Zero Fico Score

[MidnightVoice]

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haulingthescoreup wrote:

 And what a shame that the tragedies of major illness and death are compounded by financial disaster as well.

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Ah yes, only in America.  In decadent, useless old Europe it can't happen 

[Anonymous]

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haulingthescoreup wrote:

As for the whole Dave Ramsey thing, my opinion is that he has a lot of good ideas, but he's so freaking vitriolic about the evils of credit that it's difficult to take his good ideas seriously. I distrust fanatics, coming from whichever extreme, in whatever area.

And it is true that people get into trouble with credit, but it is also true that people get into trouble by bouncing checks repeatedly. Credit itself isn't evil. And in a country where you're one medical disaster away from bankruptcy, whether you're insured or not, credit can be a blessing. The problem lies with people who haven't developed self-discipline and gained financial knowledge, and who have allowed themselves to be influenced by the I-want-it, I-want-it culture that we're cursed with today.

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Post of the day, HTSU!  Nay...post of the month!

[llecs]

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MidnightVoice wrote:

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bobkelly wrote:

Dave does not have debt.  Neither does his business.  And debit cards work just fine when traveling.  Contrary to popular belief, one can live in the modern world without a credit card and thrive.

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...and waste money!!!!!!!!!!!

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How would you waste money by being credit-less?

[MidnightVoice]

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llecs wrote:

How would you waste money by being credit-less?

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No rewards, no interest on money one cannot keep in a savings account, no extended warranty for free, no travel insurance for free, no theft protection for free, no hire car insurance for free, no accidental breakage repolacement for free.

And that is just off the top of me head.  I am sure there is more

[Anonymous]

I agree completely with MV. Not only do I get good rewards from my credits cards, I get an interest free loan for a month! I pay in full before the due date and incur no interest. So the money that upon purchase with cash or debit card would be instantly removed from my bank account can sit in my bank account accruing some good interest during the month. It is really smart to use credit cards and NO having credit cards does not mean you have debt. Pay in full every month and you have no debt! Spend wisely! Have self control. Then you can have the benefits of credit cards without having to pay them interest.

[MidnightVoice]

Fiscal responsibility is needed to make credit cards work to your benefit

[haulingthescoreup]

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@MidnightVoice wrote:

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@llecs wrote:
How would you waste money by being credit-less?

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No rewards, no interest on money one cannot keep in a savings account, no extended warranty for free, no travel insurance for free, no theft protection for free, no hire car insurance for free, no accidental breakage replacement for free.

And that is just off the top of me head. I am sure there is more

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I don't seem to do anything fun like business travel (yes, that's a joke), but when it comes to rewards, my PenFed gas card is making me money! 5% cash back, posted directly to my account, every single month.

This morning it just turned my $3.39/gal gas (sorry, MV, "petrol") into $3.22/gallon. And there's still the 2% cash back on groceries, and 1.25% on everything else.

It would be foolish indeed to pay cash instead of using PenFed plastic. And for all those new to this argument, I pay off my cards every two weeks at payday. I do not pay credit card interest, period. Ever. This is not debt, folks.

[MidnightVoice]

haulingthescoreup wrote:

I don't seem to do anything fun like business travel

A) No Fun.  (B) Can't use my own card 

[MidnightVoice]

haulingthescoreup wrote:

(sorry, MV, "petrol")

I have now spent half of my very long life not living in the country of my birth 

[llecs]

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MidnightVoice wrote:

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llecs wrote:

How would you waste money by being credit-less?

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No rewards, no interest on money one cannot keep in a savings account, no extended warranty for free, no travel insurance for free, no theft protection for free, no hire car insurance for free, no accidental breakage repolacement for free.

And that is just off the top of me head.  I am sure there is more

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It would be interesting to know how many on here actually use these extra perks coming from a CC.

IMO, Dave is driving that a majority of people out there, mainly through prior proper planning, get themselves in a bind with credit. Regretfully, many are living from paycheck to paycheck and are a job loss away from getting into massive debt. Dave Ramsey make a valid argument that having these extra cc perks as mentioned above aren't worth it when compared to paying interest on cc's, as a vast majority of folks do.