Comments on: People Sure Do Love Their Credit Cards

By: Carnival of Credit Card #3 | Credit Card Lowdown

Carnival of Credit Card #3 | Credit Card Lowdown — Thu, 07 Jun 2007 00:59:05 +0000

[...] presents People Sure Do Love Their Credit Cards posted at No Credit Needed Blog. NCN wrote this post in response to an article about not using [...]

By: Carnival of Credit Card #3 | Credit Card Lowdown

Carnival of Credit Card #3 | Credit Card Lowdown — Thu, 07 Jun 2007 00:59:05 +0000

[...] presents People Sure Do Love Their Credit Cards posted at No Credit Needed Blog. NCN wrote this post in response to an article about not using [...]

By: Debt Blitzkrieg » Blog Archive » Update on the Credit Card Experiment

Debt Blitzkrieg » Blog Archive » Update on the Credit Card Experiment — Sun, 11 Mar 2007 18:04:12 +0000

[...] of spending that money immediate. I’m totally in synch with No Credit Needed on this point: People Sure Do Love Their Credit Cards — except I don’t. I hate mine and want to be free of their [...]

By: MaGoo

MaGoo — Tue, 27 Feb 2007 18:28:35 +0000

Oh, and PS: I own my farm free and clear!!

By: MaGoo

MaGoo — Tue, 27 Feb 2007 18:23:15 +0000

I agree with you 1000%, NCN! The only debt I have ever incurred in my life, was a small mortgage which I paid off in 5 years. I’ve lived my life debt-free and at 44 am still debt free, and although I live on a small income, I live well, because my money isn’t going to pay interest. I sleep well at night and don’t have to kill myself trying to earn money, because I deal in cash on the barrelhead. I make under $20K a year and am still able to save at least $500 every month and I live very nicely, while some people that I know make six figure incomes, and couldn’t come up with a $1000 in cash if their life depended on it. My advice to everyone: Avoid interest like the plague; Keep your income low so that you wont owe taxes…or will owe very little in the way of taxes- and you’d be surprised how far even just a small income can go. Most Americans money is frittered away on interest and taxes…don’t be one of them!

By: tim

tim — Sun, 04 Feb 2007 15:19:22 +0000

NCN, i know where you are coming from, having been in a worse situation (i.e. over $90k in unsecured debt, which means credit cards and line of credit loans). It was a tough lesson to learn and I was off credit cards until I paid it off (not by bankrupcy) and turned the negative into positive savings ($80k) after 2 and a half years.

with that said, though, it’s hard not to be tempted by getting cashback and earning interest on the grace period of the credit cards. it adds up over time. also, my mentality about finances has changed, too, which is the biggest realization for me.

again, it’s what people have posted, that it is an individual choice. there are pro’s and con’s, especially dependant on what you want to do with your finances in the end.

By: SoCalResident

SoCalResident — Mon, 22 Jan 2007 05:45:54 +0000

I still use credit cards for electronic purchases because of the buyer protection features. I’m still anal about paying them off. I usually go to my bank and either have a credit on the card or I pay it off before the bill shows up. I also use the credit card at Costco for gasoline. As a matter of fact, gasoline is probably about the only regular purchase that I make. I’ve thought about dropping the card out completely but probably will not ever do that. I (pray to God) will be debt free on 7/4/2010. I’m about $123,569.74 away including my home. (GIve or take a nickle or two) Right on target.

By: Got Wealth?

Got Wealth? — Sun, 21 Jan 2007 23:14:32 +0000

I think using plastic has it’s pro’s and con’s. What works for one person may not work for others. When I was a bit younger I went plastic-crazy because I didn’t understand the pitfalls of just paying the minimum payments as well as accepting all the offers I was given as fresh meat (college freshman.) I did what I did with what I knew then. If I knew then what I know now, my life would be more financially in order. But I’m “paying” for my mistakes and am humbled by the experience.

I truely hope that personal finance finally becomes a required course in intermediate/high school. People need to be taught the reality of debt, credit cards, loans, mortgages, etc early on.

By: Sarah

Sarah — Sun, 21 Jan 2007 23:06:32 +0000

This is a very unpopular stance but so right. I teach a class that advocates a cash method of money management and it’s offered all over the country, called Financial Peace University. You can find a class in your area at http://www.daveramsey.com

By: Rodeo of Debt Reduction #3 → We’re In Debt

Rodeo of Debt Reduction #3 → We’re In Debt — Sun, 21 Jan 2007 01:19:30 +0000

[...] 3. Over at NCN, he explains why you should never use credit cards. I don’t really agree with him, as I believe that you can use credit cards in a manner that benefit you and your finances. [...]