Living without a credit card
Neil Jones
I have problem with credit cards. I flash them for gas, sometimes for
lunch, groceries etc. They are the small ticket items but are
accumulating on my balance. Now that I have accepted that I have a
problem, I want to really wean out of this reliance on credit card.
Please share with me if anyone in this forum had this problem and have
successfully detached from the credit card. The balance is really
stressing me out.
Thank you in advance for any help.
NJ
---------------------
Random URL found on the Internet
http://memoriter.net/flash/test.html
Shawn Hirn
Neil Jones <castellan2...@yahoo.com> wrote:
> Hello,
>
> I have problem with credit cards. I flash them for gas, sometimes for
> lunch, groceries etc. They are the small ticket items but are
> accumulating on my balance. Now that I have accepted that I have a
> problem, I want to really wean out of this reliance on credit card.
> Please share with me if anyone in this forum had this problem and have
> successfully detached from the credit card. The balance is really
> stressing me out.
Cut up your credit cards or take them out of your wallet and stash them
at home where they are not within easy reach.
Daniel T.
> I have problem with credit cards. I flash them for gas, sometimes for
> lunch, groceries etc. They are the small ticket items but are
> accumulating on my balance. Now that I have accepted that I have a
> problem, I want to really wean out of this reliance on credit card.
> Please share with me if anyone in this forum had this problem and have
> successfully detached from the credit card. The balance is really
> stressing me out.
The credit card is not the problem, rather it is the fact that you are
spending more than you make that is the problem.
1) Plan your spending before you spend your money. At the beginning of
the month, decide how much you are going to spend and what you are going
to spend it on. Don't spend more than you are going to make that month.
If you have a variable income, then don't spend more than you made last
month. Try to aim for spending about 10% less.
2) Track your credit card balance as carefully as you track your
checkbook balance. It's a good idea to even keep an extra check register
on hand for credit card purchases and write them in the register when
you make a purchase.
3) Make sure that your monthly statement balance is less this month than
it was last month, do that every month and you *will* pay off the pesky
card.
clams casino
> Hello,
>
> I have problem with credit cards. I flash them for gas, sometimes for
> lunch, groceries etc. They are the small ticket items but are
> accumulating on my balance. Now that I have accepted that I have a
> problem, I want to really wean out of this reliance on credit card.
> Please share with me if anyone in this forum had this problem and have
> successfully detached from the credit card. The balance is really
> stressing me out.
>
>
> Thank you in advance for any help.
>
Can't help - Since I always pay all balance every month when due every
month, I don't have any problems. In fact, by paying them off every
month, I realize a good $500+ gain every year in rebates.
Credit cards can be quite advantageous - provided they are paid off
entirely when due each month.
Actually, your problem is not the credit cards. Your problem is
spending more than you can afford to pay. With very, very few
exceptions, there is essentially NO valid reason to ever carry a credit
card balance.
George Grapman
> Hello,
>
> I have problem with credit cards. I flash them for gas, sometimes for
> lunch, groceries etc. They are the small ticket items but are
> accumulating on my balance. Now that I have accepted that I have a
> problem, I want to really wean out of this reliance on credit card.
> Please share with me if anyone in this forum had this problem and have
> successfully detached from the credit card. The balance is really
> stressing me out.
>
>
> Thank you in advance for any help.
>
Get a debit card. You can use it just like a credit card except you
can not spend the money if you do not have it.
If you travel get a card that does not have fees when you use other
financial institutions (my credit union has no fees for ATM withdrawals
at almost any 7/11) or, for pocket money, use the card to buy something
at a large store and use the cash back option.
John A. Weeks III
The Etobian <pdcor...@myway.com> wrote:
> 4) Build up your savings to at least 4 months take home pay. Use an
> online banking account to get interest over 4%. You could also have
> it direct deposited from your pay check. This money could be used for
> emergencies (new heating system, major car repairs) so you wouldn't
> have to use your credit card. Once you reach your savings goal,
> continue to save but put anything over your 4 months reserve in
> investment vehicles that could yiled higher than 4%. Keep your
> reserve liquid so you have a ready source of emergency funds.
I believe that to be an error in logic. Having a huge amount of
cash sitting earning almost nothing is silly when the OP has a
credit card debt that is accumulating interest fees at the rate
of 21% to 29%. The best strategy is to do whatever is possible
to pay down this bill. If you have an extra 2 cents, send it
in and don't pay rip-off interest on it.
If a person is wealthy or has a very high income, they can afford
to make a mistake like letting cash sit around doing nothing. But
most work-a-day people don't have that luxury. They have to have
every dollar work twice as hard because they don't have all that
many dollars to start with, and they are going to need a million
or more in retirement funds to avoid starvation when they are 92
years old.
To summarize:
- don't set up an "emergency fund" or "rainy day fund" unless
you are wealthy or have a high income.
- do pay every last penny towards credit card debt (and to other
high rate debt that is above 7%).
- don't incur new debt except for a primary home, and then, make
sure that it is a reasonable debt that you can live with.
- once bills are paid off, save like mad for retirement.
- keep a credit card for emergencies.
- try to minimize emergencies.
- pay off the emergency bills as soon as possible.
Avoid the rainy day fund trap if you want to get out of debt.
-john-
--
======================================================================
John A. Weeks III 952-432-2708 jo...@johnweeks.com
Newave Communications http://www.johnweeks.com
======================================================================
clams casino
I think it will be difficult to find a low risk, 4%+ bank account. A
better way (once all the credit card debt is paid off) may be to have
that 4-month money in a three or perhaps six month CD which are
currently paying above 4%. If a true emergency does arise, the CDs can
be tapped to pay off such emergency charges.
Our preferred method for an emergency fund was to make extra payments
against the mortgage where the (extra) equity could be made available
in case of emergencies. Fortunately that never materialized, but we
did use the equity to buy a few cars - much lower interest rate
(especially after deductions) vs. conventional loans. It's unlikely
one will find a minimal risk investment paying more than the mortgage
interest, especially if the investor is not using deductions via IRS
long form.
Just A User
pay the complete balance every month. I have 6 cards that I use on a
rotating basis for normal expenses. I pay the balance off every month.
** Frank **
> month, I don't have any problems. In fact, by paying them off every
> month, I realize a good $500+ gain every year in rebates.
>
Wow, that is fantastic! Which card do you use and how much do you have to
spend to get back $500?
Rod Speed
> In article <9il5l31he6rs7dg3c...@4ax.com>,
> The Etobian <pdcor...@myway.com> wrote:
>
>> 4) Build up your savings to at least 4 months take home pay. Use an
>> online banking account to get interest over 4%. You could also have
>> it direct deposited from your pay check. This money could be used
>> for emergencies (new heating system, major car repairs) so you
>> wouldn't have to use your credit card. Once you reach your savings
>> goal, continue to save but put anything over your 4 months reserve in
>> investment vehicles that could yiled higher than 4%. Keep your
>> reserve liquid so you have a ready source of emergency funds.
> I believe that to be an error in logic. Having a huge amount of
> cash sitting earning almost nothing is silly when the OP has a
> credit card debt that is accumulating interest fees at the rate
> of 21% to 29%. The best strategy is to do whatever is possible
> to pay down this bill. If you have an extra 2 cents, send it
> in and don't pay rip-off interest on it.
Correct, but you have an error in your logic too.
> If a person is wealthy or has a very high income, they can
> afford to make a mistake like letting cash sit around doing
> nothing. But most work-a-day people don't have that luxury.
Most do actually, they arent flying that close to the wind.
