missbrz 0 #1 April 5, 2011 So I just got my shiny new credit card in the mail yesterday So tempted to put WAY too much on it. Have my eyes on a new suit, a big ol' block of jumps, and keep getting tempted towards some tunnel time. My conscience is battling itself on whether I should be fiscally responsible or just have say screw it b/c there's no interest for the first year Wondering if DZ.com is gonna joing the angel or the devil side of the argument.... Quote Share this post Link to post Share on other sites
NWFlyer 2 #2 April 5, 2011 Devil and angel here .... easy solution - don't put more on it than you can pay off in a year, and don't wait till the end of the year to pay it off (unless you have the discipline to put the money you'll need to pay it off into a savings account you won't touch). Having been 100% debt-free for over a year now, I gotta say it's an amazing feeling to only use my credit cards to earn airline and hotel points (meaning I don't ever charge more than I can pay off in full each month without dipping into savings)."There is only one basic human right, the right to do as you damn well please. And with it comes the only basic human duty, the duty to take the consequences." -P.J. O'Rourke Quote Share this post Link to post Share on other sites
iluvtofly 0 #3 April 5, 2011 As someone who is going to be paying off a massive amount of credit card debt for years to come I say DON'T DO IT!!!!! But as someone who very much so enjoys splurging I say DO IT!!!!! Quote Share this post Link to post Share on other sites
ryoder 1,590 #4 April 5, 2011 My rule: Never put a charge on a CC unless I have the money in checking to pay it off in full."There are only three things of value: younger women, faster airplanes, and bigger crocodiles" - Arthur Jones. Quote Share this post Link to post Share on other sites
medic001918 0 #5 April 5, 2011 That's difficult to answer because nobody knows your entire financial situation other than you. Things like if you have other credit card debt or other debt come into play. I have a credit card I use all the time for everything so that I get the cash back rewards on it, but I pay it in full every month so it never has a balance on it and I'm not paying interest. I have a different card that I used if I'm going to make a large purchase (or jumping) that I get rewards on as well, but I always have a plan for how it will be paid off quickly. Just sit down and make a plan and see if it fits into your overall financial plan...then make your decision. Shane Quote Share this post Link to post Share on other sites
cocheese 0 #6 April 5, 2011 Live for today or save for tomorrow? Do both as much as you can. Quote Share this post Link to post Share on other sites
JohnMitchell 16 #7 April 5, 2011 Another debt-free curmudgeon here: Don't borrow money for toys and good times.With that said, a good rig is not a toy, it's a necessity. So borrowing money for that is okay.If you do need to borrow money, there are many cheaper loan sources than credit cards. Use those instead. We have all our cards set up for auto-pay, full amount, each month. It's handy as hell. I just play and let the bills pay themselves. Quote Share this post Link to post Share on other sites
jrmrangers 0 #8 April 5, 2011 That sounds real handy John , can you set up your accounts to auto pay my bills too? Wait , I pull what first? Quote Share this post Link to post Share on other sites
ryoder 1,590 #9 April 5, 2011 After having bogus charges put on CC's on three different occasions, I would never set up an auto-pay on them."There are only three things of value: younger women, faster airplanes, and bigger crocodiles" - Arthur Jones. Quote Share this post Link to post Share on other sites
Lastchance 0 #10 April 5, 2011 Credit card are evil. My opinion is if you have to buy it on credit, other than your home, then you can't afford it. Save for what you want. If you care to, check this out. www.daveramsey.com I may be getting old but I got to see all the cool bands. Quote Share this post Link to post Share on other sites
shropshire 0 #11 April 5, 2011 Remember - it's MISS NAMED ... it's not a credit card it's a DEBT Card ... now go and buy yourself somfink pretty (.)Y(.) Chivalry is not dead; it only sleeps for want of work to do. - Jerome K Jerome Quote Share this post Link to post Share on other sites
skydiver30960 0 #12 April 5, 2011 While it's brand new and shiny: cut it up. That's the best possible outcome. Elvisio "no mo credit debt fo me" Rodriguez Quote Share this post Link to post Share on other sites
missbrz 0 #13 April 5, 2011 Quote Remember - it's MISS NAMED ... it's not a credit card it's a DEBT Card ... now go and buy yourself somfink pretty Yea, I know I have to pay it off eventually. But I don't have that much debt. Something pretty it is New tonysuit here I come. I'll just be half good & not got to the tunnel too. Quote Share this post Link to post Share on other sites
JohnMitchell 16 #14 April 5, 2011 Quote After having bogus charges put on CC's on three different occasions, I would never set up an auto-pay on them. I've been through that too. I had to pay at the time, but got the charges credited back later. Once it took over a year of back and forth calls and letters. Quote Share this post Link to post Share on other sites
theonlyski 8 #15 April 5, 2011 Quote I'll just be half good & not got to the tunnel too. I've got 15 mins on Friday night... just sayin, you could probably get 15 too. "I may be a dirty pirate hooker...but I'm not about to go stand on the corner." iluvtofly DPH -7, TDS 578, Muff 5153, SCR 14890 I'm an asshole, and I approve this message Quote Share this post Link to post Share on other sites
missbrz 0 #16 April 5, 2011 Quote Quote I'll just be half good & not got to the tunnel too. I've got 15 mins on Friday night... just sayin, you could probably get 15 too. everyone meet the devil on my shoulder telling me to rack up more debt Quote Share this post Link to post Share on other sites
