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#111
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"Chuck" wrote in message om... "Paul Tomblin" wrote in message ... In a previous article, "Chuck" said: "Paul Tomblin" wrote in message ... Nobody is *forcing* you to buy what you can't currently afford, you know. Back before credit cards existed, people actually saved up money ahead of time for major purchases, instead of all this "buy now and pay later" instant gratification stuff. If I get a new job and have to go to Sears and buy $2,000 worth of tools, I will not be able to pay the balance off in one month. But I gotta have the tools if I want the job. And if you get a bank loan instead of carrying it on your credit card, the interest rates will be *much* lower and won't go up on a banker's whim. That's what I did when I needed a $5000 computer to set up my computer consulting business right out of college. Ok, initially I was stupid and used a credit card, but I changed to a bank loan as soon as I could get one. That's fine, but what if my credit is poor and I can't get a bank loan? Then you pay a high rate because you are a poor risk. Keep in mind that this discussion was started by someone with an AOPA card. Presumably he is a pilot and managed to pay $5K for flight training. Mike MU-2 |
#112
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"Matt Whiting" wrote in message ... Chuck wrote: Maybe I am in the wrong newsgroup to be discussing this. I would imagine that most people in this newsgroup make damn good money and can afford to have a nice chunk of change in the bank. Unfortunately, I am not in that situation. Actually, it has little to do with how much you make, at least once above a truly subsistence income level, which varies by locale. Someone below this level, truly has no options, but running up credit cards doesn't help. They need to seek help from a charitable agency, etc. until they can restore sufficient income to live on. snip Remember, each situation is different... As embarrassing as this is to say, but I will say that it wasn't our fault, we had our electricity disconnected almost 2 years ago. It is a long story, but my wife's best friend passed away suddenly and our thoughts were with her family. We did receive a termination notice, but again, we were with the family. We realized the notice and paid the bill *in full* over the internet *before* the due date. We were still terminated because they didn't *post* it before the termination date. They admitted it was there but wasn't posted. They refused to re-instates service until we paid over $800 that we didn't have (including a repayment of the bill that we had just paid)(Thanks for the loan, Mom). I am not saying this was 100% the utility companies fault, we never should have let it get to a termination notice (but we didn't have the money for the payment at the time), but I feel that they should have worked with us on this, especially since they did admit their mistake. Also, it was a day that was below freezing and we had a dog, a cat and a bird along with our young son (which made no difference to them). Anyway, they suggested that we call a help agency. OK, I am in a bind, so I did call all 3 of the agencies they suggested. Not any of them would help us. Said that we didn't qualify. I try my hardest not to be a prejudice person, but at times like this, I wonder if I am just the wrong color... (Sorry if I offended anyone) So... help agencies aren't always the answer... --- Outgoing mail is certified Virus Free. Checked by AVG anti-virus system (http://www.grisoft.com). Version: 6.0.801 / Virus Database: 544 - Release Date: 11/24/2004 |
#113
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"John Galban" wrote in message om... Jay mentioned that he hasn't payed card interest since 1985. It appears that YOU are the one who supports legalized loan sharking. You support it with cash out your pocket. Actually it isn't MBNA that is getting his money...its me! Somebody has to underwrite my $250 annual rebate and it is people who carry a balance. I talked to an MBNA manager at AOPA expo and asked him how many cardholders only used to card to make purchases qualifying for the rebate and not carrying a balance. He said that it was a "pretty high percentage". The rate on the card is not just a function of MBNA's cost of funds, it is also default rate and the cost of paying the cards "perks". Mike MU-2 |
#114
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"John Galban" wrote in message om... snip I've almost never kept a balance on a credit card. If I can't get a real loan (i.e. bank loan with reasonable terms), then that means I probably can't afford whatever it is I want to buy. Must be nice... I don't have the option of very many luxuries, so I need credit from time to time for necessities... --- Outgoing mail is certified Virus Free. Checked by AVG anti-virus system (http://www.grisoft.com). Version: 6.0.801 / Virus Database: 544 - Release Date: 11/24/2004 |
#115
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"Jay Honeck" wrote in message news:Fuspd.85361$V41.50473@attbi_s52... One lesser known fact about credit card companies is that they will screw the VENDOR far more readily than they will their customers. has American Express or Diners Club done the same to you? (just curious) We'll never know -- I threw BOTH of them out right after we opened, after they tried to charge us 5% for each transaction. (The other cards -- Visa, Mastercard & Discover -- charge us "only" 4% for the privilege of "working" with them.) Here's another credit card mystery: Why the hell does ANYONE use any card but Discover? Everyone else charges to use their cards, while Discover actually PAYS you to use their card -- yet they are a distant third or fourth in the industry. Because there are cards that give more valuable rebates than Discover. I have an REI card that pays 1% on every purchase starting from the first dollar. Mike MU-2 |
#116
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"Mike Rapoport" wrote in message news snip Keep in mind that this discussion was started by someone with an AOPA card. Presumably he is a pilot and managed to pay $5K for flight training. I remember that... That means he has more money than I do to be able to get flight training... --- Outgoing mail is certified Virus Free. Checked by AVG anti-virus system (http://www.grisoft.com). Version: 6.0.801 / Virus Database: 544 - Release Date: 11/24/2004 |
#117
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Using the wrong excuse to invade Iraq.
