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  1. #1
    more ape than man timmhaan's Avatar
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    i'm going back to good 'ole cash

    i'm within a 1,000 dollars of finally paying off credit card debt! it will feel so good to be out of the red again. i've never had debt before and last year i really ran up the bill moving to a new apartment, getting a new bike, and going on vacation. holy crap - i can't believe how hard it was to whittle it down and how easy it was to add up. all this time the bank kept increasing my spending limit too! they were really trying to suck me in. there is really no good reason why i should have a 35k limit.

    anyway, i saw how easy it is to get into massive trouble with a card. never again. i'm going back to having good 'ole cash in my pocket. that'll keep me in check. i'm a tightwad with cash... just the way it should be.

  2. #2
    That darn Yankee TexasGuy's Avatar
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    I tried switching to cash but it just didnt work out very well. This world is not very cash friendly anymore.

    I like my visa debit card. but I'm always a tight arse so spending something i don't have is usually not a problem
    Life is about hanging onto what you think is important and finding out what really is important.
    "Stop Ruining my joke!", "No, a joke implies humor attached at no additional cost"
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  3. #3
    more ape than man timmhaan's Avatar
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    yeah, the world doesn't seem to like cash anymore. however, that will work in my advantage for now - as i really need to save. for some reason, if i have cash in my pocket i'm pretty mindful of spending it. i'm much more prone to spending with a card. and i'm not even as bad as most people.

  4. #4
    Senior Member skiahh's Avatar
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    Good for you. I did that about 8 years ago and have been basically debt free since then. Debt free to me means a mortgage is OK. So is a car payment if it's within my budget. Credit cards, however, aren't evil. It's our lack of discpline in using them.

    Now that you've gone through the struggle to pay them off, you might be better suited to use credit cards "smartly". I occasionally make a conscious decision to buy something knowing it'll take me a few months to pay it off, but never without a plan to do so. And, knowing what you've gone through (having gone through it myself), I stick to that plan. I also make use of other people's money whenever I can. For example, if I've decided I need (or even want) something, I'll wait until I can get it with a 0% interest rate for at least 6 months; preferably 12. I just bought a piece of furniture with 3 years at 0%. I pay the mimimum during the contract and the month it's due, pay it off in full. Credit card companies hate people like me!

    Stick to your guns and make your plan to stay essentially debt free and you'll find you can enjoy most of the things you want without worrying about the bills down the road!
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  5. #5
    riding once again jschen's Avatar
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    Congrats on almost paying off that debt. You can do it! Well, you have to figure out what works best for you. A debit card avoids the possibility of debt, but it does allow you to spend without seeing actual money pass back and forth. So for some people, that doesn't really solve the problem. And you may find that certain size bills cause you to be more thrifty than others. And likewise, certain amounts in your wallet. Personally, how much is in my wallet doesn't affect my spending habits. But I hesitate when I have to break a $20. My $1, $5, and $10 bills are "pocket change" that get spent a lot more readily (relatively speaking).

    I spend with pretty good discipline, and thus I use my credit card in place of cash (and pay in full each month) whenever I can in order to earn my 1% cash back. But it's not worth it if it affects how you spend.
    If you notice this notice then you will notice that this notice is not worth noticing.

  6. #6
    more ape than man timmhaan's Avatar
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    Quote Originally Posted by jschen
    But I hesitate when I have to break a $20. My $1, $5, and $10 bills are "pocket change" that get spent a lot more readily (relatively speaking).
    oh, how true that is. a $20 makes me double think what i'm buying. in fact, if something is $15 and i have a $20 bill i would probably pass it up. however, if i had $5's or a $10 i would probably go ahead and get it. silly i know....

