Morbid little curiosity I have...
I just want to wake up one day and watch the entire credit system absolutely collapse.
I sorta want to see the United States also collapse like the USSR under its debt load.
And I want Canada and Mexico to invade and divy up the smoldering remains (Aztlan!).
And I want the rest of the world -- what remains, anyway -- to all give a collective chuckle at the calamity.
I... kinda want to see that.
Then I can put a bullet through my temple without regrets.
Just a... morbid little train of thought that's been running through my head as of late.
Pay me no heed.
@youdontkillmoney wrote:I believe that poster meant he did not meet anyone (who is the person being paid), who prefers credit over cash as payment. For example, if I owe you money, do you prefer I pay you cash or in credit?
You are correct, I misread his post. Pretty broad strokes you have taked with cash is king, especially on a credit card forum
Sure I need cash to pay my credit cards but if I spend cash, I get not rewards, limited purchase protection, etc. I don't spend money on a card to get the rewards, I get the rewards from using the card for something I am spending "money" on anyway.
While cash will always be be king, poor or no use of credit, whether you pay interest or don't pay interest is bad business policy. I am also in the financial environment on the practicing level and I would never tell a client to live solely on cash, especially a business client. You must develope that credit history prior to the time when you might need credit to ride out a change in business environment or to have credit available to take advantage of a business oppurtunity, as in expansion. In this realm, you could say that credit is king.
Just another point of view.
@Stralem wrote:Morbid little curiosity I have...
I just want to wake up one day and watch the entire credit system absolutely collapse.
I sorta want to see the United States also collapse like the USSR under its debt load.
And I want Canada and Mexico to invade and divy up the smoldering remains (Aztlan!).
And I want the rest of the world -- what remains, anyway -- to all give a collective chuckle at the calamity.
I... kinda want to see that.
Then I can put a bullet through my temple without regrets.
Just a... morbid little train of thought that's been running through my head as of late.
Pay me no heed.
^^^^
Hopefully that never happens because a lot of Americans will be hurting, like what happened in the 2009 financial crisis.
God bless America, and no one else
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youdontkillmoney Stats:
23 years (since 1991) of credit experience without EVER being late or missing a payment.
FICO (as of 04/04/2014): Experian: 798, Transunion: 786, Equifax: 783
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 used 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)
@Blackrv7 wrote:
@youdontkillmoney wrote:I believe that poster meant he did not meet anyone (who is the person being paid), who prefers credit over cash as payment. For example, if I owe you money, do you prefer I pay you cash or in credit?
You are correct, I misread his post. Pretty broad strokes you have taked with cash is king, especially on a credit card forum
Sure I need cash to pay my credit cards but if I spend cash, I get not rewards, limited purchase protection, etc. I don't spend money on a card to get the rewards, I get the rewards from using the card for something I am spending "money" on anyway.While cash will always be be king, poor or no use of credit, whether you pay interest or don't pay interest is bad business policy. I am also in the financial environment on the practicing level and I would never tell a client to live solely on cash, especially a business client. You must develope that credit history prior to the time when you might need credit to ride out a change in business environment or to have credit available to take advantage of a business oppurtunity, as in expansion. In this realm, you could say that credit is king.Just another point of view.
^^^
I agree with what you said.
-----
youdontkillmoney Stats:
23 years (since 1991) of credit experience without EVER being late or missing a payment.
FICO (as of 04/04/2014): Experian: 798, Transunion: 786, Equifax: 783
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 used 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)
@Anonymous wrote:
@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.
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
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.
@youdontkillmoney wrote:****
Blackrv7,
Regarding "Another posted stated he has never met someone who would rather pay with credit than with cash......you just meet one...me! "
I believe that poster meant he did not meet anyone (who is the person being paid), who prefers credit over cash as payment. For example, if I owe you money, do you prefer I pay you cash or in credit?
You've never tried to buy a drink on an airplane ?
Many merchants have a lower cost of processing for payments accepted from credit cards than they do for cash. Physically handling cash costs more than electronically swiping cards for many merchants. Besides the frustration shown by cashiers when they actually have to handle cash and make change.
You sure have an aversion to paying interest while no aversion to AF's.
+
850 FICO8 since 2015, Thanks MyFICO - 5+ years since last HP
The people that I know that has a lot of money! I never hear them bragging on how much money they have! Isn't that funny and none of them post what that have on the internet 
just something to think about