ExiledInIllinois Posted December 1, 2009 Share Posted December 1, 2009 Just don't use credit. That means don't hold it either. Why the heck do you have to have a card? Let's go back to the old day's. If you don't have the cash, you don't buy it. Have an emergency? Sorry, should have had the means or fund set aside. Link to comment Share on other sites More sharing options...
Magox Posted December 1, 2009 Author Share Posted December 1, 2009 Just don't use credit. That means don't hold it either. Why the heck do you have to have a card? Let's go back to the old day's. If you don't have the cash, you don't buy it. Have an emergency? Sorry, should have had the means or fund set aside. As ideologically sensible as that sounds, it's not practical or realistic. Link to comment Share on other sites More sharing options...
IDBillzFan Posted December 1, 2009 Share Posted December 1, 2009 Just don't use credit. That means don't hold it either. Why the heck do you have to have a card? Let's go back to the old day's. If you don't have the cash, you don't buy it. Have an emergency? Sorry, should have had the means or fund set aside. Wouldn't it be great if our government followed that rule as an example? Link to comment Share on other sites More sharing options...
DC Tom Posted December 1, 2009 Share Posted December 1, 2009 Just don't use credit. That means don't hold it either. Why the heck do you have to have a card? Let's go back to the old day's. If you don't have the cash, you don't buy it. Have an emergency? Sorry, should have had the means or fund set aside. I use credit cards for three things: 1) Unexpected large expenses (e.g. fixing a leaky roof) that I'd never have enough cash on hand for. 2) Large expenses that I can and do expect to pay off over the course of a few months. That's nothing more than leveraging future cash flow, and if done wisely is a very useful use of credit. 3) I have one credit card I use for every day expenses, for the cash back award. It gets paid off every two weeks, religiously. I basically use it as a more convenient form of cash. The bottom line is that credit is useful if it's understond to not be cash and is handled responsibly. Most people simply don't understand that - a $3k line of credit doesn't mean you have $3k to spend, no matter how much retail stores tell you it does. Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted December 1, 2009 Share Posted December 1, 2009 As ideologically sensible as that sounds, it's not practical or realistic. Why not? It was before the 1970's and 1960's. I haven't used "credit" in years... Even bought cars and other major purchases. I do have a Visa debit card, they do give you a hard time renting a car or what not... Freezing the money and not releasing it right away... So what, I tell them to stuff it if they don't like it. That is the only area (hotels and cars) where the system should change. Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted December 1, 2009 Share Posted December 1, 2009 I use credit cards for three things:1) Unexpected large expenses (e.g. fixing a leaky roof) that I'd never have enough cash on hand for. 2) Large expenses that I can and do expect to pay off over the course of a few months. That's nothing more than leveraging future cash flow, and if done wisely is a very useful use of credit. 3) I have one credit card I use for every day expenses, for the cash back award. It gets paid off every two weeks, religiously. I basically use it as a more convenient form of cash. The bottom line is that credit is useful if it's understond to not be cash and is handled responsibly. Most people simply don't understand that - a $3k line of credit doesn't mean you have $3k to spend, no matter how much retail stores tell you it does. I agree. I rather have 3k in a interest earning account. To each their own I guess. Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted December 1, 2009 Share Posted December 1, 2009 Wouldn't it be great if our government followed that rule as an example? YES! Maybe they all don't... But, I know where I work we actually send money BACK each month. Link to comment Share on other sites More sharing options...
Magox Posted December 1, 2009 Author Share Posted December 1, 2009 Why not? It was before the 1970's and 1960's. I haven't used "credit" in years... Even bought cars and other major purchases. I do have a Visa debit card, they do give you a hard time renting a car or what not... Freezing the money and not releasing it right away... So what, I tell them to stuff it if they don't like it. That is the only area (hotels and cars) where the system should change. I'm talking on a macro level, ya twit. Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted December 1, 2009 Share Posted December 1, 2009 I'm talking on a macro level, ya twit. Yet... Everything starts at the micro level. You don't think I know what you are getting at. I am all for crippling the credit industry. Ya, maybe I am twit. Things should and can be run diufferently. Not just rearranging the deck chairs on the Titanic. You don't like all the new rules. Don't use credit. Link to comment Share on other sites More sharing options...
Magox Posted December 1, 2009 Author Share Posted December 1, 2009 Yet... Everything starts at the micro level. You don't think I know what you are getting at. I am all for crippling the credit industry. Ya, maybe I am twit. Things should and can be run diufferently. Not just rearranging the deck chairs on the Titanic. You don't like all the new rules. Don't use credit. Do you have any idea on how dependent this country is on credit? I agree with the premise of becoming less reliant on credit, but as I said earlier, it isn't practical or realistic to simply just stop using credit. Right now, we are seeing a decline in lines of credit, some estimates have consumer credit being reduced by as much as $4 trillion over the next year. The perverse reality is that the more we borrow the more we grow, that has been the trend. To undo this means that we would have to go through an extremely painful adjustment process, which we are beginning to do, not so much because it is a moral decision but one from necessity. What will most likely occur is that once the economy starts to get on more firm footing, credit will start to expand, and we will most likely over leverage ourselves right back into the same mess that got us into this. Link to comment Share on other sites More sharing options...
