I regret opening so many credit cards

[Anonymous]

I know where you're coming from. I was so deep in debt, I gave up even trying to apply for new cards. When I got them paid off and free of debt, I started applying for cards. I felt guilty and as soon as two of them arrived (Double Cash and USAA) I called and cancelled them and never activated. Then the guilt wore off and I apped for several other cards that I did keep. There are a couple on my list to dispose of in a few months. I didn't need the Amazon Chase and Barclay Ring. Then I found myFICO and learned how stupid I was and now gardening to let things get better again.

Congratulations for getting down to 4 cards like that. I will always PIF from now on as I never want to get back to where I was up until the end of 2014.

[redpat]

---

@core wrote:

---

@youdontkillmoney wrote:
But if someone ends up in debt, then......Not Repaying debt fast enough is "killing money" since by repaying say 1 year early, you just "saved" that 1 year's worth of interest at say, 10%...where else in the market will you get a guaranteed "return" of 10%.

---

I was (as you may have suspected) referring to the money being destroyed, removed from the world money supply.  Since debt was what created the money in the first place, and when the debt disappears so does the money.  Without debt, no money could exist... not hardly a fraction of what is out there now anyway.  But certainly someone should repay debt as fast as possible.  That too.

---

Um, then how would I pay in cash with.  I still use that stuff called "cash", which is money.  At least that's how Yogi Barra would put it....

[youdontkillmoney]

---

@Vulcan1600 wrote:

I know where you're coming from. I was so deep in debt, I gave up even trying to apply for new cards. When I got them paid off and free of debt, I started applying for cards. I felt guilty and as soon as two of them arrived (Double Cash and USAA) I called and cancelled them and never activated. Then the guilt wore off and I apped for several other cards that I did keep. There are a couple on my list to dispose of in a few months. I didn't need the Amazon Chase and Barclay Ring. Then I found myFICO and learned how stupid I was and now gardening to let things get better again.

Congratulations for getting down to 4 cards like that. I will always PIF from now on as I never want to get back to where I was up until the end of 2014.

---

+1 outstanding.

[core]

---

@redpat wrote:
Um, then how would I pay in cash with.  I still use that stuff called "cash", which is money.  At least that's how Yogi Barra would put it....

---

The bank ordered that cash from the Federal Reserve. And where do you think the bank got the "money" to pay for it?  Somebody's promise to pay is what created it.  Every dollar in your pocket represents somebody's debt.  Not your debt, but somebody's, somewhere.

[redpat]

---

@core wrote:

---

@redpat wrote:
Um, then how would I pay in cash with.  I still use that stuff called "cash", which is money.  At least that's how YogiBarra would put it....

---

The bank ordered that cash from the Federal Reserve. And where do you think the bank got the "money" to pay for it?  Somebody's promise to pay is what created it.  Every dollar in your pocket represents somebody's debt.  Not your debt, but somebody's, somewhere.

---

I thought I would never get into a monetary policy discussion on these forums.  Money supply will always fluctuate, as does inflation.  Money will always exist one way or another.  Banks leverage their balance sheet to make money and the economy needs debt for growth.  One can always leverage too much and that is when businesses or individuals default.  Sometimes even  Countries.

[bobbay]

---

@redpat wrote:

Kept mine to three.

 It looks like an arms race on these forums sometimes.

---

It is

[bobbay]

---

@core wrote:

---

@redpat wrote:
Um, then how would I pay in cash with.  I still use that stuff called "cash", which is money.  At least that's how Yogi Barra would put it....

---

The bank ordered that cash from the Federal Reserve. And where do you think the bank got the "money" to pay for it?  Somebody's promise to pay is what created it.  Every dollar in your pocket represents somebody's debt.  Not your debt, but somebody's, somewhere.

---

Not many understand this.  It is a form of bondage/servitude

[Anonymous]

I was pondering this very thing this morning. How do forum members decide when he/she has the right amount of cards and credit? 

[Anonymous]

---

@Anonymous wrote:

I was pondering this very thing this morning. How do forum members decide when he/she has the right amount of cards and credit? 

---

Peer pressure of course!   Like the rest of life.

If this and similar forums didn't exist, I suspect many would have a small fraction of the cards they have now.    

[Anonymous]

I just opened a new thread on this topic. I hope tons of forum members share their insight.