  7. #7
    That darn Yankee TexasGuy's Avatar
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    Quote Originally Posted by skiah
    Good for you. I did that about 8 years ago and have been basically debt free since then. Debt free to me means a mortgage is OK. So is a car payment if it's within my budget. Credit cards, however, aren't evil. It's our lack of discpline in using them.
    very true. I dislike how alot of people harbor credit cards as being the devils. They're not the devils. Peoples lack of discipline in using them is what makes them be the devils
    Life is about hanging onto what you think is important and finding out what really is important.
    "Stop Ruining my joke!", "No, a joke implies humor attached at no additional cost"
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  8. #8
    more ape than man timmhaan's Avatar
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    yeah, credit cards are what they are. anyone can read the interest rates and determine what they are getting into.

    however, i found it very interesting that the bank immediately responded to my increase in spending by increasing my limit. i had a relatively static spending limit until last year when i really needed to use the card. then almost every statement i recieved had a notice saying "congratulations! your spending limit has been increased". it's okay for me, since i'll never let it get out totally of control - but i can see how this would get some people in big trouble.

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    no mortgage, no credit cards, no debts, and I wouldnt have a bank account if my business didnt require it

    now is a good time to start buying silver and gold if you havent done so already, protect what you have, very few investments are keeping ahead of inflation at the moment including most people's jobs

  10. #10
    Senior Member randya's Avatar
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    Quote Originally Posted by TexasGuy
    I tried switching to cash but it just didnt work out very well. This world is not very cash friendly anymore.

    I like my visa debit card. but I'm always a tight arse so spending something i don't have is usually not a problem
    A debit card is not a credit card. When you use a debit card, it is charged against funds already on deposit, but when you use a credit card you are borrowing from the bank against future earnings. Two very different principles.

  11. #11
    Senior Member randya's Avatar
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    Quote Originally Posted by okpik
    no mortgage, no credit cards, no debts, and I wouldnt have a bank account if my business didnt require it

    now is a good time to start buying silver and gold if you havent done so already, protect what you have, very few investments are keeping ahead of inflation at the moment including most people's jobs
    The time to have bought gold was when it was still at $300 per ounce. I wouldn't bet on gold at today's prices. Plus gold, like oil and many other commodities, is extracted from the earth at a very high environmental and human cost.

  12. #12
    hello roadfix's Avatar
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    Quote Originally Posted by okpik
    no mortgage, no credit cards, no debts, and I wouldnt have a bank account if my business didnt require it
    We're on the same boat...
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  13. #13
    riding once again jschen's Avatar
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    Quote Originally Posted by randya
    A debit card is not a credit card. When you use a debit card, it is charged against funds already on deposit, but when you use a credit card you are borrowing from the bank against future earnings. Two very different principles.
    True. But for many people, there's the same disconnect where handing over a piece of plastic doesn't register as spending money. For those people, either is problematic.
    If you notice this notice then you will notice that this notice is not worth noticing.

  14. #14
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    Quote Originally Posted by randya
    The time to have bought gold was when it was still at $300 per ounce. I wouldn't bet on gold at today's prices. Plus gold, like oil and many other commodities, is extracted from the earth at a very high environmental and human cost.
    Well with real inflation running at like 9-10%, M3 inflation showing this btw which is now conveniently no longer published(imagine that), and unemployment about double published values Im guessing we are gonna see some economic ugliness soon, if holding some precious metals is enough to at least break even its worth it in my humble and probably worthless opinion !! Being long on energy and short on the dollar is probably wise too at the moment.

    Nothing wrong with debit cards or credit cards really, just keep in mind data mining being what it is these days, the less people know about you the better, especially uncle sam. Identity theft can be done in about 2 hours right now in some cities, yes its that easy. The govt has just very recently decided to maybe close the birth certificate loop hole, but at the moment it is still open, same with SS#'s and court cases. Protect yourself, its safe advice.

  15. #15
    Senior Member DannoXYZ's Avatar
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    Yeah, hiding M3's kinda sinister. Coincides with some shady dealings. Anyway, all cash for me as well.

  16. #16
    Banned. sngltrackdufus's Avatar
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    If i can't pay cash, i can't afford it.

  17. #17
    2-Cyl, 1/2 HP @ 90 RPM slvoid's Avatar
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    Buy Buy Buy!!!!

  18. #18
    more ape than man timmhaan's Avatar
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    Quote Originally Posted by slvoid
    Buy Buy Buy!!!!
    hey, sounds like you got a new job at MBNA.

