PSA: Credit Card Minimum Payments About to DOUBLE

[Homerboy]

Originally posted by: SouthPaW1227

Originally posted by: Tiamat
don't buy what you can afford. Its very simple. No need for minimum payments.
:shrugs;

Maybe this guy said it better than me.

Hard times? That's what friends and family is for, not digging an impossible ditch.

yeah Im going to ask my mommy for help... Im a grown adult/man with a family of my own. Its my responsibility not my freinds/family to buy diapers for my kids. It's not pride in the way, its personal responsibility. And in reality they did help. Mom often gave us some food she got at the store, helped by clothes for the kids, even paid the mortgate 1 month. But stuff adds up... when your married with 2 kids, send me your budget and we'll talk

 

[SouthPaW1227]

A freakin' personal bank loan is lower than 10%+ precent that CC charges, though. That's what I can't understand. For any type of "loan" or "extra money I needed", the LAST PLACE I'd turn was a credit card!

I can get nearly unlimited funds from my bank at below 4%, sometimes lower than 3%.

 

[chambersc]

Originally posted by: Homerboy

Originally posted by: SouthPaW1227
Anyone who only pays the minimum (heck, anyone who doesn't pay it COMPLETELY off by the end of the grace period) on a credit card is any idiot anyway.

ok holier than though.
What if you CAN'T pay it off in full... there are reasons that some people carry a balance that are out of their control.

then those people simply don't need a CC because they can't handle their own affairs.

 

[Budmantom]

Originally posted by: Ares2600
Wow.. some people need some perspective here. Especially with the economy the way it has been the past few years I'd imagine there'd be more understanding flying around. Sh!t happens, and not everyone is a moron that turns to credit to get them through. You people ride some high friggin horses.

You assume too much, the majority of people get into CC debt from poor spending habits.


Tom

 

[SouthPaW1227]

when your married with 2 kids, send me your budget and we'll talk

How hard is this? Don't buy what you can't afford. That is all there is to budgeting on the basic level. Savings is another aspect if you have leftover funds each month. If you couldn't afford the kids, those should've been left outta the budget too.

All I'm saying is paying CCs interest rates is murder. There ARE other ways.

 

[So]

Oh no! 2 x 0 = 0 :Q!

 

[Homerboy]

Originally posted by: SouthPaW1227

when your married with 2 kids, send me your budget and we'll talk

How hard is this? Don't buy what you can't afford. That is all there is to budgeting on the basic level. Savings is another aspect if you have leftover funds each month. If you couldn't afford the kids, those should've been left outta the budget too.

All I'm saying is paying CCs interest rates is murder. There ARE other ways.

You're right. My newborn didn't need those diapers or formula. My 2yr old didn't need anything either. I wasn't buying freaking gold watches and new cars. In fact I SOLD my car and started riding the bus.

Your ignorance is painful

 

[theGlove]

Originally posted by: SouthPaW1227
A freakin' personal bank loan is lower than 10%+ precent that CC charges, though. That's what I can't understand. For any type of "loan" or "extra money I needed", the LAST PLACE I'd turn was a credit card!

I can get nearly unlimited funds from my bank at below 4%, sometimes lower than 3%.

not everybody can get a nice loan with low interest btw. This just goes to show that you're either out of touch or ignorant.

 

[edro]

This is a good thing, but it still isn't enough.

If you have $1000 in debt, what is $40 going to do? It will still take you ~3 Years to pay off (with interest).

They need to make the minimum like 8% IMO.

 

[dxkj]

Originally posted by: notfred

Originally posted by: SouthPaW1227
Anyone who only pays the minimum (heck, anyone who doesn't pay it COMPLETELY off by the end of the grace period) on a credit card is any idiot anyway.

Anyone who doesn't pay for thier house and car in cash is a fvcking moron. :roll:

QFT... ignorant bastards who are slave to the man

 

[FoBoT]

my CC debt is low, good luck to all those with high CC debt, i was there once. it is so much better to not have that. buying crap doesn't really make you feel better in the long run

 

[Ares2600]

Originally posted by: Budmantom

Originally posted by: Ares2600
Wow.. some people need some perspective here. Especially with the economy the way it has been the past few years I'd imagine there'd be more understanding flying around. Sh!t happens, and not everyone is a moron that turns to credit to get them through. You people ride some high friggin horses.