> They have to have every dollar work twice as hard because
> they don't have all that many dollars to start with,
Most 'work-a-day people' dont need to do that.
> and they are going to need a million or more in retirement
> funds to avoid starvation when they are 92 years old.
No one starves at that age in america.
> To summarize:
> - don't set up an "emergency fund" or "rainy day fund"
> unless you are wealthy or have a high income.
Those dont need one either. In fact its those in the middle
that may benefit from having one, but its much better done
using a home equity loan instead as long as you arent one
of the fools that spends everything they have access to.
> - do pay every last penny towards credit card debt
> (and to other high rate debt that is above 7%).
Thats not necessarily the best thing to do in some situations,
most obviously when you have a real financial unusual event.
> - don't incur new debt except for a primary home,
Thats arguable too. It makes some sense for some
people whose transport needs to be reliable to produce
their income to borrow to get that reliable transport too.
> and then, make sure that it is a reasonable debt that you can live with.
> - once bills are paid off, save like mad for retirement.
> - keep a credit card for emergencies.
The home equity loan is better for that, basically because it costs less for that money.
> - try to minimize emergencies.
> - pay off the emergency bills as soon as possible.
> Avoid the rainy day fund trap if you want to get out of debt.
Yep, a home equity loan makes a lot more sense for that.
krw
clam.com says...
Five-month (six aren't as good for some reason) CDs are pretty easy
to find that yield well above 4%. I'm trying to park the proceeds
from my house and found several, the highest I've found was with my
CU, at 5.75%. For such a rainy-day, a short-term CD (amazingly
higher interest than a long-term) should work, along with a few
credit cards for emergency use.
> Our preferred method for an emergency fund was to make extra payments
> against the mortgage where the (extra) equity could be made available
> in case of emergencies. Fortunately that never materialized, but we
> did use the equity to buy a few cars - much lower interest rate
> (especially after deductions) vs. conventional loans. It's unlikely
> one will find a minimal risk investment paying more than the mortgage
> interest, especially if the investor is not using deductions via IRS
> long form.
You could do the same with a slush fund. I never liked borrowing
against my house, so didn't even for major repairs like a roof. That
equity, in my mind, was always for housing.
--
Keith
krw
noe...@xyz.net says...
that before we're done. We recently moved and used an AmEx for
pretty much all those expenses, stuff needed for the new place, and
business expenses (hotels, food, computer,...). The (up to) two
month float is nice too.
--
Keith
A Veteran
Some freeze their card (s) in a block of ice in the freezer.
then they have to go home and Microwave it to make a "spontaneous"
purchase.
--
when you believe the only tool you have is a hammer.
All problems look like nails.
Paul Pluzhnikov
> I think it will be difficult to find a low risk, 4%+ bank account.
Not really:
http://home.ingdirect.com/products/products.asp?s=OrangeSavingsAccount
Cheers,
--
In order to understand recursion you must first understand recursion.
Remove /-nsp/ for email.
Rod Speed
More fool you, it is the cheapest money available.
Rod Speed
> clams casino <PeterG...@drunkin-clam.com> wrote
>> I think it will be difficult to find a low risk, 4%+ bank account.
> Not really:
> http://home.ingdirect.com/products/products.asp?s=OrangeSavingsAccount
Its less clear how those will fair in the sub prime fiasco.
Paul Pluzhnikov
> clams casino <PeterG...@drunkin-clam.com> writes:
>> In fact, by paying them off every
>> month, I realize a good $500+ gain every year in rebates.
>>
>
> Wow, that is fantastic! Which card do you use and how much do you have to
> spend to get back $500?
I use REI Visa (http://www.reivisa.com), which gives %1 cash back
on everything, with no maximum. I pay for *everything* with it,
including (reimbursed) business travel and many utility bills.
When you fly a couple of times a year, rent cars, and stay in hotels,
it isn't hard to spend $50K/year, which produces that $500 rebate.
Paul Pluzhnikov
> I have 6 cards that I use on a rotating basis for normal expenses.
Why do you "rotate" them?
It's not like they will spoil if you don't use them, is it?
clams casino
Last year, I was able to get back 5% on all gas & groceries via a
Citibank / Amex card. That was unfortunately discontinued earlier
this year. About that time, Chase / Visa offered me $100 to set up a
new account with 3% off all gas, groceries & my cable bill. They will
pay an extra $50 if I wait until retrieving that cash refund at the
$250 level (if I recall that amount correctly - it might be at the $200
level) plus 1% on all other charges.
I was intending to discontinue another Visa card (2% on gas purchases),
but after a month of not renewing their card, they offered me $50 if I
would renew their card & charge $100. I charged just over $100, took
the cash and put that card away.
Discover pays 5% on gas during the 3nd quarter of the year, is currently
paying 5% on restaurant charges in the 4th quarter with 5% on all
grocery charges in December and has other 5% bonuses in the 1st & 2nd
quarters. They are currently advertising double mileage on the first
$3000 in travel & restaurant charges.
For all else, I tend to use a Bank of America Visa with Choice points,
getting 2% rebate on all other purchases payable as stays at Choice
hotels (plus an added bonus for charges at Choice hotels). Holiday Inn
recently paid an extra 2000 point bonus on my HI Priority club account
(essentially $20 ) for each of several stays I recently made & charged
to any Visa card.
All these are no annual fee cards.
Granted, I'm continually shuffling between 4-5 cards, but IMO, the
return of that much untaxed money is worth that minor inconvenience.
At 3%, $10k/yr in gas, groceries & cable charges can return about
$300. The 2% on all other charges plus the sign-on bonuses will easily
bring that above $500.
Just A User
> On Sun, 02 Dec 2007 12:39:22 -0500, Just A User
> <k...@up-yours-spammer.net> wrote:
>
>> I have 6 cards that I use on a
>> rotating basis for normal expenses. I pay the balance off every month.
>
>
> What's the advantage to rotating through 6 cards instead of just using
> 1 (or 2, or 3)?
Well sometime ago I read somewhere that having multiple open accounts is
better for rebuilding your credit. And the last time I checked my credit
report (creditreport.com) I was only using 3% of my available credit on
all my accounts. Actually I will probably cut it down somewhat in the
future. I started rebuilding my credit about 2 years ago, when my credit
score was about 500, now it's up to about 700. My goal is to get to
about 730 or 750 then cut down the number of cards.
Just A User
> Just A User <k...@up-yours-spammer.net> writes:
>
>> I have 6 cards that I use on a rotating basis for normal expenses.
>
> Why do you "rotate" them?
> It's not like they will spoil if you don't use them, is it?
>
> Cheers,
No they won't spoil but by rotating through them that shows activity on
all my accounts. And as how I pay them off every month it's a good thing
for my credit report.
Logan Shaw
> I think it will be difficult to find a low risk, 4%+ bank account.
Not that difficult. Here's one:
http://www.capitalone.com/directbanking/hymm/index.php?linkid=WWW_Z_Z_Z_SP25_R3_05_G_SP25
That's a "high yield money market" account. There is no minimum balance
and no monthly fees, and you get a checkbook and an ATM card. However,
since it's a money market, there's a limit on transactions per month.
But it's just about perfect for a rainy day account: if you need money
for a big unexpected expense (like a repair on your home or whatever),
you can write a check and get effectively instant access to the money.
> A better way (once all the credit card debt is paid off) may be to have
> that 4-month money in a three or perhaps six month CD which are
> currently paying above 4%. If a true emergency does arise, the CDs can
> be tapped to pay off such emergency charges.
