Comments on: PF Bloggers: Attitudes About Debt And Credit Cards http://www.ncnblog.com/2007/02/22/pf-bloggers-attitudes-about-debt-and-credit-cards/ Debt Reduction Rocks - We Are Living Debt Free! Thu, 11 Mar 2010 20:35:27 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: credit earn extra home money http://www.ncnblog.com/2007/02/22/pf-bloggers-attitudes-about-debt-and-credit-cards/comment-page-1/#comment-116859 credit earn extra home money Mon, 23 Jun 2008 09:29:05 +0000 http://www.ncnblog.com/2007/02/22/pf-bloggers-attitudes-about-debt-and-credit-cards/#comment-116859 <strong>credit earn extra home money...</strong> I came across your site while I did a search on Google for %KEYWORD% and your article on %TITLE% was informative.... credit earn extra home money…

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]]> By: 63 Fantastic Personal Finance Posts : SCN - Personal Finance http://www.ncnblog.com/2007/02/22/pf-bloggers-attitudes-about-debt-and-credit-cards/comment-page-1/#comment-59678 63 Fantastic Personal Finance Posts : SCN - Personal Finance Sun, 09 Dec 2007 18:10:00 +0000 http://www.ncnblog.com/2007/02/22/pf-bloggers-attitudes-about-debt-and-credit-cards/#comment-59678 [...] PF Bloggers: Attitudes About Debt And Credit Cards - No Credit Needed [...] [...] PF Bloggers: Attitudes About Debt And Credit Cards – No Credit Needed [...]

]]> By: lastAutumn http://www.ncnblog.com/2007/02/22/pf-bloggers-attitudes-about-debt-and-credit-cards/comment-page-1/#comment-45763 lastAutumn Fri, 02 Nov 2007 10:15:54 +0000 http://www.ncnblog.com/2007/02/22/pf-bloggers-attitudes-about-debt-and-credit-cards/#comment-45763 Great! I would like to answer a questionnaire like this...Can you provide it for the readers?)) Great! I would like to answer a questionnaire like this…Can you provide it for the readers?))

]]> By: mhesidence http://www.ncnblog.com/2007/02/22/pf-bloggers-attitudes-about-debt-and-credit-cards/comment-page-1/#comment-1814 mhesidence Thu, 08 Mar 2007 05:51:49 +0000 http://www.ncnblog.com/2007/02/22/pf-bloggers-attitudes-about-debt-and-credit-cards/#comment-1814 "Credit card companies DO NOT give you these cards for free" Yes, they do. In fact they'll give you $100 to take a card. For example, google "sony credit card" not only do they give you $100 they give you 0% apr for 1 year. Now this part will blow your mind. I took the balance transfer check that came with the new card and wrote a check to myself for $25,000 and put in an FDIC insured savings accout earning 6%. In 11 months, I'll pay back all the money, but I'll keep the interest earned of course, around $1000. No I can't make a living off it, but its easy money. "Even if you pay your balance in full at the end of the month, there is still an annual fee they charge you." There are many many cards that do not charge an annual fee. "Otherwise, these companies would go out of business." Clearly they are not going out of business. Just as clearly you cannot handle credit cards, but don't post false information. “Credit card companies DO NOT give you these cards for free”

Yes, they do. In fact they’ll give you $100 to take a card. For example, google “sony credit card” not only do they give you $100 they give you 0% apr for 1 year.

Now this part will blow your mind. I took the balance transfer check that came with the new card and wrote a check to myself for $25,000 and put in an FDIC insured savings accout earning 6%. In 11 months, I’ll pay back all the money, but I’ll keep the interest earned of course, around $1000. No I can’t make a living off it, but its easy money.

“Even if you pay your balance in full at the end of the month, there is still an annual fee they charge you.”

There are many many cards that do not charge an annual fee.

“Otherwise, these companies would go out of business.”

Clearly they are not going out of business. Just as clearly you cannot handle credit cards, but don’t post false information.

