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Old Yesterday, 12:27 PM
 
1,042 posts, read 223,695 times
Reputation: 1574

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Quote:
Originally Posted by EddieB.Good View Post
You go ahead think that through. I'll stand by that comment. If you're responsible, you make money on credit. If you don't understand that, you don't belong in a conversation about finances or credit. Stick to using jars and envelopes to manage your money.
Would you like to expand upon that one ?

Please explain how carrying a $50K balance across 8 credit cards and barely able to make the minimum payments is being responsible ? That is story of one of the couples in the OP's link.
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Old Yesterday, 12:28 PM
 
Location: Chicago, IL
6,932 posts, read 3,448,916 times
Reputation: 2939
Quote:
Originally Posted by JimRom View Post
Title of thread: Families go deep into debt to stay in the middle class
Premise of thread: Debt is bad
Your position: People should go into debt.
Did you miss this part: People who live on credit and pay their bill are not the issue.

By definition, people who do that, ARE NOT IN DEBT.

And if they're smart, they make money off their spending.

You obviously don't understand what these words mean, so why are you in this conversation?
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Old Yesterday, 12:35 PM
 
Location: Chicago, IL
6,932 posts, read 3,448,916 times
Reputation: 2939
Quote:
Originally Posted by TMSRetired View Post
Would you like to expand upon that one ?

Please explain how carrying a $50K balance across 8 credit cards and barely able to make the minimum payments is being responsible ? That is story of one of the couples in the OP's link.
There are two types of credit users: people who REPLACE their out of pocket spending with credit, and people who SUPPLEMENT their out of pocket spending with credit.

The former pays their bill in full every month. They budget and stuck to it. Their credit utilization rate is under 10%, 5% if they're really responsible. They do not pay late fees or interest charges. They need $100s every year from cashbacks and rewards just from paying their bill on time.

The latter are the bad credit users. They don't budget. Their credit utilization is more than 20%. They are in debt. They "live beyond their means" bc they can't pay their full balance off at the end of the cycle.
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Old Yesterday, 12:39 PM
 
1,042 posts, read 223,695 times
Reputation: 1574
Quote:
Originally Posted by EddieB.Good View Post
There are wo types of credit users: people who replace their out of pocket spending with credit, and people who supplement their out of pocket spending with credit.

The former pays their bill in full every month. Their credit utilization rate is under 10%, 5% if they're really responsible. They do not pay late fees or interest charges. They need $100s every year from cashbacks and rewards programs just from paying their bill on time.

The latter are the bad credit users. They're credit utilization is more than 20%. They are in debt. They "live beyond their means" bc they can't pay their full balance off at the end of the cycle.
Ok so I'm the former..I do use my CC for everything and pay my bill in full.
But that doesn't make me money.

Investing my extra money makes me money, not the money I need to keep on the side to pay my CC bill. Bank interest rates are less then a penny these days.

Investing money spent in the future (30 days) will not make you much money my friend because it has to be liquid within 30 days to pay the bill.
Living on credit does not make you money.
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Old Yesterday, 12:46 PM
 
Location: Chicago, IL
6,932 posts, read 3,448,916 times
Reputation: 2939
Quote:
Originally Posted by TMSRetired View Post
Ok so I'm the former..I do use my CC for everything and pay my bill in full.
But that doesn't make me money.

Investing my extra money makes me money, not the money I need to keep on the side to pay my CC bill. Bank interest rates are less then a penny these days.

Investing money spent in the future (30 days) will not make you much money my friend because it has to be liquid within 30 days to pay the bill.
Living on credit does not make you money.
Then you need better credit cards. I earn 2-5% on almost everything I charge, and I charge almost everything. If you're not making money, that's your fault.
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Old Yesterday, 01:22 PM
 
1,042 posts, read 223,695 times
Reputation: 1574
Quote:
Originally Posted by EddieB.Good View Post
Then you need better credit cards. I earn 2-5% on almost everything I charge, and I charge almost everything. If you're not making money, that's your fault.
Don't worry about me. I make my money via the stock market.
It's what I know and understand.
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Old Yesterday, 01:25 PM
 
1,515 posts, read 619,624 times
Reputation: 1354
Quote:
Originally Posted by EddieB.Good View Post
Then you need better credit cards. I earn 2-5% on almost everything I charge, and I charge almost everything. If you're not making money, that's your fault.
It surprises me that people overlook this. It's a guaranteed 2-5% instant gain.
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Old Yesterday, 01:30 PM
 
Location: Bella Vista, Ark
72,287 posts, read 83,996,790 times
Reputation: 42051
Quote:
Originally Posted by zach_33 View Post
For the record, this information was posted on the front page of the Wall Street Journal, which is a center-right publication targeting pro-business moderates - definitely not a "most liberal blog"
But the OP gave the reference as MSN.com, which is among the most liberal blogs there is. Have you ever heard taking something out of context or only reporting what they want to report?
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Old Yesterday, 01:30 PM
 
Location: Suburb of Chicago
21,192 posts, read 10,209,867 times
Reputation: 20459
Quote:
Originally Posted by JimRom View Post
Title of thread: Families go deep into debt to stay in the middle class
Premise of thread: Debt is bad
Your position: People should go into debt.
LOL, can you see why some people are spending more than they should be? A lack of understanding with regard to economics and simple accounting/budgeting appears to be an issue. Well, that and the childlike attitude that if you don't overspend and buy a 3,000 square foot home, you'll be in a van down by the river and the entire country will go into a recession.
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Old Yesterday, 01:31 PM
 
1,042 posts, read 223,695 times
Reputation: 1574
Quote:
Originally Posted by TexasLawyer2000 View Post
It surprises me that people overlook this. It's a guaranteed 2-5% instant gain.
If you don't spend that much to begin with it's really not that big of a deal in the grand scheme of things.

Lots of people also overlook their w-4 withholdings and let the government have use of their money for a year interest free. And then they think it's a good deal when the government gives it back to them a year later as a "refund".
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