That can work great too. It really depends on whether the CD is paying a
higher rate and if so whether it's worth it to risk the penalty for early
withdrawal if/when you need the money. A lot of CDs don't have that big
a penalty, so it probably is pretty often worth it.
> Our preferred method for an emergency fund was to make extra payments
> against the mortgage where the (extra) equity could be made available
> in case of emergencies.
Did you get that type of loan in the US? You mentioned the IRS, making
me think you are in the US, but I thought that type of loan was only
available in other countries. If it is available in the US, that would
be great to know about since I want to get that type of loan.
- Logan
Paul Pluzhnikov
> Well sometime ago I read somewhere that having multiple open accounts
> is better for rebuilding your credit.
That is correct. But having multiple accounts with balance on them
is not. If your goal is to raise your credit score, you'll probably
be better off using one card primarily, and charging $5 once a
month on one of the other 5.
> And the last time I checked my
> credit report (creditreport.com) I was only using 3% of my available
> credit on all my accounts.
How many cards were reported with a balance on them?
If you "rotate" on a monthly basis, I am guessing at least 3 had
some substantial balance, which *lowers* your score.
BTW, wamu.com offers a credit card which allows you to see your
FICO score every month, answers "why is my score XXX?" question, and
has a FICO "simulator" which answers "what would happen to my FICO
score if I did..." question.
SpammersDie
"Paul Pluzhnikov" <ppluzhn...@charter.net> wrote in message
news:m3odd9u...@somewhere.in.california.localhost...
> Just A User <k...@up-yours-spammer.net> writes:
>
>> I have 6 cards that I use on a rotating basis for normal expenses.
>
> Why do you "rotate" them?
> It's not like they will spoil if you don't use them, is it?
Only reason I can think of is to keep the utilization ratio from climbing
too high on any particular card (or more importantly, on whatever subset of
cards is reported to whatever credit bureau your next lender gets his
reports from.)
Logan Shaw
> On Sun, 02 Dec 2007 08:06:37 -0500, Neil Jones
> <castellan2...@yahoo.com> wrote:
>
>> I have problem with credit cards. I flash them for gas, sometimes for
>> lunch, groceries etc. They are the small ticket items but are
>> accumulating on my balance. Now that I have accepted that I have a
>> problem, I want to really wean out of this reliance on credit card.
>
> not living within your means. In general, paying with a credit card is
> no worse than paying with cash (and sometimes better, since some
> credit cards pay cash rewards for using them). The problems only come
> in when you don't pay your balance in full each month.
I both agree and disagree.
I agree because the fundamental problem is in fact spending more than
you earn. Spending less than you earn is the goal.
I disagree because credit cards require somewhat more self-discipline
(or maybe just good habits) than cash requires in order to achieve
the goal. With credit cards, tracking is more difficult (not impossible)
because the amount you've spent is an invisible quantity. With cash,
you either have cash in your hand or you don't. Cash creates a barrier
that stops you from going into the red; with credit cards, there is a
line that you cross but it's invisible and unless you do the math, you
don't know when you've crossed it.
Granted, you shouldn't be flirting with that line in the first place.
But let's take it as a given that flirting with that line is exactly
what's going on, because otherwise the original poster wouldn't be
asking this question.
So, while credit cards are not the problem, getting rid of credit cards
may be one step on the path to solving the problem. The ultimate plan
should be to get to a point where you *can* carry credit cards and still
not spend too much. That's partly because credit cards are convenient,
but mainly because reaching that point is an indicator that you've really
solved the root problem, which is control over yourself and control over
your finances across the board.
> I had problems similar to yours many years ago, but my solution was to
> stop spending more money than I earned. I still have all my credit
> cards, BTW - I never cut them up or froze them in a block of ice or
> any of that crap. Those are crutches for people who are too
> weak-willed to stick to a spending plan. The real way to solve your
> problem is to develop some fiscal discipline.
I agree they're crutches, but if one is in this situation, they should
do one of the following:
(A) really, truly decide they are going to do it right and control
their spending for real, make the commitment, and keep the credit
cards; or
(B) decide they're going to do it in steps, ditch the credit cards
for now as the first step, and then be serious about getting
control overall by taking further steps later (but not too much
later).
In particular, it would not be a good idea to do:
(C) not be committed to completely reforming, but keep the credit cards
anyway because you think it's more impressive to do (A) than it is
to do (B).
I guess my point is, decide what you're willing to commit to, and then
make a plan that works based on that. I'll say that you will be
happiest if you decide to commit to controlling spending in general
so that credit cards aren't a temptation. But be realistic, and if
you're not willing to commit to that, make a plan that involves cutting
up the credit cards or something.
- Logan
Anthony Matonak
> What's the advantage to rotating through 6 cards instead of just using
> 1 (or 2, or 3)?
The advantage is that while the credit card companies might not raise
your credit limit on any one card, there are always more cards you
can get. You can also pay off one card with another. Once you've
established that you regularly pay off your card at the end of the
month, they'll raise your limit.
Anthony
clams casino
It was simply a home equity loan (US) where the loan interest is
typically deductible vs. conventional loans which are typically not
interest deductible.
I'm confident most every mortgage lender has a home equity loan option,
assuming one has enough equity..
pc
> Scott in SoCal wrote:
>> On Sun, 02 Dec 2007 08:06:37 -0500, Neil Jones
>> <castellan2...@yahoo.com> wrote:
>>
>>> I have problem with credit cards. I flash them for gas, sometimes
>>> for lunch, groceries etc. They are the small ticket items but are
>>> accumulating on my balance. Now that I have accepted that I have a
>>> problem, I want to really wean out of this reliance on credit card.
>>
>> Your problem is not credit cards per se. You problem is that you are
>> not living within your means. In general, paying with a credit card is
>> no worse than paying with cash (and sometimes better, since some
>> credit cards pay cash rewards for using them). The problems only come
>> in when you don't pay your balance in full each month.
>
> I both agree and disagree.
>
> I agree because the fundamental problem is in fact spending more than
> you earn. Spending less than you earn is the goal.
>
> I disagree because credit cards require somewhat more self-discipline
> (or maybe just good habits) than cash requires in order to achieve
> the goal. With credit cards, tracking is more difficult (not impossible)
> because the amount you've spent is an invisible quantity. With cash,
> you either have cash in your hand or you don't. Cash creates a barrier
> that stops you from going into the red; with credit cards, there is a
> line that you cross but it's invisible and unless you do the math, you
> don't know when you've crossed it.
Things have changed so much in the past 10, let alone 20, years. It
makes it hard for a lot of people to understand what cold, hard cash
really means.
My paycheck is automatically deposited [my company's rule]. Health,
life and auto insurance is deducted automatically by my employer.
I pay all the bills online. Most are set up on auto-pay.
In the past three years, I've written approximately two checks per year.
I've been to my bank only once in the past year [DH still gets paid by
paper check so he goes to the bank].
I've been considering opting into Ebills that my bank offers. But, I'm
not quite there yet. I like the hard copy reminder of the expense I've
incurred.
The 'cause and effect' experience of depositing a check, taking out
cash, balancing a checkbook is pretty much gone for many. This can make
things difficult for people.
..PC
Daniel T.
> <dani...@earthlink.net> wrote:
> >Neil Jones <castellan2...@yahoo.com> wrote:
> >
> >> I have problem with credit cards. I flash them for gas, sometimes for
> >> lunch, groceries etc. They are the small ticket items but are
> >> accumulating on my balance. Now that I have accepted that I have a
> >> problem, I want to really wean out of this reliance on credit card.