You assume too much, the majority of people get into CC debt from poor spending habits.


Tom

Completely agreed, but the comments here are essentially saying that there's NO excuse and anyone, without exception, in a position where this news has an effect is a moron. I'm just trying to make the point that some people, otherwise responsible financially, have had to turn to credit cards in order to make ends meet. Not morons... not stupid.. just in a tight spot. People assume to have all the answers and know all the angles. I'd like to know how many of them have families to support on a single income in a bad economy, etc. ATOT tends to be fairly biased towards the comfortable single guy.

 

[Homerboy]

not everybody can get a nice loan with low interest btw. This just goes to show that you're either out of touch or ignorant.

Exactly... when your credit is GOOD sure the bank will loan you money. But when you're already over-extended, they wont... or wont at a good rate anyways.

 

[SouthPaW1227]

You're right. My newborn didn't need those diapers or formula. My 2yr old didn't need anything either. I wasn't buying freaking gold watches and new cars. In fact I SOLD my car and started riding the bus.

Your ignorance is painful

How are you this dumb? IF YOU CANNOT AFFORD A CHILD, USE PROTECTION.

 

[Homerboy]

How are you this dumb? IF YOU CANNOT AFFORD A CHILD, USE PROTECTION.

Dipsh!t... did you even READ my posts? I got laid off 1 week AFTER my 2nd kid was born... thats 9 months AFTER she got pregnant. Before the layoff money was FINE... in fact we fully lived off the savings for a month or so.

If I had a crystal ball that could forsee the future, as you seem to think I have, I would just grab the winning lottery numbers and all this would be over....

 

[xospec1alk]

Originally posted by: Homerboy

not everybody can get a nice loan with low interest btw. This just goes to show that you're either out of touch or ignorant.

Exactly... when your credit is GOOD sure the bank will loan you money. But when you're already over-extended, they wont... or wont at a good rate anyways.

i think the point is as long as you prepare for the worst, even when hard times come, you shouldn't need to rely on credit to survive. take me for example...before i had a nice cushy job, i'd spend every penny i had, but never strayed into debt because i didn't want to pay crazy interest rates, and i would put nothing into savings. now that i've grown a little, and have a better paying job, im putting as much into savings as i can, so that i can draw upon it, if i get fired...so as long as everyone keeps everything in good standing, credit card debt will be a thing of the past...im my opinion.

edit: just want to say, i don't know your (homerboy) situation, but i think the majority of the people are able to save, but spend recklessly when they have the money.

 

[tm37]

Originally posted by: SouthPaW1227
This is why America is in the debt were in. You people actually pay 10%+ interest rates? Are you insane? Nothing that costs you 10%+ in interest is a necessity, or even worthwhile.

Homes you can finance for 30 years, and it's a necessity. Cars you can get 0% interest on if you bargain. But there's no way in bloody hell 10% is acceptable...you end up paying rediculous amounts for crap you didn't even need.

Treat a credit card like cash or else you can easily fall in debt you'll never get out of. Some people are fine living in perpetual debt, and I'm not one of them.

More indebt = more money spent = more good and services consumed = more jobs

It really can work both ways

 

[Homerboy]

i think the point is as long as you prepare for the worst, even when hard times come, you shouldn't need to rely on credit to survive. take me for example...before i had a nice cushy job, i'd spend every penny i had, but never strayed into debt because i didn't want to pay crazy interest rates, and i would put nothing into savings. now that i've grown a little, and have a better paying job, im putting as much into savings as i can, so that i can draw upon it, if i get fired...so as long as everyone keeps everything in good standing, credit card debt will be a thing of the past...im my opinion.

which I did also, but the money you put away doesn't last forever and ever. We had enough for 5 weeks give or take, but after months of no solid income, insane insurance rates, mortgage etc, it adds up. We prepared for "the worst" but "the worst" came at THE worst time and was worse than expected.

 

[Hossenfeffer]

Ugh, when it rains, it pours. I'll be anxious to see how much my minimums jump because I -am- in credit card hell. Would guess my monthly minimums total around $800-900.... ack.