  19. #19
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    There's nothing wrong with credit cards as others have said. As long as you have the discipline to pay it off, using credit cards is smart. You write one check or do one electronic transaction to pay for things instead of multiple. Plus there are benefits of using te right credit cards - free air fare, free hotels, free merchindise, etc. Many card programs also offer cash back. I use Costco American Express and I get 1.5% back on everything I charge.

  20. #20
    That darn Yankee TexasGuy's Avatar
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    Quote Originally Posted by randya
    A debit card is not a credit card. When you use a debit card, it is charged against funds already on deposit, but when you use a credit card you are borrowing from the bank against future earnings. Two very different principles.
    I know this but the spending idea, as jschen said and as I've seen 2 of my brothers do is exactly the same. The only real difference is going 500 dollars into debt and overextending your bank account by 300 dollars plus 100 dollars in latefees as stuff bounces until next payday.
    Quote Originally Posted by jschen
    True. But for many people, there's the same disconnect where handing over a piece of plastic doesn't register as spending money. For those people, either is problematic.
    Life is about hanging onto what you think is important and finding out what really is important.
    "Stop Ruining my joke!", "No, a joke implies humor attached at no additional cost"
    So many sayings, so little sig space.

  21. #21
    Senior Moment Litespeed's Avatar
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    My father always said, "pay your bills before you eat". That is the way I have lived to. If I can't pay for it in cash, or know I can pay the credit card bill off in full when it comes in, I just don't buy it. Without having to pay interest on credit cards, my husband & I have managed to save quite a bit. Be certainly don't deny ourselves but we don't just go out and buy whatever and whenever. If you think of all the money you won't be spending on interest it really adds up to quite a bit. I see to many people every day in my job that can't even pay $30.00 a month to keep their goods in storage--it's sad. People these days just don't know how to manage money and it's very simple. Just don't spend more then you earn, how hard is that?

  22. #22
    That darn Yankee TexasGuy's Avatar
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    0% APR cards for 12 months baby.
    Life is about hanging onto what you think is important and finding out what really is important.
    "Stop Ruining my joke!", "No, a joke implies humor attached at no additional cost"
    So many sayings, so little sig space.

  23. #23
    Senior Member Michigander's Avatar
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    I actually don't have a credit history. I buy used cars, always carry cash, and have checks only to pay bills. Wouldn't be easy to get a house if I ever wanted to, but I never have had any debt, and I think thats the best way to go.
    Bring back the Sig Test!


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  24. #24
    more ape than man timmhaan's Avatar
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    Quote Originally Posted by Michigander
    I actually don't have a credit history. I buy used cars, always carry cash, and have checks only to pay bills. Wouldn't be easy to get a house if I ever wanted to, but I never have had any debt, and I think thats the best way to go.
    don't you build at least a little history by having bills to pay in the first place?

  25. #25
    That darn Yankee TexasGuy's Avatar
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    Quote Originally Posted by timmhaan
    don't you build at least a little history by having bills to pay in the first place?
    Nope.
    You don't

    You build credit by having an open credit account. You build great credit by carrying a balance over month to month and never missing a late payment. This proves that you are capable of making regular payments.

    Anybody that decides not to get a credit card imho - is pretty ****ing stupid - to put it politely.

    The reason I say this is because I opened up a credit card account 2 years ago. I closed it out a few months later without ever using it because the bank refusd to stop harrassing me till i bought all of their credit defense ****. I was entered into the credit bureau system at that time despite having been paying bills for 7+ years and having had checking accounts for almost 9+ years.

    Naturally, when I went to purchase a brand new vehicle despite that I was willing to put a 1/4-1/5 deposit money down amd make payments of 500-700 a month with no bad credit I was turned down while people with 10 yeras of bad credit, who couldnt put jack down and could barely afford to pay 200-300 a month were approved.


    In today's world I believe that every adult should have at least one credit card, whether you use it or not. A Secured credit card is a great way of setting this up as your credit is what you have in your bank and have set aside for it. But you should really be building up credit of some sort - because you never know when you need it.
    Life is about hanging onto what you think is important and finding out what really is important.
    "Stop Ruining my joke!", "No, a joke implies humor attached at no additional cost"
    So many sayings, so little sig space.

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