> >> successfully detached from the credit card. The balance is really
> >> stressing me out.
> >
> >spending more than you make that is the problem.
> >
> >1) Plan your spending before you spend your money. At the beginning of
> >the month, decide how much you are going to spend and what you are going
> >to spend it on. Don't spend more than you are going to make that month.
> >If you have a variable income, then don't spend more than you made last
> >month. Try to aim for spending about 10% less.
> >
> >2) Track your credit card balance as carefully as you track your
> >checkbook balance. It's a good idea to even keep an extra check register
> >on hand for credit card purchases and write them in the register when
> >you make a purchase.
> >
> >3) Make sure that your monthly statement balance is less this month than
> >it was last month, do that every month and you *will* pay off the pesky
> >card.
>
> 4) Build up your savings to at least 4 months take home pay. Use an
> online banking account to get interest over 4%. You could also have
> it direct deposited from your pay check. This money could be used for
> emergencies (new heating system, major car repairs) so you wouldn't
> have to use your credit card. Once you reach your savings goal,
> investment vehicles that could yiled higher than 4%. Keep your
> reserve liquid so you have a ready source of emergency funds.
I almost fell into that trap. I was saving up in my money market account
to pay my annual bills. Then with the help of someone here (sorry I
don't remember who,) I realized that it was costing me an extra $30 per
month average in CC interest to do that.
Now I put every spare dime into the credit card, keeping only about
$1000 buffer in my checking account (I need to maintain $750 in it for
it to be free, plus $250 in case something comes up.) Sometimes, I
manage to put whole paychecks into the credit card. When an annual bill
comes up, I pay it with the credit card.
This may sound counter-intuitive, but I use my credit card now more than
ever. I put almost my whole paycheck in it (leaving enough for rent and
utilities,) and then buy everything with it. My average balance is lower
because of this strategy which lowers my interest payments and the
amount I owe is steadily going down.
Rod Speed
> Just A User <k...@up-yours-spammer.net> wrote
>> I have 6 cards that I use on a rotating basis for normal
>> expenses. I pay the balance off every month.
> SIX cards?
> What's the advantage to rotating through 6 cards instead of just using 1 (or 2, or 3)?
The problem with 1 is that it isnt hard for that one to stop being viable
for some reason, like they sent the card very late, close to the renewal
date and you happened to be out of town on that date, or you managed
to run up against the limit accidentally, or the card stops being read in
the machines, or the card issuer stops the card because of what it
decides is evidence that its been stolen, or someone does steal from
the card and it takes a bit of time to get that reversed, etc etc etc.
Only a fool has just one card.
William Souden
> Only a fool has just one card.
>
>
And welfare cases have no credit cards.
Daniel T.
> Get a debit card. You can use it just like a credit card except you
> can not spend the money if you do not have it.
Actually you can, and when you do the fees are through the roof.
Daniel T.
> ...or the card issuer stops the card because of what it
> decides is evidence that its been stolen...
That happened to me once. A quick call to the number on the back of the
card cleared it up and I was able to use the card for that purchase.
George
Or they turn it off after it really is compromised. I was away from home
one day in another state. The card company called and asked if I was
making purchases in New Zealand and Austria. I told them I wasn't and
they said they were shutting the card off and would issue a new one.
Even though I am careful and seldom use the card someone got the info
and charged >$10,000 in a few hour period.
A Veteran
<daniel_t-E3043E...@earthlink.vsrv-sjc.supernews.net>,
"Daniel T." <dani...@earthlink.net> wrote:
I rather enjoy my CC. Charge various monthly bills and pay it all off
every month. No charges. one stamp.
Just A User
> In article
> <daniel_t-E3043E...@earthlink.vsrv-sjc.supernews.net>,
> "Daniel T." <dani...@earthlink.net> wrote:
>
>> George Grapman <sfge...@paccbell.net> wrote:
>>
>>> Get a debit card. You can use it just like a credit card except you
>>> can not spend the money if you do not have it.
>> Actually you can, and when you do the fees are through the roof.
>
> I rather enjoy my CC. Charge various monthly bills and pay it all off
> every month. No charges. one stamp.
>
Evelyn C. Leeper
> In article <_ISdnV-SdvmObc_a...@comcast.com>,
> noe...@xyz.net says...
>>> Can't help - Since I always pay all balance every month when due every
>>> month, I don't have any problems. In fact, by paying them off every
>>> month, I realize a good $500+ gain every year in rebates.
>>>
>> Wow, that is fantastic! Which card do you use and how much do you have to
>> spend to get back $500?
>>
> that before we're done. We recently moved and used an AmEx for
> pretty much all those expenses, stuff needed for the new place, and
> business expenses (hotels, food, computer,...). The (up to) two
> month float is nice too.
We have a Visa card that pays 1.25% on everything (and I think 5% on
gas). By the time you charge groceries, gas, charitable contributions,
prescription costs, dentist bills, travel expenses, etc., it adds up
pretty fast. (We're only two people and will be getting back over $300
this year.)
Oh, and we pay off the full balance each month.
--
Evelyn C. Leeper
I believe I found the missing link between animal
and civilized man. It is us. -Konrad Lorenz
Evelyn C. Leeper
>
> I agree they're crutches, but if one is in this situation, they should
> do one of the following:
>
> (A) really, truly decide they are going to do it right and control
> their spending for real, make the commitment, and keep the credit
> cards; or
> (B) decide they're going to do it in steps, ditch the credit cards
> for now as the first step, and then be serious about getting
> control overall by taking further steps later (but not too much
> later).
However, it may be necessary to keep one card. For example, it is
basically impossible to rent a car these days without a credit card.
Gordon Burditt
>>> lunch, groceries etc. They are the small ticket items but are
>>> accumulating on my balance. Now that I have accepted that I have a
>>> problem, I want to really wean out of this reliance on credit card.
>>> Please share with me if anyone in this forum had this problem and have
>>> successfully detached from the credit card. The balance is really
>>> stressing me out.
>>
>>The credit card is not the problem, rather it is the fact that you are
>>spending more than you make that is the problem.
>>
>>1) Plan your spending before you spend your money. At the beginning of
>>the month, decide how much you are going to spend and what you are going
>>to spend it on. Don't spend more than you are going to make that month.
>>If you have a variable income, then don't spend more than you made last
>>month. Try to aim for spending about 10% less.
>>
>>2) Track your credit card balance as carefully as you track your
>>checkbook balance. It's a good idea to even keep an extra check register
>>on hand for credit card purchases and write them in the register when
>>you make a purchase.
>>
>>3) Make sure that your monthly statement balance is less this month than
>>it was last month, do that every month and you *will* pay off the pesky
>>card.
>
>4) Build up your savings to at least 4 months take home pay. Use an
#4 is good advice for *after* you've paid off the credit card, or
gotten close to it.
You need a "working balance", but probably not 4 months take home
pay, to smooth over little emergencies like getting sick and needing
an extra roll of toilet paper this week, the price of gas going up
*again*, auto or appliance repairs, minor medical bills, etc.
Remember, there are some things you may not be able to pay with a
credit card. I wouldn't count on every backwater town where you
might get a speeding ticket or be arrested accepting credit cards
for tickets or bail, even if you can point to some that do. Perhaps
2 weeks to a month of take-home pay is enough for this. You can
keep this balance in your checking account and use it to avoid fees
and bounced-check penalties. The interest rate isn't particularly
important.
