I always hear about these terrible credit card fees and ungodly interest rates, but having credit cards for 15+ years, I've never been assessed any sort of fees, except once when I didn't pay my bill on time, but a quick call got that taken care of.
yes, if you always pay on time you should be okay... if you get tight with your cash flow and are slow on a few payments the interest rate automatically goes to 22% or higher and is likely to stay there forever.
Everything not forbidden is compulsory and eveything not compulsory is forbidden. You are free... free to do what the government says you can do.
0
Options
The Juggler
Behind that bush over there. Posts: 47,315
god forbid your spouse ever lost her job or was forced to take a pay cut and needed your income to qualify for something down the line...jesus man. way to pull your own weight in that relationship.
I'm not talking about my personal life here... why would you NEED credit anyway? Don't you save money?
you don't think this guy needs credit? how do you expect him to rent a house or an apartment? how do you expect him to eventually purchase a home one day? nah, you're right. he should live with his parent's long enough to pay off his 30k of debt and save enough to purchase a home outright.
whether people like it or not, your credit score is one of the most important aspects of your life.
0
Options
The Juggler
Behind that bush over there. Posts: 47,315
I always hear about these terrible credit card fees and ungodly interest rates, but having credit cards for 15+ years, I've never been assessed any sort of fees, except once when I didn't pay my bill on time, but a quick call got that taken care of.
yes, if you always pay on time you should be okay... if you get tight with your cash flow and are slow on a few payments the interest rate automatically goes to 22% or higher and is likely to stay there forever.
congress just passed new laws making it more difficult for credit card companies to continue that kind of practice......however this probably means higher fixed rates for everyone though.
disagree 100%. they will take you to court, get a judgement and garnish your future wages.
have you ever seen this actually happen? Hint: It almost never does unless the debtor is holding $20k or more in debt. Under $4k there is absolutely nothing to worry about, and after five years of no payments they can't come after you any longer by law. Also, all you have to do is write to the debt holder saying to cease all communications and they can't call or write you, again, by law.
These are all suggestions for small debts, not that I'm saying they're ethically okay... but creditors don't have you by the balls like you think they do...
and again, this is because I've taken Collections Law classes... not my personal situation or what I'm advocating. I would have thought there would be less people who are sycophants for the credit card companies...
Everything not forbidden is compulsory and eveything not compulsory is forbidden. You are free... free to do what the government says you can do.
0
Options
81
Needing a ride to Forest Hills and a ounce of weed. Please inquire within. Thanks. Or not. Posts: 58,276
disagree 100%. they will take you to court, get a judgement and garnish your future wages.
have you ever seen this actually happen? Hint: It almost never does unless the debtor is holding $20k or more in debt. Under $4k there is absolutely nothing to worry about, and after five years of no payments they can't come after you any longer by law. Also, all you have to do is write to the debt holder saying to cease all communications and they can't call or write you, again, by law.
These are all suggestions for small debts, not that I'm saying they're ethically okay... but creditors don't have you by the balls like you think they do...
and again, this is because I've taken Collections Law classes... not my personal situation or what I'm advocating. I would have thought there would be less people who are sycophants for the credit card companies...
yes. at my old company, i could dig into the payroll system and see garnishment info.
whether people like it or not, your credit score is one of the most important aspects of your life.
yeah, if you're poor at managing your finances. I literally haven't had to show my credit score to anyone for at least five years and I own my house, my car, and pay cash for everything because I save/invest $300 every paycheck (plus my 401k and son's college funds). Credit scores are important for people who need credit because they don't know how to manage their personal finances. In short, if you're checking and/or showing your credit score to a creditor more than once a year, you're doing something wrong.
Everything not forbidden is compulsory and eveything not compulsory is forbidden. You are free... free to do what the government says you can do.
