on 07/09/2009, -2/+5thats some deep understanding of macroeconomics there lou.
- orthodoxDrew, on 07/09/2009, -0/+3and how much do you 'donate' to them per month? this is where these companies get you.
- GoneGreen, on 07/09/2009, -2/+5Just use cash. Everytime you swipe your card one of those people you hate gets a small amout of YOUR money.
- warcin, on 07/09/2009, -1/+4Those raises in cost will only go away if everyone stops using credit cards, which is not going to happen. You are paying those if you use cash or credit, so you may as well get the benefits of credit cards if you are going to pay the costs anyway
- ricksite, on 07/09/2009, -0/+3@cubicledrone You are not looking at the big picture. If you have a good credit history and a high credit score, you can get a low interest rate on your mortgage. Then you can invest the cash at a higher rate than your mortgage is costing you. Paying cash for a house isn't always a smart move.
- treehugger87, on 07/09/2009, -0/+3Usury is evil. Buying stuff you can't afford is only foolish
- SurlyDuff, on 07/09/2009, -1/+4Nobody buys a house with cash unless there's something very shady going on....my dad's a realtor and the one time somebody did say he could pay with cash, he joked about how the guy was a drug dealer;P
- shredswithpiks, on 07/09/2009, -0/+3^ I don't a huge difference between the way insurance works and socialized healthcare works. Insurance is like the healthcare tax. If you don't pay for insurance you're screwed, so nearly everyone pays for it anyway. Then you just go get healthcare and let insurance deal with the costs. But the caveat is you can only go see the doctors they approve of.
How is socialized healthcare relevantly different than widespread insurance driven healthcare? The government takes on the role of the already incompetent insurance companies? Is that it?
edit: I guess this is pretty off topic to credit card stuff but since you mentioned it... - RumpleForeskin3, on 07/09/2009, -0/+3Project Mayhem is going according to plan, sir.
- TheBigBad, on 07/09/2009, -0/+3People that go into debt and then whine about the credit card companies are the same people that become obese and then whine about the fast food restaurants. In both cases it's called lack of self control. No one made you cram those double cheeseburgers down your manpleaser and no one made you buy that $500 pair of Manolos that you just "had to have". Quit bitching and blaming everyone else and take responsibility and accountability for your own actions.
- SurlyDuff, on 07/09/2009, -0/+3You're kidding right?
- shredswithpiks, on 07/09/2009, -0/+3Not necessarily. To much access to debt lowers your credit score. Not enough access to debt lowers your score. The way they figure it out is magic, so nobody really knows for sure.
- smashblu, on 07/09/2009, -1/+4Paying everything in cash is nothing to brag about. Now using a credit card responsibly, that's something to brag about (even though it should be normal like brushing your teeth).
- phbohn2, on 07/09/2009, -0/+3i guess i should have read going from the bottom up...
- arcticsoft, on 07/09/2009, -0/+2What if I pay cash for my house too? Then I still dont pay interest on that loan either. 5% on a $200,000 mortgage over 15 years is still $85,000 down the hole.
- Elranzer, on 07/09/2009, -0/+2I'm kinda getting tired of the word "infographic."
Also, pics go in the Images section. - 3Den, on 07/09/2009, -0/+2"But most of the people I know who struggle with credit card debt either were laid off, had some medical emergency with themselves or family member, car dies, divorce, or some other life-challenging event that they weren't prepared for."
I'm compassionate, and agree to a point - but the flip side of that is - WHY were they not prepared? Why was their financial planning based on never losing a paycheck or a job or getting sick? People DO lose jobs. People DO get sick. Accidents DO happen. Plan for it. Save money instead of buying a bigger house that you need and a $30,000 new car as soon as you finish university.
an sredwithpiks "How is socialized healthcare relevantly different than widespread insurance driven healthcare? "
A fair question - the largest answer is the relative cost to society as a whole for healthcare -vs- the coverage provided to society. Largely, it's about administrative costs.
From some quick googling:
Per-capita annual healthcare *administrative* cost:
US: $1059
Canada: $307
Percentage of healthcare spending going to administrative costs:
US: 31%
Canada: 16%
Percentage of population who at some time during the year have no healthcare coverage of any kind, public or private:
US: 15%
Canada: 0% -
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