Then you need some savings to cover longer-term, more serious
emergencies. (Like, say, losing your job.) Say, 3 or 3.5 months
take-home pay to make this and your "working balance" add up to 4
months. If you've got credit card debt at a high interest rate,
pay that off first. Remember that with a problem like losing your
job, even with an excellent credit score you still may not be able
to get a home-equity loan. You want a reasonable interest rate on
this money without taking too much risk or locking up the money for
very long.
After you have this, start working on investments.
krw
sjc.supernews.net>, geo...@humboldt1.com says...
> In article <_aWdnVQwb7GKM8_a...@comcast.com>,
> Neil Jones <castellan2...@yahoo.com> wrote:
>
> > Hello,
> >
> > I have problem with credit cards. I flash them for gas, sometimes for
> > lunch, groceries etc. They are the small ticket items but are
> > accumulating on my balance. Now that I have accepted that I have a
> > problem, I want to really wean out of this reliance on credit card.
> > Please share with me if anyone in this forum had this problem and have
> > successfully detached from the credit card. The balance is really
> > stressing me out.
> >
> >
> >
> > NJ
> > ---------------------
> > Random URL found on the Internet
> > http://memoriter.net/flash/test.html
>
> Some freeze their card (s) in a block of ice in the freezer.
> then they have to go home and Microwave it to make a "spontaneous"
> purchase.
I bet it works too! The mag stripe in the microwave must be exciting
to watch too. ;-)
--
Keith
krw
rod.sp...@gmail.com says...
> Paul Pluzhnikov <ppluzhn...@charter.net> wrote
> > clams casino <PeterG...@drunkin-clam.com> wrote
>
> >> I think it will be difficult to find a low risk, 4%+ bank account.
>
> > http://home.ingdirect.com/products/products.asp?s=OrangeSavingsAccount
>
> Its less clear how those will fair in the sub prime fiasco.
More uninformed bullshit from Ronnie.
From the site above:
"Safe and Secure - FDIC Insured"
--
Keith
krw
rod.sp...@gmail.com says...
> krw <k...@att.bizzzz> wrote:
> > In article <E1C4j.14638$so3....@newsfe18.lga>, PeterGriffin@drunkin-
> > clam.com says...
<snip>
> >> Our preferred method for an emergency fund was to make extra
> >> payments against the mortgage where the (extra) equity could be
> >> made available in case of emergencies. Fortunately that never
> >> materialized, but we did use the equity to buy a few cars - much
> >> lower interest rate (especially after deductions) vs. conventional
> >> loans. It's unlikely one will find a minimal risk investment
> >> paying more than the mortgage interest, especially if the investor
> >> is not using deductions via IRS long form.
> >
> > You could do the same with a slush fund. I never liked borrowing
> > against my house, so didn't even for major repairs like a roof.
>
> More fool you, it is the cheapest money available.
No, Ronnie. The cash in my pocket is the cheapest money available.
>
> > That equity, in my mind, was always for housing.
>
>
>
--
Keith
Rod Speed
> Rod Speed rod.sp...@gmail.com wrote
>> krw <k...@att.bizzzz> wrote
>>> PeterGriffin@drunkin- clam.com wrote
>>>> Our preferred method for an emergency fund was to make extra
>>>> payments against the mortgage where the (extra) equity could be
>>>> made available in case of emergencies. Fortunately that never
>>>> materialized, but we did use the equity to buy a few cars - much
>>>> lower interest rate (especially after deductions) vs. conventional
>>>> loans. It's unlikely one will find a minimal risk investment
>>>> paying more than the mortgage interest, especially if the investor
>>>> is not using deductions via IRS long form.
>>> You could do the same with a slush fund. I never liked borrowing
>>> against my house, so didn't even for major repairs like a roof.
>> More fool you, it is the cheapest money available.
> No, Ronnie. The cash in my pocket is the cheapest money available.
No it aint. You are much better off financially paying down your
mortgage with that cash in your pocket and then drawing the
mortgage down again if you do need to fund an extra purchase.
Rod Speed
>>>> I have problem with credit cards. I flash them for gas, sometimes
>>>> for lunch, groceries etc. They are the small ticket items but are
>>>> accumulating on my balance. Now that I have accepted that I have a
>>>> problem, I want to really wean out of this reliance on credit card.
>>>> Please share with me if anyone in this forum had this problem and
>>>> have successfully detached from the credit card. The balance is
>>>> really stressing me out.
>>> The credit card is not the problem, rather it is the fact that
>>> you are spending more than you make that is the problem.
>>> 1) Plan your spending before you spend your money. At the beginning
>>> of the month, decide how much you are going to spend and what you
>>> are going to spend it on. Don't spend more than you are going to make
>>> that month. If you have a variable income, then don't spend more than
>>> you made last month. Try to aim for spending about 10% less.
>>> 2) Track your credit card balance as carefully as you track your
>>> checkbook balance. It's a good idea to even keep an extra check
>>> register on hand for credit card purchases and write them in the
>>> register when you make a purchase.
>>> 3) Make sure that your monthly statement balance is less this month
>>> than it was last month, do that every month and you *will* pay off
>>> the pesky card.
>> 4) Build up your savings to at least 4 months take home pay.
> #4 is good advice for *after* you've paid off the credit card, or gotten close to it.
Not necessarily.
> You need a "working balance",
Not necessarily. If you get few emergencys, it can make
more sense to fund those using a fully paid off card instead.
> but probably not 4 months take home pay,
Certainly nothing like that.
> to smooth over little emergencies like getting sick and needing
> an extra roll of toilet paper this week, the price of gas going up
> *again*, auto or appliance repairs, minor medical bills, etc.
You dont necessarily need savings for stuff like that.
> Remember, there are some things you
> may not be able to pay with a credit card.
Those are trivial coverable by getting cash on the card.
> I wouldn't count on every backwater town where you might
> get a speeding ticket or be arrested accepting credit cards
> for tickets or bail, even if you can point to some that do.
> Perhaps 2 weeks to a month of take-home pay is enough for this.
Depends on how well you are paid.
> You can keep this balance in your checking account
> and use it to avoid fees and bounced-check penalties.
Or be more careful with your money and avoid them that way instead.
> The interest rate isn't particularly important.
> Then you need some savings to cover longer-term,
> more serious emergencies. (Like, say, losing your job.)
Again, not necessarily, particularly if arent likely to lose your job, or
are confident that you can get a replacement trivially if you ever do,
or if the risk of a delay between the old one and the new one is so
low that you choose to cover that unlikely possibility with the cards.
> Say, 3 or 3.5 months take-home pay to make this
> and your "working balance" add up to 4 months.
Makes no sense to have anything like that with many jobs.
> If you've got credit card debt at a high interest rate, pay that off first.
> Remember that with a problem like losing your job, even with an excellent
> credit score you still may not be able to get a home-equity loan.
It makes more sense to cover those costs with the cards.
> You want a reasonable interest rate on this money without
> taking too much risk or locking up the money for very long.
> After you have this, start working on investments.
In many situations it makes a lot more sense to not bother with the
savings and go straight for the investments and cover the unlikely
emergencys with the home equity loan that you chose to have to
finance the house purchase so you its available if you ever need it.
>> Use an online banking account to get interest over 4%. You could also
Rod Speed
> Rod Speed <rod.sp...@gmail.com> wrote
Its not always that quick and easy to get the block unblocked.
Since the other possibilitys on why you need more than
one card still exist even if that one card does unblock
the card quickly, you still need more than one card.
There's no penalty at all with a card you hardly ever use and have
for when the other one has a problem if you choose a fee free card.