]]> By: cindee http://www.ncnblog.com/2007/02/22/pf-bloggers-attitudes-about-debt-and-credit-cards/comment-page-1/#comment-1418 cindee Fri, 02 Mar 2007 16:16:10 +0000 http://www.ncnblog.com/2007/02/22/pf-bloggers-attitudes-about-debt-and-credit-cards/#comment-1418 I would like to address several points everyone on this thread has brought up. Some clarifications are in order. Using credit cards to make daily purchases and paying said charges at the end of the month, in full, is still a 28-30 day loan. Credit card companies DO NOT give you these cards for free. Even if you pay your balance in full at the end of the month, there is still an annual fee they charge you. Otherwise, these companies would go out of business. Consoling yourself and justifying to yourself that your usage of credit cards enables you to earn points/rewards is 'fooling yourself' into thinking credit card usage is a good thing. That's what the credit card companies are counting on. They have done extensive research and marketing to trap their users into this false sense of security. LOL! Credit cards are addictive. That's what the companies are counting on. They know if you carry a credit card in your wallet, one day you are going to use it. They know that over time, you are going to mess up, miss a payment, lose a job, get sick, yada, yada, yada. Just like an alcoholic who carries a bottle of boubon in his pocket, your going to take a drink. To "Living Almost Large' (notice, she says 'almost'.) whose parents own 2 homes, 3 cars, will retire at 55 w/$4K a month and 1 mill in the bank, are we to believe that your parents accomplished all of this by using credit cards? Or perhaps, did they, have they earned enough money during their lives to accomplish all of that? I would bet the farm that it's the latter. In my opinion, and from my 50+ years of experience, I have found credit card (any any kind of debt for that matter) to be detrimental to my financial well being. You will achieve greater goals in life by turning in your credit cards and exchanging them for Check Visa/Mastercards, sign up for their rewards program and start living within your means. It is a painful process, takes about 3 to 5 years to accomplish, but it will awaken you to a new discovery: true financial freedom. End of story. I would like to address several points everyone on this thread has brought up. Some clarifications are in order.
Using credit cards to make daily purchases and paying said charges at the end of the month, in full, is still a 28-30 day loan.
Credit card companies DO NOT give you these cards for free. Even if you pay your balance in full at the end of the month, there is still an annual fee they charge you. Otherwise, these companies would go out of business.
Consoling yourself and justifying to yourself that your usage of credit cards enables you to earn points/rewards is ‘fooling yourself’ into thinking credit card usage is a good thing. That’s what the credit card companies are counting on. They have done extensive research and marketing to trap their users into this false sense of security. LOL!
Credit cards are addictive. That’s what the companies are counting on. They know if you carry a credit card in your wallet, one day you are going to use it. They know that over time, you are going to mess up, miss a payment, lose a job, get sick, yada, yada, yada. Just like an alcoholic who carries a bottle of boubon in his pocket, your going to take a drink.
To “Living Almost Large’ (notice, she says ‘almost’.) whose parents own 2 homes, 3 cars, will retire at 55 w/$4K a month and 1 mill in the bank, are we to believe that your parents accomplished all of this by using credit cards? Or perhaps, did they, have they earned enough money during their lives to accomplish all of that? I would bet the farm that it’s the latter.
In my opinion, and from my 50+ years of experience, I have found credit card (any any kind of debt for that matter) to be detrimental to my financial well being.
You will achieve greater goals in life by turning in your credit cards and exchanging them for Check Visa/Mastercards, sign up for their rewards program and start living within your means. It is a painful process, takes about 3 to 5 years to accomplish, but it will awaken you to a new discovery: true financial freedom.
End of story.

