Cash is king!

[enharu]

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@milkshakes wrote:

to contribute to the conversation, cash is king because credit is only as valuable as the person's word who is extending it.

but i agree with the sage words of a few others who commented, i dont think the original post contributed much other than what most people agree with -- it sort of came off as preaching to the choir because the majority of the people here are either responsible with their credit or are taking strides towards doing so (which is what brought the latter group here in the first place)

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very off topic:

did you graduate from UCLA too?

[milkshakes]

c/o 2012. go bruins! (pretty sad about being 0-4 vs Florida in March :\)

[ACsteel]

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@enharu wrote:

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@youdontkillmoney wrote:

1. No obsession with holes. It's just a metaphor. I am obsessed with paying my bills (including credit cards) on time and never missing a payment which I've succeeded for the past 23 years.

2. I never referred to interest as "evil"; I don't think it is, it has its proper place. IInterest at a basic level, by the way, is revenue to the lender and the price of money to the borrower, expressed as a percent.

If you think my signature was "huge" before, I added a few more lines:

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youdontkillmoney Stats:

Degrees in economics (B.A. and M.A.), and MBA

Occupation: Financial Manager and adjunct college professor of economics/statistics

23 years (since 1991) of credit experience without EVER being late or missing a payment.

Experian FICO score: 798 (as of 2014)

Gardening since 04/03/2014.

Total 17 credit cards: $210,110:

AMEX Platinum ($85,000 with $450 annual fee plus an extra $175 for up to three additional member cards for $625 total each year);  Barclay's Black Card Stainless Steel Visa card ($10,000 with $495 annual fee and the last time I use this card the reaction is "wow, your card is heavy" and I just smile); Diners Club Carte Blanche ($15,000 with $300 annual fee); AMEX Business Platinum ($3,000); Bank of America Visa Signature ($5,000); Capital One ($2,000); Citibank MasterCard ($13,000); Discover ($3,000); Capital One Quicksilver (formerly HSBC) $20,000; JCB Card ($3,000); Juniper MasterCard ($5,000); Merrill Lynch Visa Signature ($5,000); US Bank Visa ($3,500); Wells Fargo Visa ($9,000); Credit Union Visa ($7,500); Chase Freedom Visa ($8,000); Citi Diamond Preferred ($13,200)

Total 4 Lines of Credit: $45,200

Wells Fargo Line of Credit: $11,200 ($25 annual fee with 13.75% APR)

Credit Union: $20,000 ($0 annual fee with 15% APR)

US Bank Premier Plus Line of Credit: $5,000 ($0 annual fee with 13% APR)

Citibank Custom Line of Credit: $9,000 ($50 annual fee waived first year, and if used once a year, annual fee waived with 12.99% APR)

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There's really no need to list your credit resume on every single post. Your signature is pretty much grabbing more attention than the contents of what you are trying to convey. You seem like you are trolling but I'll bite anyways.

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@Anonymous @ fearing the bite of a troll , however I agree TMI!

[takeshi74]

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@longtimelurker wrote:
As in the comment with the linked article, credit cards, especially reward ccs, do some to encourage extra spending.   Not necessarily enough to prevent you PIF, but still potentially wasteful spending reducing savings.    I know most people here tend to deny this, they spend only what they would have spent anyway, but in a friendly, respectful and supportive way, I suggest that they are one of a) lying, b) deluding themselves or c) amazingly different from studied populations

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IIRC you had a thread asking about rewards and spend and I indicated that rewards don't impact my spend.  While that's true it's also true that credit (versus cash) does affect my spend.

Also, while A & B are certainly likely, keep in mind that studies determine trends but not all data points lie directly on the curve (i.e. studied populations aren't entirely homogeneous).  A studied population may tend to spend with credit and rewards but that doesn't mean that those that aren't affected by either do not exist within the studied population.

[azguy13]

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@axledobe wrote:

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@longtimelurker wrote:

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@Jasir wrote:

Wow. I don't think I've ever seen so many people pounce on a simple, clear and valid post before. The OP is right: most American's are swimming in debt and simply do not know how to handle fiscal responsibility. The lenders bank on this limited educated consumer to make money. If every card holder PIF the creditor would only make money by charging the merchant, and the merchant would in turn raise their prices to cover the costs (already widely in practice).