The Real Bev
> On Sun, 02 Dec 2007 14:32:54 -0500, Just A User
> <k...@up-yours-spammer.net> wrote:
>
>>Scott in SoCal wrote:
>>> On Sun, 02 Dec 2007 12:39:22 -0500, Just A User
>>> <k...@up-yours-spammer.net> wrote:
>>>
>>>> I have 6 cards that I use on a
>>>> rotating basis for normal expenses. I pay the balance off every month.
>>>
>>> SIX cards?
>>>
>>> What's the advantage to rotating through 6 cards instead of just using
>>> 1 (or 2, or 3)?
>>
>>Well sometime ago I read somewhere that having multiple open accounts is
>>better for rebuilding your credit.
>
> That may be true, but having too much "open to buy" can work against
> you. Some lenders assume that the moment you get your loan from them
> you're going to run right out and max out all your credit cards, so
> having 6 might actually result in a mortgage or a car loan not being
> approved.
I have a wallet full of the damn things because of the premiums they
give you for getting a card. Yesterday's gift was 10% off a DVD
recorder. Couldn't turn that down, but it's just one more card to carry
around. Yes, I pay the bills off each month. Doesn't everyone here do
that?
Yes, if I KNEW where I was going to be shopping before I go out I could
select only the card(s) I need. I could say the same about my key ring,
but I don't. I truly envy people who just carry the keys for the car
they're driving; I have keys for 3 vehicles, 2 houses, 2 bicycle locks
and a garage key. Keys for one car and the second and a third house are
in my purse, but not on my key ring.
Belt+suspenders. Don't leave home without them.
--
Cheers, Bev
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
Polish loan sharks: they loan you money and then skip town.
Logan Shaw
> Logan Shaw wrote:
>> clams casino wrote:
>>> Our preferred method for an emergency fund was to make extra
>>> payments against the mortgage where the (extra) equity could be
>>> made available in case of emergencies.
>> Did you get that type of loan in the US? You mentioned the IRS, making
>> me think you are in the US, but I thought that type of loan was only
>> available in other countries. If it is available in the US, that would
>> be great to know about since I want to get that type of loan.
> It was simply a home equity loan (US) where the loan interest is
> typically deductible vs. conventional loans which are typically not
> interest deductible.
Ah, OK. I have heard that in certain other countries there are mortgages
where you can make extra payments, then at any point in the life of the
loan, you can withdraw any amount up to the amount that would take you
back to what's actually due on the loan at that point. In other words,
you can make early mortgage payments with impunity, and then if something
goes wrong, you can basically reverse them. It's a mortgage that also
behaves in a sense like a savings account (but at the interest rate of
a mortgage instead of the rate of a savings account).
Anyway, I thought you were saying you had such a loan in the US, and
if you were, I was going to be pretty interested to hear about it. But
it sounds like that type of loan hasn't made it to the US (yet?).
- Logan
Logan Shaw
> I almost fell into that trap. I was saving up in my money market account
> to pay my annual bills. Then with the help of someone here (sorry I
> don't remember who,) I realized that it was costing me an extra $30 per
> month average in CC interest to do that.
>
> Now I put every spare dime into the credit card, keeping only about
> $1000 buffer in my checking account (I need to maintain $750 in it for
> it to be free, plus $250 in case something comes up.) Sometimes, I
> manage to put whole paychecks into the credit card. When an annual bill
> comes up, I pay it with the credit card.
>
> This may sound counter-intuitive, but I use my credit card now more than
> ever. I put almost my whole paycheck in it (leaving enough for rent and
> utilities,) and then buy everything with it.
That's smart, but something that might be a little better even than that
is to get a second credit card. Then make all your purchases on the
second credit card, and pay off the second credit card's balance in full
every month.
What this buys you is that the first credit card, because you are carrying
a balance, is charging you interest on every purchase you make starting on
day one. But with a credit card where you don't carry a balance, there is
a grace period for new purchase. As a result, with a second credit card,
you would pay no interest because the situation with that card would be
different and the grace period would apply.
Of course, I'm making some assumptions about what the rules are with your
card, but I believe this is pretty standard.
- Logan
Logan Shaw
> I use REI Visa (http://www.reivisa.com), which gives %1 cash back
> on everything, with no maximum. I pay for *everything* with it,
> including (reimbursed) business travel and many utility bills.
That's pretty funny, because it beats the deal I get with my Citibank
card, which gets 1% back and 3% at gas stations, but with a maximum
of $300 a year. The reason it's funny is that I became an REI member
just this afternoon when I was buying some running socks, and that card
is available only to REI members. It might be worth it to me to put
some purchases on that card and gas and groceries on the one that pays
me 3% on those types of purchases. And I was just wondering whether
an REI membership was really going to benefit me. :-)
- Logan
Logan Shaw
> Yes, if I KNEW where I was going to be shopping before I go out I could
> select only the card(s) I need. I could say the same about my key ring,
> but I don't. I truly envy people who just carry the keys for the car
> they're driving; I have keys for 3 vehicles, 2 houses, 2 bicycle locks
> and a garage key. Keys for one car and the second and a third house are
> in my purse, but not on my key ring.
It could be worse. You could be like me: I have two keys on my keychain
that I *know* for sure I do not need any longer on account of the fact that
the building whose doors they open was torn down a couple of years ago.
The only problem is that I can't remember for sure which two keys they are.
And for various reasons, I can't easily check all the other keys and figure
it out by process of elimination.
- Logan
Melinda Meahan - take out TRASH to reply
it's not called a mortgage, and it doesn't last as long as a mortgage.
And I think I heard of something like that somewhere in all my readings
that goes under the guise of a first mortgage, but it sure isn't common.
Logan Shaw wrote:
>
> Ah, OK. I have heard that in certain other countries there are mortgages
> where you can make extra payments, then at any point in the life of the
> loan, you can withdraw any amount up to the amount that would take you
> back to what's actually due on the loan at that point. In other words,
> you can make early mortgage payments with impunity, and then if something
> goes wrong, you can basically reverse them. It's a mortgage that also
> behaves in a sense like a savings account (but at the interest rate of
> a mortgage instead of the rate of a savings account).
--
Every job is a self-portrait of the person who does it. Autograph your
work with excellence.
Paul Pluzhnikov
> And I was just wondering whether
> an REI membership was really going to benefit me. :-)
REI has some good stuff; the one-time $15 membership fee more than
paid for itself in the initial discount I got while buying my fist
tent and backpack.
They also have 20% member sale twice a year (I think), so if you
buy any of the biking/camping/skiing/kayaking/GPS/running/etc. stuff
for yourself, or as a present, it's pretty easy to make that
$15 back.
You can even make it back on the 5% rebate on running socks over
a year or two :)
Cheers,
--
In order to understand recursion you must first understand recursion.
Remove /-nsp/ for email.
Peter Bruells
> I disagree because credit cards require somewhat more self-discipline
> (or maybe just good habits) than cash requires in order to achieve
> the goal.
That depends on the person. I myself know what I spend my electronic
money on but cash slips through my fingers. Not in a big way like
gambling or shopping frenzies, but it just accumulates. A sof drink
here, a magazone there, etc. Don't do this with my debit or credit
cards.
Larry Bud
> Neil Jones <castellan2004-atn...@yahoo.com> wrote:
> > I have problem with credit cards. I flash them for gas, sometimes for
> > lunch, groceries etc. They are the small ticket items but are
> > accumulating on my balance. Now that I have accepted that I have a
> > problem, I want to really wean out of this reliance on credit card.