Looks like this could be an event that helps kick me into recovery, either that or accelerates something worse. At any rate, the fact that I've managed to get by for 10 years has been a blessing and a curse...

Any recommendations on credit counseling? The biggest obstacle I've had as yet is a (probably typical) irrational pride. (i.e. "I can get out of this by myself, damnit")

 

[SouthPaW1227]

Originally posted by: Homerboy

How are you this dumb? IF YOU CANNOT AFFORD A CHILD, USE PROTECTION.

Dipsh!t... did you even READ my posts? I got laid off 1 week AFTER my 2nd kid was born... thats 9 months AFTER she got pregnant. Before the layoff money was FINE... in fact we fully lived off the savings for a month or so.

If I had a crystal ball that could forsee the future, as you seem to think I have, I would just grab the winning lottery numbers and all this would be over....

I know it's none of my business, but if you weren't in the position to be able to live comfortably off of savings until you could find another job, she shouldn't have gotten pregnant again. You've no excuse. Everybody can save money one way or another. I just see things from a financial viewpoint; don't buy things you can't afford (including a marriage and a kid) until you can afford them. They won't magically pay for themself somehow. And don't buy things on the assumption that you'll have the money next month.

I personally will not have a kid until there's a huge amount in savings, 'cause the future becomes highly unstable once that event occurs.

 

[dxkj]

Originally posted by: SouthPaW1227
A freakin' personal bank loan is lower than 10%+ precent that CC charges, though. That's what I can't understand. For any type of "loan" or "extra money I needed", the LAST PLACE I'd turn was a credit card!

I can get nearly unlimited funds from my bank at below 4%, sometimes lower than 3%.

You are full of BS... you can make more money than they charge by turning it around and putting it in a CD or savings account


PLUS , you fvcktard, have you thought that if they are UP TO THEIR EARS in debt, they might have an IMPOSSIBLe time in getting approved for a low interest loan from a bank who looks at their CC balances and credit score as a liabilty

 

[xospec1alk]

Originally posted by: Homerboy

which I did also, but the money you put away doesn't last forever and ever. We had enough for 5 weeks give or take, but after months of no solid income, insane insurance rates, mortgage etc, it adds up. We prepared for "the worst" but "the worst" came at THE worst time and was worse than expected.

well as long as you prepared for the worst, and all, then i can't say i blame you for falling into debt, no on can see what is going to happen down the road, especially in this economy right now.

 

[Jzero]

Originally posted by: SouthPaW1227
I know it's none of my business, but if you weren't in the position to be able to live comfortably off of savings until you could find another job, she shouldn't have gotten pregnant again. You've no excuse.

Your reading comprehension is positively awful.

I personally will not have a kid until there's a huge amount in savings, 'cause the future becomes highly unstable once that event occurs.

The best laid plans...I hope you never get into a hole, but if it happens to you I hope you remember this thread.

 

[SouthPaW1227]

You are full of BS... you can make more money than they charge by turning it around and putting it in a CD or savings account


PLUS , you fvcktard, have you thought that if they are UP TO THEIR EARS in debt, they might have an IMPOSSIBLe time in getting approved for a low interest loan from a bank who looks at their CC balances and credit score as a liabilty

No, I'm not. It's called a "credit union" and you should find a way to become affiliated with one.

And if you've already ruined your credit, you're screwed anyway. There's no escaping it hardly once it starts, which is why I'm saying it's idiotic to even START charging so much that you're forced to pay minimums on 10% interest rates. You'll probably never recover if you live that lifestyle.

 

[xospec1alk]

Originally posted by: SouthPaW1227

I know it's none of my business, but if you weren't in the position to be able to live comfortably off of savings until you could find another job, she shouldn't have gotten pregnant again. You've no excuse. Everybody can save money one way or another. I just see things from a financial viewpoint; don't buy things you can't afford (including a marriage and a kid) until you can afford them. They won't magically pay for themself somehow. And don't buy things on the assumption that you'll have the money next month.

I personally will not have a kid until there's a huge amount in savings, 'cause the future becomes highly unstable once that event occurs.

dude, read the posts, his kid was born right before he got laid off. having a baby is expensive. and im sure when they decided to have a second child, he was able to afford it, but fact is, he got laid off AFTER the child came.