mike "Steven P. McNicoll" wrote in message news:4PIpd.53 What screw-up? |
#118
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"Chuck" wrote in message news I've almost never kept a balance on a credit card. If I can't get a real loan (i.e. bank loan with reasonable terms), then that means I probably can't afford whatever it is I want to buy. Must be nice... I don't have the option of very many luxuries, so I need credit from time to time for necessities... Is your computer a luxury or a necessity? |
#119
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"mike regish" wrote in message news:%ZNpd.149478$HA.64434@attbi_s01... Using the wrong excuse to invade Iraq. Many reasons were given for invading Iraq. Which were wrong? |
#120
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Chuck
I feel for you man ... I hope this turns around for you soon... My theory is that peoples complete financial future can be determined to some extent by their financial start. You can start out the plus side or the negative side of it . And it can all be changed by the opportunity you were given in business, maybe by the help your parents gave you when you were young ( helping you to buy your first car, etc..) or on the flip side by any bad turn of events that might have happened to you along the way. Everyone can tell you how foolish it is for you to use a credit card but from your description of your situation it is understandable that you do what you have to do... It is easy to tell other people what they should do but until they are in the same exact situation as you it doesn't carry as much weight. I have been very lucky to have been given a few breaks when I was young that allowed me to start out on the plus side of the money curve. And I have made sure that I thanked both of my past bosses for the break / opportunity that they gave me back then. Good luck and take care. Jon "Chuck" wrote in message ... "Matt Whiting" wrote in message ... Chuck wrote: "Paul Tomblin" wrote in message ... In a previous article, "Chuck" said: "Paul Tomblin" wrote in message ... Anybody who carries a balance on any credit card is an idiot or a sucker. Or isn't as wealthy or well off financially as you are... Nobody is *forcing* you to buy what you can't currently afford, you know. Back before credit cards existed, people actually saved up money ahead of time for major purchases, instead of all this "buy now and pay later" instant gratification stuff. Ya know... I didn't say that paying the balance off was a bad thing. I guess what kinda ticked me off about your post was you said that people were idiots or suckers for not paying the balance. I merely pointed out that some people can't do that. If I get a new job and have to go to Sears and buy $2,000 worth of tools, I will not be able to pay the balance off in one month. But I gotta have the tools if I want the job. That is exactly why any financial advisor worth their salt recommends that you save an amount equal to 3 - 6 months of expenses as an "emergency" cash fund. Yes, it takes time to do this and a lot of self-control, which most Americans no longer have, but that eliminates the need to ever use a credit card for a situation like this ... or a transmission failure in your car ... or a leak in your roof, etc. Rather than save, most people use credit as their emergency fund. And, as Paul said, that is a sucker play. And some people like me are financially strapped and do not have the money to save after the bills are paid. In fact, I was putting $20 a paycheck into the credit union at work trying to save a little bit and had to stop making that deposit because I needed that $20 per pay period just to make bills. In the last 3 years, our health insurance at work has gone up 135% and co-pays, etc have risen also. I have 3 prescriptions, my wife has 5 and our son has one. That's around $150 per month or a little more. Both vehicles are paid off, so no car payments. We rent a house and it is actually about $100 below the going rate for our area. Electric bills are out the roof. Do I need to keep going? In otherwords, by me living paycheck to paycheck, and my yearly raises at 3% if I am lucky that don't even cover cost of living, I am doing everything that I can to stay afloat and will resort to whatever means I have to to provide for my wife and son. I wish that you people that make $100,000 a year, own airplanes, drive Lexus and Mercedes and live in half million dollar houses could understand... When I got married, my wife got hurt and we ended up getting behind on bills because she couldn't work for almost a year. Everytime we see daylight, something happens and we get sucked back into the hole again. The point that I keep trying to make is that some people are not able to save because of their financial situation. It seems that most in this NG don't seem to understand that. I understand what yall are saying about the 3-6 month cushion, and that is great if you can afford to do so. I wish that I could. If so, I would have a cushion in the bank. I do take offense to being called a sucker and an idiot because I have 1 credit card that I am paying interest on. In my situation, I have no choice. If you want to call people who have 15 credit cards with balances and they buy big screen TV's, stereos, jewelry, etc on credit, I will agree with you then, but think about the persons situation before you call people names... --- Outgoing mail is certified Virus Free. Checked by AVG anti-virus system (http://www.grisoft.com). Version: 6.0.801 / Virus Database: 544 - Release Date: 11/24/2004 |
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