> > Please share with me if anyone in this forum had this problem and have
> > successfully detached from the credit card. The balance is really
> > stressing me out.
>
> The credit card is not the problem, rather it is the fact that you are
> spending more than you make that is the problem.
Obviously. But if you pay with cash for everything, it's pretty hard
to spend more than what's in your wallet.
Larry Bud
> you are wealthy or have a high income.
That's silly. The emergency fund is needed MORE the less you make.
> - do pay every last penny towards credit card debt (and to other
> high rate debt that is above 7%).
No doubt that this guy's credit card debt should be paid off before
any fund is established.
Chloe
news:O-ydnVtT6OO5lM7a...@giganews.com...
> Paul Pluzhnikov wrote:
>> Just A User <k...@up-yours-spammer.net> writes:
>>
>>> I have 6 cards that I use on a rotating basis for normal expenses.
>>
>> them, is it?
>>
>> Cheers,
>
> No they won't spoil but by rotating through them that shows activity on
> all my accounts. And as how I pay them off every month it's a good thing
> for my credit report.
Yep, getting the highest possible credit score depends, in part, on having
just the right amount of active, available credit card credit in proportion
to your income and other debts. DH does the same thing, although I don't
have the patience for it and have only two bank cards in my own name. The
accounts seem to be compromised often enough, as in the huge TJX theft, that
it's a good idea to have at least an active one plus an account that can be
used for backup.
Paul Pluzhnikov
> On Mon, 03 Dec 2007 00:33:30 -0600, Logan Shaw
> <lshaw-...@austin.rr.com> wrote:
>
>>Paul Pluzhnikov wrote:
>>> I use REI Visa (http://www.reivisa.com), which gives %1 cash back
>
> The Blue Cash card from American Express also beats it - it has no
> $300/year cap on the rebate.
Hmm, I have that one too, and it looks like it will give me bigger
rebate :)
> Does the REI Visa actually pay you CASH back, or is it only a voucher
> for REI merchandise?
You get an annual letter with total rebate amount.
You can "spend" that letter at REI and get a 20% discount off
one item, or you can request a check to be mailed to you, which
can then be deposited.
Just A User
> On Sun, 02 Dec 2007 21:29:04 -0800, The Real Bev
> <bashley1...@gmail.com> wrote:
>
>> Scott in SoCal wrote:
>>
>>> On Sun, 02 Dec 2007 14:32:54 -0500, Just A User
>>> <k...@up-yours-spammer.net> wrote:
>>>
>>>> Scott in SoCal wrote:
>>>>> On Sun, 02 Dec 2007 12:39:22 -0500, Just A User
>>>>> <k...@up-yours-spammer.net> wrote:
>>>>>
>>>>>> I have 6 cards that I use on a
>>>>>> rotating basis for normal expenses. I pay the balance off every month.
>>>>> SIX cards?
>>>>>
>>>>> What's the advantage to rotating through 6 cards instead of just using
>>>>> 1 (or 2, or 3)?
>>>> Well sometime ago I read somewhere that having multiple open accounts is
>>>> better for rebuilding your credit.
>>> That may be true, but having too much "open to buy" can work against
>>> you. Some lenders assume that the moment you get your loan from them
>>> you're going to run right out and max out all your credit cards, so
>>> having 6 might actually result in a mortgage or a car loan not being
>>> approved.
>> I have a wallet full of the damn things because of the premiums they
>> give you for getting a card. Yesterday's gift was 10% off a DVD
>> recorder. Couldn't turn that down, but it's just one more card to carry
>> around.
>
>
> You *could* close those accounts, you know. :)
>
>> Yes, I pay the bills off each month. Doesn't everyone here do that?
>
I will be closing some of my accounts in the future. And I thought all
smart consumers paid off their cards on a monthly basis.
Rich Greenberg
Just A User <k...@up-yours-spammer.net> wrote:
[big snip]
>I will be closing some of my accounts in the future. And I thought all
>smart consumers paid off their cards on a monthly basis.
Yes, all smart consumers do, but not all consumers are smart.
--
Rich Greenberg N Ft Myers, FL, USA richgr atsign panix.com + 1 239 543 1353
Eastern time. N6LRT I speak for myself & my dogs only. VM'er since CP-67
Canines:Val, Red, Shasta & Casey (RIP), Red & Zero, Siberians Owner:Chinook-L
Retired at the beach Asst Owner:Sibernet-L
Marc
> Get a debit card. You can use it just like a credit card except you
> can not spend the money if you do not have it.
Unfortunately, this isn't always true; sometimes the transaction will
be
accepted and generate an overdraft. Someone who lacks the financial
self-discipline to only spend what he can afford with a credit card
may
find that overdraft fees can be much higher than the interest payments
used to be.
Evelyn C. Leeper
And again, I don't think you can use them to rent a car.
--
Evelyn C. Leeper
I believe I found the missing link between animal
and civilized man. It is us. -Konrad Lorenz
Dennis
<ppluzhn...@charter.net> wrote:
>REI has some good stuff; the one-time $15 membership fee more than
>paid for itself in the initial discount I got while buying my fist
>tent and backpack.
Jeez, I hope a fist tent isn't what it sounds like.
Dennis (evil)
--
"There is a fine line between participation and mockery" - Wally
George Grapman
> Marc wrote:
>> On Dec 2, 8:42 am, George Grapman <sfgeo...@paccbell.net> wrote:
>>> Get a debit card. You can use it just like a credit card except you
>>> can not spend the money if you do not have it.
>>
>> Unfortunately, this isn't always true; sometimes the transaction will
>> be
>> accepted and generate an overdraft. Someone who lacks the financial
>> self-discipline to only spend what he can afford with a credit card
>> may
>> find that overdraft fees can be much higher than the interest payments
>> used to be.
>
> And again, I don't think you can use them to rent a car.
>
always confirm this ahead of time.
George Grapman
if I exceed the balance on my debit/checking card my credit union will
transfer the needed money from my savings account for $1 per transaction.
krw
use...@austin.rr.com says...
> The Real Bev wrote:
> > Yes, if I KNEW where I was going to be shopping before I go out I could
> > select only the card(s) I need. I could say the same about my key ring,
> > but I don't. I truly envy people who just carry the keys for the car
> > they're driving; I have keys for 3 vehicles, 2 houses, 2 bicycle locks
> > and a garage key. Keys for one car and the second and a third house are
> > in my purse, but not on my key ring.
I usually have just a few keys on my ring, but recently I had the
keys for two cars (two large keys), my house (two), two apartments
(seven), and a half dozen padlocks, trunks, toolboxes, and who knows
what. My wife thought I'd become a janitor or something. We sold
the house a couple of weeks ago and just got rid of the second
apartment keys today. Now, to match all the padlocks and storage
boxes.
> It could be worse. You could be like me: I have two keys on my keychain
> that I *know* for sure I do not need any longer on account of the fact that
> the building whose doors they open was torn down a couple of years ago.
> The only problem is that I can't remember for sure which two keys they are.
> And for various reasons, I can't easily check all the other keys and figure
> it out by process of elimination.
That's easy. Throw two keys away - any two. Those will be the two
most important of the keys. Rinse, repeat.
--
Keith
krw
says...
> krw wrote:
> > In article <_ISdnV-SdvmObc_a...@comcast.com>,
> > noe...@xyz.net says...
> >>> Can't help - Since I always pay all balance every month when due every
> >>> month, I don't have any problems. In fact, by paying them off every
> >>> month, I realize a good $500+ gain every year in rebates.
> >>>
> >> Wow, that is fantastic! Which card do you use and how much do you have to
> >> spend to get back $500?
