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Valued Contributor
Posts: 1,954
Registered: ‎01-24-2012
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Re: Got new AmEx, now to negotiate APR.


youngandcreditwrthy wrote:
You mean *not* lol

Im not even going to attempt to interpret your demeanor.
As you can see though, my point was to manage debt effectively..and clearly, that involves knowing the level of debt you can handle.

Either way, fizzle is correct imo...lenders start high with cc rates these days and go down mostly after you prove your creditworthiness

I didn't mean you. I meant people who buy a vehicle and think they can afford the payments. They then lose their job, weren't saving, and now the vehicle is reposessed.You said debt is okay as long as it's manageable. I was pointing out that with some people, it's manageable until it isn't. Often times a medical problem comes up or they need a new something and all of their saved money goes towards that. In my opinion, debt is never a good idea. The only time I have ever carried and ever will carry a balance is if the interest is 0%. I was also taught to pay half the price for a down payment and only take 0% financing unless you can get better deals with an interest rate below 4%. People would be better off if they didn't spend now and pay later.

Senior Contributor
Posts: 6,242
Registered: ‎08-16-2012
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Re: Got new AmEx, now to negotiate APR.

That's what a six month emergency fund, Roth IRA and last but not least...a 401k plan is for...
It's called personal finance 101.

This is not a place for cyber bullying or hating. This is a place to learn about credit improvement. I am not out buying million dollar homes or hundred thousand dollar cars.
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| Wmt Discover $12.5k | BR Visa $12.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Arrival $12.7k | Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Senior Contributor
Posts: 6,242
Registered: ‎08-16-2012
0

Re: Got new AmEx, now to negotiate APR.

Yeah, I only borrow at 0% or 3.99% in the case of Barclay's haha.
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| Wmt Discover $12.5k | BR Visa $12.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Arrival $12.7k | Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Valued Contributor
Posts: 1,954
Registered: ‎01-24-2012
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Re: Got new AmEx, now to negotiate APR.


youngandcreditwrthy wrote:
That's what a six month emergency fund, Roth IRA and last but not least...a 401k plan is for...
It's called personal finance 101.

This is not a place for cyber bullying or hating. This is a place to learn about credit improvement. I am not out buying million dollar homes or hundred thousand dollar cars.

Some people are too dense or just to not care enough to have any of those. Ever notice that as soon as people lose a job, all of a sudden they lose their house, vehicles, nice clothes, and everything else? People just do not save, and then call the banks evil when they want the property or money back. If you have those accounts, good on you. A lot of people our age( I'm 22 and I think you said you were around that age, right?) waste money on so much, such as alcohol, partying, clothes, and "having a good time". Then when they need money they do not have it and wish they hadn't wasted it.

Valued Member
Posts: 34
Registered: ‎05-21-2011
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Re: Got new AmEx, now to negotiate APR.

Credit's like any tool, good or bad is how you use it.

 

The majority of my net worth is in my brokerage account in fairly liquid securities. I'm cash poor, asset rich. I don't have any tax efficient vehicles for my investments, which will reduce my overall return of course over the long haul. Though, I'm not in a high enough bracket to clearly warrant them yet.

Senior Contributor
Posts: 6,242
Registered: ‎08-16-2012
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Re: Got new AmEx, now to negotiate APR.

Get a Roth IRA.. That will prevent you from paying taxes later..at least more so than not having it.. Because you contribute post tax income, and being that we are in our early 20's... Our current income tax rates are as low as they'll ever be! Roth distributions after 59.5 are non taxable afaik. The principal in a Roth can also be withdrawn at ANY time, so it works as an emergency fund too!

I mean, I have just as much of a good time as the next guy. In fact, I was so hungover Thursday, In skipped my workout :-(. lmao!
But otoh, I also do have a lot saved for my age. I've seen firsthand how being financially irresponsible can affect a person's life- my mom heh. As a result, I'm very careful and have many plans in case of a personal financial crisis. I guess I just discounted the fact that many people our age do not save a dime and let measly $500 cc bills go unpaid haha! -.- While I feel like I could do much, much better saving and working harder-wise... I do forget that our nation pretty much runs on lack of savings and high credit usage! Haha good ole America!
I may have CC debt, but I own my car, live where I work, have a solid cushion-prob four months, not six :-( lol
And have plenty of hard assets I could liquidate easily! :-)
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| Wmt Discover $12.5k | BR Visa $12.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Arrival $12.7k | Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k

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