DC Tom Posted December 1, 2009 Share Posted December 1, 2009 I agree. I rather have 3k in a interest earning account. To each their own I guess. In the context of my post, that made less than no sense. But thank you for my daily affirmation of absurdity. D: Link to comment Share on other sites More sharing options...
Chef Jim Posted December 1, 2009 Share Posted December 1, 2009 I agree. I rather have 3k in a interest earning account. To each their own I guess. I prefer $30k minimum. But that's just me. Link to comment Share on other sites More sharing options...
Adam Posted December 1, 2009 Share Posted December 1, 2009 Do you have any idea on how dependent this country is on credit? I agree with the premise of becoming less reliant on credit, but as I said earlier, it isn't practical or realistic to simply just stop using credit. Right now, we are seeing a decline in lines of credit, some estimates have consumer credit being reduced by as much as $4 trillion over the next year. The perverse reality is that the more we borrow the more we grow, that has been the trend. To undo this means that we would have to go through an extremely painful adjustment process, which we are beginning to do, not so much because it is a moral decision but one from necessity. What will most likely occur is that once the economy starts to get on more firm footing, credit will start to expand, and we will most likely over leverage ourselves right back into the same mess that got us into this. Just remember- only you can prevent forest fires....only you Link to comment Share on other sites More sharing options...
/dev/null Posted December 1, 2009 Share Posted December 1, 2009 Just don't use credit. That means don't hold it either. Why the heck do you have to have a card? Let's go back to the old day's. If you don't have the cash, you don't buy it. Have an emergency? Sorry, should have had the means or fund set aside. What he just said, but explained by SNL Link to comment Share on other sites More sharing options...
IDBillzFan Posted December 2, 2009 Share Posted December 2, 2009 What he just said, but explained by SNL A classic. "And the book is free." "Wow, I like the sound of that." "Yeah, and we can put it on our credit card." Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted December 3, 2009 Share Posted December 3, 2009 Do you have any idea on how dependent this country is on credit? Yes. That is why I said it. I don't give a flyin' phuck... Throttle everything back. Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted December 3, 2009 Share Posted December 3, 2009 In the context of my post, that made less than no sense. But thank you for my daily affirmation of absurdity. D: What? Using your own money makes no sense? What is the context of your post? Emergencies? Need to repair your roof? No emergency funds in the mattress? Hit the credit card! Ya, right. No... It is called a 10 dollar blue tarp at K-Mart, till you can come up with the scratch to fix the roof properly. Or either fix it yourself for a fraction of the cost of hiring somebody else. Or either hit the home-owners insurance. Dryer broken? Break-out the clothesline like your mother did... Or go to the laundromat for a month or more. And so-on. How is that for your daily dose of absurdity in the "I gotta have it now world?" Link to comment Share on other sites More sharing options...
DC Tom Posted December 3, 2009 Share Posted December 3, 2009 What? Using your own money makes no sense? What is the context of your post? Emergencies? Need to repair your roof? No emergency funds in the mattress? Hit the credit card! Ya, right. No... It is called a 10 dollar blue tarp at K-Mart, till you can come up with the scratch to fix the roof properly. Or either fix it yourself for a fraction of the cost of hiring somebody else. Or either hit the home-owners insurance. Dryer broken? Break-out the clothesline like your mother did... Or go to the laundromat for a month or more. And so-on. How is that for your daily dose of absurdity in the "I gotta have it now world?" We actually did the clothesline thing for a month, before I could pay to have the dryer reparied. Something like a damaged roof is another issue, though - if, in the course of saving to fix something, you run a very real risk of incurring further significant loss, it makes quite a bit of sense to leverage future cash flow against an immediate use of a line of credit to ultimately save money in the long run. For the most part, you're preaching to the choir (most common fight my wife and I have is over her incurring expensive long-term debt by using credit cards to buy stupid infomercial-type **** we don't even need)...but you're out of your gourd if you think credit is an absolute avoid-at-all-costs evil. Of course, you're out of your gourd anyway... Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted December 3, 2009 Share Posted December 3, 2009 We actually did the clothesline thing for a month, before I could pay to have the dryer reparied. Something like a damaged roof is another issue, though - if, in the course of saving to fix something, you run a very real risk of incurring further significant loss, it makes quite a bit of sense to leverage future cash flow against an immediate use of a line of credit to ultimately save money in the long run. For the most part, you're preaching to the choir (most common fight my wife and I have is over her incurring expensive long-term debt by using credit cards to buy stupid infomercial-type **** we don't even need)...but you're out of your gourd if you think credit is an absolute avoid-at-all-costs evil. Of course, you're out of your gourd anyway... My wife: "We gotta have hardwood floors!" "What about that zero % interest?" Me: "What better thing to have with young children: OLD carpets!" Hardwood is gonna win out when I get the scratch. Link to comment Share on other sites More sharing options...
Chef Jim Posted December 3, 2009 Share Posted December 3, 2009 My wife: "We gotta have hardwood floors!" "What about that zero % interest?" Me: "What better thing to have with young children: OLD carpets!" Hardwood is gonna win out when I get the scratch. Why not get them now with 0% interest? Link to comment Share on other sites More sharing options...
Recommended Posts