> >>
> > I won't be getting back anything close to $500 but likely over half
> > that before we're done. We recently moved and used an AmEx for
> > pretty much all those expenses, stuff needed for the new place, and
> > business expenses (hotels, food, computer,...). The (up to) two
> > month float is nice too.
>
> We have a Visa card that pays 1.25% on everything (and I think 5% on
> gas). By the time you charge groceries, gas, charitable contributions,
> prescription costs, dentist bills, travel expenses, etc., it adds up
> pretty fast. (We're only two people and will be getting back over $300
> this year.)
May I ask which one? THe best I've seen that does that well are
introductory offers (two-six months). My AmEx is 1% on everything,
paid by AmEx "gift card" in $25 increments, which isn't as good as
being applied to my account (thus cash), but close.
> Oh, and we pay off the full balance each month.
That goes without saying. Cash back is pretty stupid if you're
paying 20% interest on any non-trivial balance (and if it is trivial,
why?).
--
Keith
krw
rod.sp...@gmail.com says...
> krw <k...@att.bizzzz> wrote
> > Rod Speed rod.sp...@gmail.com wrote
> >> krw <k...@att.bizzzz> wrote
> >>> PeterGriffin@drunkin- clam.com wrote
>
> >>>> Our preferred method for an emergency fund was to make extra
> >>>> payments against the mortgage where the (extra) equity could be
> >>>> materialized, but we did use the equity to buy a few cars - much
> >>>> lower interest rate (especially after deductions) vs. conventional
> >>>> loans. It's unlikely one will find a minimal risk investment
> >>>> paying more than the mortgage interest, especially if the investor
> >>>> is not using deductions via IRS long form.
>
> >>> You could do the same with a slush fund. I never liked borrowing
> >>> against my house, so didn't even for major repairs like a roof.
>
> >> More fool you, it is the cheapest money available.
>
> > No, Ronnie. The cash in my pocket is the cheapest money available.
>
> No it aint. You are much better off financially paying down your
> mortgage with that cash in your pocket and then drawing the
> mortgage down again if you do need to fund an extra purchase.
Wrong again, Ronnie. I don't have a mortgage (sold the house), but
even if I did it's not always possible to take a second mortgage,
particularly if one loses one's job (like you would know about
working). The mortgage should be the first bill paid and that takes
cash, which will be in short supply after.
> >>> That equity, in my mind, was always for housing.
>
--
Keith
Neil Jones
> On Sun, 02 Dec 2007 08:06:37 -0500, Neil Jones
> <castellan2...@yahoo.com> wrote:
>
>> I have problem with credit cards. I flash them for gas, sometimes for
>> lunch, groceries etc. They are the small ticket items but are
>> accumulating on my balance. Now that I have accepted that I have a
>> problem, I want to really wean out of this reliance on credit card.
>
> not living within your means. In general, paying with a credit card is
> no worse than paying with cash (and sometimes better, since some
> credit cards pay cash rewards for using them). The problems only come
> in when you don't pay your balance in full each month.
>
>> Please share with me if anyone in this forum had this problem and have
>> successfully detached from the credit card. The balance is really
>> stressing me out.
>
> stop spending more money than I earned. I still have all my credit
> cards, BTW - I never cut them up or froze them in a block of ice or
> any of that crap. Those are crutches for people who are too
> weak-willed to stick to a spending plan. The real way to solve your
> problem is to develop some fiscal discipline.
Thank you for encouraging some financial introspection. My CC balance
went up to 12K in August. I managed to bring it back down (by dipping
into savings etc) to 3K and now it is creeping backup to 6K. This
scares me. Long time ago (early 90's), I used Discover card since it
was not readily accepted. Now I cannot shelter myself from card
acceptance/rejection by business establishments. It looks like they
take any card these days. I am want to give up the cards and use cash
only transactions. Hopefully that will help me develop some fiscal
discipline.
Thank you all for replying to the post!
NJ
---------------------
Random URL found on the Internet
http://memoriter.net/flash/test.html
Rod Speed
> Rod Speed rod.sp...@gmail.com says...
>> krw <k...@att.bizzzz> wrote
>>> Rod Speed rod.sp...@gmail.com wrote
>>>> krw <k...@att.bizzzz> wrote
>>>>> PeterGriffin@drunkin- clam.com wrote
>>>>>> Our preferred method for an emergency fund was to make extra
>>>>>> payments against the mortgage where the (extra) equity could be
>>>>>> made available in case of emergencies. Fortunately that never
>>>>>> materialized, but we did use the equity to buy a few cars - much
>>>>>> lower interest rate (especially after deductions) vs.
>>>>>> conventional loans. It's unlikely one will find a minimal risk
>>>>>> investment paying more than the mortgage interest, especially if
>>>>>> the investor is not using deductions via IRS long form.
>>>>> You could do the same with a slush fund. I never liked borrowing
>>>>> against my house, so didn't even for major repairs like a roof.
>>>> More fool you, it is the cheapest money available.
>>> No, Ronnie. The cash in my pocket is the cheapest money available.
>> No it aint. You are much better off financially paying down your
>> mortgage with that cash in your pocket and then drawing the
>> mortgage down again if you do need to fund an extra purchase.
> Wrong again, Ronnie.
Nope.
> I don't have a mortgage (sold the house), but even if
> I did it's not always possible to take a second mortgage,
Wasnt talking about a second mortgage, I was talking about a
mortgage where you can pay it down at a faster rate any time
you want and draw it down some more whenever you need to.
> particularly if one loses one's job
You can still do what I was talking about even if you lose the job.
> The mortgage should be the first bill paid and that
> takes cash, which will be in short supply after.
Wrong when you can just draw down the mortgage
of at least what you paid early in that situation.
krw
Doesn't exist.
> > particularly if one loses one's job
>
> You can still do what I was talking about even if you lose the job.
Not with any mortgage I've ever seen. You can pay in advance but you
can't borrow against it, without a new contract (mortgage).
> > The mortgage should be the first bill paid and that
> > takes cash, which will be in short supply after.
>
> Wrong when you can just draw down the mortgage
> of at least what you paid early in that situation.
You're an idiot, Ronnie. But everyone here already knows that.
--
Keith
Rod Speed
>>> Wrong again, Ronnie.
>> Nope.
> Doesn't exist.
Corse it does.
>>> particularly if one loses one's job
>> You can still do what I was talking about even if you lose the job.
> Not with any mortgage I've ever seen.
You need to get out more.
> You can pay in advance but you can't borrow
> against it, without a new contract (mortgage).
Thanks for that completely superfluous proof that you have
never ever had a fucking clue about anything at all, ever.
>>> The mortgage should be the first bill paid and that
>>> takes cash, which will be in short supply after.
>> Wrong when you can just draw down the mortgage
>> of at least what you paid early in that situation.
<reams of your desperate attempts to bullshit and lie your way out of your
predicament that fools absolutely no one at all, as always, flushed where it belongs>
William Souden
he know about home ownership.
Nicik Name
"Neil Jones" <castellan2...@yahoo.com> wrote in message
news:_aWdnVQwb7GKM8_a...@comcast.com...
> Hello,
>
> I have problem with credit cards. I flash them for gas, sometimes for
> lunch, groceries etc. They are the small ticket items but are
> accumulating on my balance. Now that I have accepted that I have a
> problem, I want to really wean out of this reliance on credit card.
> successfully detached from the credit card. The balance is really
> stressing me out.
The US economy revolves around the credit card
>
> Thank you in advance for any help.