friends and credit

[CreditScholar]

Definitely not. My friends fall into one of two categories:

1. They have their finances and credit under control

2. Their financial situation is a mess, but it's really their own damned fault because they're ignorant yet they don't bother to learn, they're immature and refuse to grow up, they're in denial, etc. They're not necessarily bad people, but they need to learn a few things about life in general (including growing up a bit) before anyone can help them. Essentially 30-somethings that act like they're still 18.

The first group doesn't need my help, the second group doesn't deserve it.

[myjourney]

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@CreditScholar wrote:

Definitely not. My friends fall into one of two categories:

1. They have their finances and credit under control

2. Their financial situation is a mess, but it's really their own damned fault because they're ignorant yet they don't bother to learn, they're immature and refuse to grow up, they're in denial, etc. They're not necessarily bad people, but they need to learn a few things about life in general (including growing up a bit) before anyone can help them. Essentially 30-somethings that act like they're still 18.

The first group doesn't need my help, the second group doesn't deserve it.

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Lol

Love how you broke the groups down ...so true so true 

[maksimfa]

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@longtime_lurker wrote:

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@juggalo9er wrote:

just curious if anyone else has a friend they try to help with credit? i was talking to mine last night and asked him his scores and what not...told him to app discover it approved 2500. i was happy as he saw this as a means to cancel his 300 capitol one lol

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One of my best friends just has a 500 limit with MSUFCU, and never uses it. I try to explain why it'd be good for him to build up a thick file - and he just tells me "I have the cash for everything, why do I need credit?"

SMH

FWIW, my other best friend I just got him to PC his Cap1 Journey to QS1 without AF

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She is right, you don't need credit. I am a financial planner. Some of my very wealthiest clients don't have a credit card to their name, yet worth millions.

are they missing rewards? Sure... But those rewards are worth nothing if you are in debt because of credit cards.

look at it this way, if you don't have credit... You won't have debt.

credit cards would not exist if the vast majority of the people would pay off their debt, and never pay any fees. The 5% cashback does not cover 18% interest, if you are lucky! or the massive annual fees and late payments.

[CreditScholar]

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@maksimfa wrote:

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@longtime_lurker wrote:

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@juggalo9er wrote:

just curious if anyone else has a friend they try to help with credit? i was talking to mine last night and asked him his scores and what not...told him to app discover it approved 2500. i was happy as he saw this as a means to cancel his 300 capitol one lol

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One of my best friends just has a 500 limit with MSUFCU, and never uses it. I try to explain why it'd be good for him to build up a thick file - and he just tells me "I have the cash for everything, why do I need credit?"

SMH

FWIW, my other best friend I just got him to PC his Cap1 Journey to QS1 without AF

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She is right, you don't need credit. I am a financial planner. Some of my very wealthiest clients don't have a credit card to their name, yet worth millions.

are they missing rewards? Sure... But those rewards are worth nothing if you are in debt because of credit cards.

look at it this way, if you don't have credit... You won't have debt.

credit cards would not exist if the vast majority of the people would pay off their debt, and never pay any fees. The 5% cashback does not cover 18% interest, if you are lucky! or the massive annual fees and late payments.

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The difference is this: their 18% interest covers my 5% rewards. I'm happy to have my points and miles subsidized by others who can't pay their bills on time (for whatever reason).

[Open123]

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@CreditScholar wrote:

The difference is this: their 18% interest covers my 5% rewards. I'm happy to have my points and miles subsidized by others who can't pay their bills on time (for whatever reason).

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+1

And, sign-up bonuses!  

In the overall scheme of things, since the prices for goods all factor in the cost of CC fees, a person is losing out on the rebate by opting for cash.  A person who PIFs or finisheds paying off a 0% promo, has ZERO risk of carrying debt.

I'm not huge proponent of having credit itself causes financial instability.  A person's choice opting for the pain of regret over the pain of discipline is the cause, not readily available credit.

[Leadberry]

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@CreditScholar wrote:

Definitely not. My friends fall into one of two categories:

1. They have their finances and credit under control

2. Their financial situation is a mess, but it's really their own damned fault because they're ignorant yet they don't bother to learn, they're immature and refuse to grow up, they're in denial, etc. They're not necessarily bad people, but they need to learn a few things about life in general (including growing up a bit) before anyone can help them. Essentially 30-somethings that act like they're still 18.

The first group doesn't need my help, the second group doesn't deserve it.

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My friends are the same way, and yet I've never thought about it this way before.  It definitely makes sense.