Comments on: Top 10 Ways To Save Money – Number 3 – Avoid Paying Credit Card Interest

By: David

David — Wed, 26 Nov 2008 17:57:43 +0000

You really hit the nail on the head with this one. With the economy the way it is right now with all the layoffs, with more to come, the government out of hand, the housing slump, where does one turn. It is nice to know there are debt management companies out there that can help folks avoid bankruptcy and still keep their heads above water. Thanks so much for the post.

By: San Francisco Financial Planning

San Francisco Financial Planning — Mon, 24 Nov 2008 20:26:03 +0000

Great work getting yourself out of debt. Not paying interest is a great way to save money and gain financial independence. Getting out of credit card debt is one of the most important things for anyone to do. Start by Making it a regular practice to call your credit cards to ask for a lower rate. Then use the snowball effect to pay those credit cards off so you can stop giving credit card companies your hard-earned money!

By: save money

save money — Mon, 24 Nov 2008 13:01:32 +0000

This is what saved france.

By: aegir

aegir — Thu, 20 Nov 2008 15:45:32 +0000

Just wanted to say that, here in France, most people do not have credit card.

Here, what we name “credit cards” or “blue cards” are, BTW, just payment cards. If you do not have the money on your account, you cannot pay with it.

By: Nick

Nick — Thu, 20 Nov 2008 02:35:19 +0000

The only debt I have right now are my student loans, and that isn’t even that much. That’s the first thing I’m going to get rid of upon graduation, but until then I’m just trying to limit any other kinds of debt while going to school full time. That makes me very frugal.

By: Caleb

Caleb — Thu, 20 Nov 2008 00:45:42 +0000

Would you suggest purchasing a home with no mortgage? I always assumed that some debt was good debt. I know you mentioned those of us on OPM, but I would love to use other people's money (OPM) to make money. I don't see the harm in that, as long as you aren't harmed by the interest. When it comes to everyday purchases, I pay cash though. I would never finance something like clothes or a new TV. You could end up paying double or even triple for the item. Caleb (Blueprint Economics)

By: anna

anna — Wed, 19 Nov 2008 22:36:35 +0000

Maybe I am a rare bird but I’ve had a credit card for the convenience (very expensive items, online purchases etc.), always paid off the balance in full and never overspent on it. Conscious of what I had going out and coming in. Kept only a single card for everything. Never paid a penny in interest on it in my life. I find it strange that if some people are given a credit card they will just buy whatever with it.

By: Troy

Troy — Wed, 19 Nov 2008 15:38:05 +0000

NCN:

I simply love your blog because you “get it”

You and I don’t buy into the hype regarding credit cards and borrowing money.

I enjoyed this post because it is exactly what I think and you are correct, there are numerous others who think credit cards are acceptable.

that they are acceptable if you “DON’T PAY INTEREST”

Here is the small problem. Even if you don’t pay interest, you HAVE interest. You have interest in the terms of the card, the default remedies, the risk of not paying or having a payment mishandled. Even if you pay the card off at the end of the month, you still have to pay attention to paying ot off at the end of the month.

I have never understood this line of thinking. If you have the money, pay cash. If you are planning on paying it off at the end of the month, why not wait until the end of the month and then pay cash.

I, like you, understand that using a credt card is borrowing money. Even if you pay it off before interest accrues, you are still borrowing money, and I am not into that.

Great article, and even better reasoning.

Keep going.

By: Eric J. Nisall

Eric J. Nisall — Wed, 19 Nov 2008 03:30:45 +0000

It’s nice to see that there is at least one other person who believes in the way that works best for them, yet doesn’t feel the need to force that belief on others. There are so many people who post on either their own blog or comment on others’ sites criticizing people who do not see things the way they do. I certainly applaud your openness toward other people’s practices, even though you might not necessarily agree.

I do take issue with one point–you cannot be wrong in your views. Although they may differ from my own views on credit (and as you say, some other peoples’ views), it is simply a personal preference and anyone who does claim that you are wrong just has no ability to understand that not eveyone will see things the way that they do.

By: AlexGreen

AlexGreen — Tue, 18 Nov 2008 23:24:33 +0000

Great post! You are right on target. My guess is that many people lack the self-discipline to use their credit cards responsibly. Hence, any rewards they may be getting are wiped out by the financial fees they end up paying.