]]> By: plonkee http://www.ncnblog.com/2007/02/22/pf-bloggers-attitudes-about-debt-and-credit-cards/comment-page-1/#comment-1294 plonkee Tue, 27 Feb 2007 12:17:58 +0000 http://www.ncnblog.com/2007/02/22/pf-bloggers-attitudes-about-debt-and-credit-cards/#comment-1294 Its interesting how everyone else uses credit. I'm probably in group 2. I use a credit card but pay off in full. Also, just as not everyone who drinks alcohol is an alcoholic, so not everyone who uses credit is a spendaholic. In fact, if I gave up alcohol for a month, I'd probably notice that I had a very boring time in the pub with drunk friends. If I gave up credit cards, I wouldn't notice any difference as I treat my credit card like a debit card. Just my 0.02. Its interesting how everyone else uses credit. I’m probably in group 2. I use a credit card but pay off in full.

Also, just as not everyone who drinks alcohol is an alcoholic, so not everyone who uses credit is a spendaholic. In fact, if I gave up alcohol for a month, I’d probably notice that I had a very boring time in the pub with drunk friends. If I gave up credit cards, I wouldn’t notice any difference as I treat my credit card like a debit card. Just my 0.02.

]]> By: LivingAlmostLarge http://www.ncnblog.com/2007/02/22/pf-bloggers-attitudes-about-debt-and-credit-cards/comment-page-1/#comment-1264 LivingAlmostLarge Mon, 26 Feb 2007 14:46:14 +0000 http://www.ncnblog.com/2007/02/22/pf-bloggers-attitudes-about-debt-and-credit-cards/#comment-1264 Cindee, my parents have used CC all their lives. They taught me that using CC can be a tool. I've never paid CC interest because of what they taught me. CC are not to be used to buy thing that you cannot afford. CC are like cash, but they have extra protection for theft, and they give you back rewards. My parents own two homes, three cars, and can retire at 55 with a pension of $4k/month for life for my mom and paid medical for life for them both. They also have wel over $1 million in the bank, and their homes are I'd say conservatively worth about $1.5 milllion. They had 4 children and supported my mom's parents who live in the second home rent free. So think CC hurt them? CC are a neutral tool, which when used improperly hurt someone. It can also be used correctly. Cindee, my parents have used CC all their lives. They taught me that using CC can be a tool. I’ve never paid CC interest because of what they taught me. CC are not to be used to buy thing that you cannot afford. CC are like cash, but they have extra protection for theft, and they give you back rewards.

My parents own two homes, three cars, and can retire at 55 with a pension of $4k/month for life for my mom and paid medical for life for them both. They also have wel over $1 million in the bank, and their homes are I’d say conservatively worth about $1.5 milllion. They had 4 children and supported my mom’s parents who live in the second home rent free. So think CC hurt them?

CC are a neutral tool, which when used improperly hurt someone. It can also be used correctly.

]]> By: The Sunday Review #9: The Space Tourism Edition » Money, Matter, and More Musings http://www.ncnblog.com/2007/02/22/pf-bloggers-attitudes-about-debt-and-credit-cards/comment-page-1/#comment-1237 The Sunday Review #9: The Space Tourism Edition » Money, Matter, and More Musings Mon, 26 Feb 2007 01:27:21 +0000 http://www.ncnblog.com/2007/02/22/pf-bloggers-attitudes-about-debt-and-credit-cards/#comment-1237 [...] PF Bloggers: Attitudes About Debt And Credit Cards by NCN @ No Credit Needed Blog: NCN has classified some personal finance bloggers based on their borrowing habits. I wish to draw attention to this post because of the comments it has gathered. For example, here is a part of a (ridiculous (?)) comment: You are fooling yourself by thinking the use of credit cards gives you points, regardless if you pay off the balance. Would an alcoholic carry a bottle of bourbon in their pocket to earn points to buy an airline ticket? That’s how ridiculous credit cards are. [...] [...] PF Bloggers: Attitudes About Debt And Credit Cards by NCN @ No Credit Needed Blog: NCN has classified some personal finance bloggers based on their borrowing habits. I wish to draw attention to this post because of the comments it has gathered. For example, here is a part of a (ridiculous (?)) comment: You are fooling yourself by thinking the use of credit cards gives you points, regardless if you pay off the balance. Would an alcoholic carry a bottle of bourbon in their pocket to earn points to buy an airline ticket? That’s how ridiculous credit cards are. [...]

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