theonlyski 8 #17 April 5, 2011 Quote Quote Quote I'll just be half good & not got to the tunnel too. I've got 15 mins on Friday night... just sayin, you could probably get 15 too. everyone meet the devil on my shoulder telling me to rack up more debt "I may be a dirty pirate hooker...but I'm not about to go stand on the corner." iluvtofly DPH -7, TDS 578, Muff 5153, SCR 14890 I'm an asshole, and I approve this message Quote Share this post Link to post Share on other sites
wmw999 2,452 #18 April 5, 2011 You really, really don't want to do that, unless you've already allocated the money to pay it off. Because even if you plan to pay off that debt, there are all the other charges that end up on the cc, like the lunch or Starbuck's that you didn't have cash for, the new sneakers when your old ones bit the dust, gasoline for your car, the repair that you idnd't anticipate needing, and it goes on an on. Wendy P.There is nothing more dangerous than breaking a basic safety rule and getting away with it. It removes fear of the consequences and builds false confidence. (tbrown) Quote Share this post Link to post Share on other sites
shropshire 0 #19 April 5, 2011 Cool - love my Tony suit too .... ("WS Intro") (.)Y(.) Chivalry is not dead; it only sleeps for want of work to do. - Jerome K Jerome Quote Share this post Link to post Share on other sites
champu 1 #20 April 5, 2011 QuoteI have a credit card I use all the time for everything so that I get the cash back rewards on it, but I pay it in full every month so it never has a balance on it and I'm not paying interest. This. QuoteAfter having bogus charges put on CC's on three different occasions, I would never set up an auto-pay on them. ...and also this. I have two cards, both with cash back and no annual fee. I use two to make sure I don't run into any annual rewards limitations. One card is set up for all automatic payments that allow me to use a credit card (e.g. cell phone, internet, fastrak, netflix, etc.) For stuff where I can't use a card (e.g. mortgage, power, gas, etc.) I have auto billpay set up from my bank account. The other card I use to buy basically everything else. Once a month I skim the card statements to make sure they're all in order and pay them both in full. I sort of naturally space out my larger purchases of things like cameras, lenses, canopies, trips, furniture, etc. without thinking about it too much. Quote Share this post Link to post Share on other sites
squirrel 0 #21 April 5, 2011 "The borrower is slave to the lender." Do you like paying interest to be a slave? I have lived debt free for the last 10 years or so, and I have peace of mind. Cut up the card. And, listen to Dave Ramsey. You can get podcasts at daveramsey.com But then again, we are currently making tons of $ off people who do just what you are about to do, and then loose there house. (We list REO properties) so, have fun! ________________________________ Where is Darwin when you need him? Quote Share this post Link to post Share on other sites
missbrz 0 #22 April 5, 2011 I don't own a house, so no danger of losing one And I'm only about $300 in debt right now. So I figure I'm not exactly gonna lose everything. Probably not the smartest thing but the dreams of finally having a shiny new suit are too irresistible. I'll most likely be able to pay it off by the time I actually get it Quote Share this post Link to post Share on other sites
squirrel 0 #23 April 5, 2011 Quote I don't own a house, so no danger of losing one And I'm only about $300 in debt right now. So I figure I'm not exactly gonna lose everything. Probably not the smartest thing but the dreams of finally having a shiny new suit are too irresistible. I'll most likely be able to pay it off by the time I actually get it So, you never want get on the way to buy one? (house). Hell, real estate is on sale right now! Act your wage. If you don't make enough $ to buy what you want, you have an income crisis. Only 300 in the hole now...do you think going further into the hole is better? Cash, cash, cash. But then again, having a paid off house, no debt, and investment properites...what the hell do I know about this. Yep, people thought I was weird, but now they don't. I chose to "live like no other, so that later I could live like no other." (debt free, and mentally free) but, its your choice. just don't ever sign up for any public aid because you went broke, that comes out of my taxes. sorry about being so up front, its for your own good. oh, and buy the way. not sure how old you are, but fully funding a Roth IRA for 40 years will give you upwards of a million dollars. the average american monthly car payment is more that the max allowed contribution to a Roth. We are so out of wack. ________________________________ Where is Darwin when you need him? Quote Share this post Link to post Share on other sites
JohnMitchell 16 #24 April 5, 2011 I remember the neighbors thought we were dull when we paid off our house early. They had taken out a 2nd mortgage to buy a camping trailer which they hardly use now after the divorce. It is nice living within your means. I agree that real estate is on sale right now, but it's not a bad time to be a renter either. Values are supposed to drop a bit here this year again, and no one is expecting the hyper-rise of home prices for decades to come. Good to buy if you want to own, but it's not bad to rent cheaply and save up some dough too. A lot of money is spent paying back 30 year mortgages, even if rates are low. Lots of people don't figure that into the home ownership equation. I heard the other day that Switzerland, one of the best economies in Europe, has one of the lowest rates of home ownership. Financial well being and home ownership are not always connected. Quote Share this post Link to post Share on other sites
JohnMitchell 16 #25 April 5, 2011 Quote the lunch or Starbuck's that you didn't have cash for, Amen. The best way to save money? Brown bag your lunch, forget the lattes, and learn to cook your own dinner. We love having jumpers over for dinner at our house. We can feed everyone a prime rib meal for less than it costs for dinner for two at a mid-range restaurant. And don't even get me started on what they charge for drinks. Besides, most restaurants don't have a big comfy leather couch and big screen TV for watching skydiving videos while you eat dessert. Quote Share this post Link to post Share on other sites