How people so the OP's post as a rant or his beautiful and applicable metaphors about holes creepy is beyond me. No, its not. I understand. People feel accosted because they are so gung-ho about credit and feel the post is an dirrect affront on them.

Cash is, even in this age, more revered than credit. Sure, the givernment and big business has tried to make it near impossible to do things without credit (much like an SSN), but I have yet to meet a person who would rather you pay with credit than cash.

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Yes, I too was surprised at the reaction.   My comment would be more that the post said little non-obvious, yes, it is bad to be overwhelmed in debt.

As OP later agreed, there are advantages to using cards, and PIF.  But there are still issues.  As in the comment with the linked article, credit cards, especially reward ccs, do some to encourage extra spending.   Not necessarily enough to prevent you PIF, but still potentially wasteful spending reducing savings.    I know most people here tend to deny this, they spend only what they would have spent anyway, but in a friendly, respectful and supportive way, I suggest that they are one of a) lying, b) deluding themselves or c) amazingly different from studied populations

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Longtimelurker - If you're referring to me, I have ZERO balances and do PIF. Have I always?  No. Mockery was cool in elementary school.  For those who are still entertaining a post that was MEANT to stir folks up, so be it.  If the BA/MA and MBA degrees in the changed signature by OP didn't stand out as something that lives under a bridge, well, that might be a bit diluted. 

I'll leave you with a verse of a song and you put two and two together:  "Maria, Maria.... she reminds me of a Westside story..." get it?  Think hard about it and recent posts. 

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I like this guy, haha

[TrulyyBlessed]

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@ACsteel wrote:

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@enharu wrote:

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@youdontkillmoney wrote:

1. No obsession with holes. It's just a metaphor. I am obsessed with paying my bills (including credit cards) on time and never missing a payment which I've succeeded for the past 23 years.

2. I never referred to interest as "evil"; I don't think it is, it has its proper place. IInterest at a basic level, by the way, is revenue to the lender and the price of money to the borrower, expressed as a percent.

If you think my signature was "huge" before, I added a few more lines:

-----

youdontkillmoney Stats:

Degrees in economics (B.A. and M.A.), and MBA

Occupation: Financial Manager and adjunct college professor of economics/statistics

23 years (since 1991) of credit experience without EVER being late or missing a payment.

Experian FICO score: 798 (as of 2014)

Gardening since 04/03/2014.

Total 17 credit cards: $210,110:

AMEX Platinum ($85,000 with $450 annual fee plus an extra $175 for up to three additional member cards for $625 total each year);  Barclay's Black Card Stainless Steel Visa card ($10,000 with $495 annual fee and the last time I use this card the reaction is "wow, your card is heavy" and I just smile); Diners Club Carte Blanche ($15,000 with $300 annual fee); AMEX Business Platinum ($3,000); Bank of America Visa Signature ($5,000); Capital One ($2,000); Citibank MasterCard ($13,000); Discover ($3,000); Capital One Quicksilver (formerly HSBC) $20,000; JCB Card ($3,000); Juniper MasterCard ($5,000); Merrill Lynch Visa Signature ($5,000); US Bank Visa ($3,500); Wells Fargo Visa ($9,000); Credit Union Visa ($7,500); Chase Freedom Visa ($8,000); Citi Diamond Preferred ($13,200)

Total 4 Lines of Credit: $45,200

Wells Fargo Line of Credit: $11,200 ($25 annual fee with 13.75% APR)

Credit Union: $20,000 ($0 annual fee with 15% APR)

US Bank Premier Plus Line of Credit: $5,000 ($0 annual fee with 13% APR)

Citibank Custom Line of Credit: $9,000 ($50 annual fee waived first year, and if used once a year, annual fee waived with 12.99% APR)

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There's really no need to list your credit resume on every single post. Your signature is pretty much grabbing more attention than the contents of what you are trying to convey. You seem like you are trolling but I'll bite anyways.

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@Anonymous @ fearing the bite of a troll , however I agree TMI!

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[Shogun]