0
Options
The Juggler
Behind that bush over there. Posts: 47,315
whether people like it or not, your credit score is one of the most important aspects of your life.
yeah, if you're poor at managing your finances. I literally haven't had to show my credit score to anyone for at least five years and I own my house, my car, and pay cash for everything because I save/invest $300 every paycheck (plus my 401k and son's college funds). Credit scores are important for people who need credit because they don't know how to manage their personal finances. In short, if you're checking and/or showing your credit score to a creditor more than once a year, you're doing something wrong.
what you are describing is an ideal situation that most, including the op, do not find themselves in.
if you don't mind me asking, when you first bought your house, did you pay for it or did you mortgage any of it? and roughly how much was the purchase price? for tax purposes alone, i would hope you took out a small loan on it. i talk to dudes all day who could pay off their mortgage at the drop of a hat, but choose not too.
and i will add that even though you own everything free and clear right now, you don't know what the future holds. something horrible (god forbid) could always happen to you or your family and you might need more funds than what you currently have available. if that situation arises and your credit score is poop....you, and your family, would be screwed. so it's always good to maintain a high credit score. it's just irresponsible not to.
hopefully you don't need to worry about that, i'm just saying shit happens in life and you never know when you'll need help.
Credit scores are important for people who need credit because they don't know how to manage their personal finances. In short, if you're checking and/or showing your credit score to a creditor more than once a year, you're doing something wrong.
That is a pretty inaccurate statement... Even the richest people use credit, and do so to their benefit.
For tax reasons, it can be much more beneficial to take out a loan for a portion of a large purchase instead of buying everything outright.
My whole life
was like a picture
of a sunny day
“We can complain because rose bushes have thorns, or rejoice because thorn bushes have roses.”
― Abraham Lincoln
0
Options
The Juggler
Behind that bush over there. Posts: 47,315
Credit scores are important for people who need credit because they don't know how to manage their personal finances. In short, if you're checking and/or showing your credit score to a creditor more than once a year, you're doing something wrong.
That is a pretty inaccurate statement... Even the richest people use credit, and do so to their benefit.
For tax reasons, it can be much more beneficial to take out a loan for a portion of it instead of buying everything outright.
correct.
0
Options
81
Needing a ride to Forest Hills and a ounce of weed. Please inquire within. Thanks. Or not. Posts: 58,276
whether people like it or not, your credit score is one of the most important aspects of your life.
yeah, if you're poor at managing your finances. I literally haven't had to show my credit score to anyone for at least five years and I own my house, my car, and pay cash for everything because I save/invest $300 every paycheck (plus my 401k and son's college funds). Credit scores are important for people who need credit because they don't know how to manage their personal finances. In short, if you're checking and/or showing your credit score to a creditor more than once a year, you're doing something wrong.
insurance uses it.
81 is now off the air
0
Options
81
Needing a ride to Forest Hills and a ounce of weed. Please inquire within. Thanks. Or not. Posts: 58,276
I always hear about these terrible credit card fees and ungodly interest rates, but having credit cards for 15+ years, I've never been assessed any sort of fees, except once when I didn't pay my bill on time, but a quick call got that taken care of.
yes, if you always pay on time you should be okay... if you get tight with your cash flow and are slow on a few payments the interest rate automatically goes to 22% or higher and is likely to stay there forever.
congress just passed new laws making it more difficult for credit card companies to continue that kind of practice......however this probably means higher fixed rates for everyone though.
i'm not sure which is wrose, cc companies or congress.
Comments
yes, if you always pay on time you should be okay... if you get tight with your cash flow and are slow on a few payments the interest rate automatically goes to 22% or higher and is likely to stay there forever.
you don't think this guy needs credit? how do you expect him to rent a house or an apartment? how do you expect him to eventually purchase a home one day? nah, you're right. he should live with his parent's long enough to pay off his 30k of debt and save enough to purchase a home outright.
whether people like it or not, your credit score is one of the most important aspects of your life.
congress just passed new laws making it more difficult for credit card companies to continue that kind of practice......however this probably means higher fixed rates for everyone though.
have you ever seen this actually happen? Hint: It almost never does unless the debtor is holding $20k or more in debt. Under $4k there is absolutely nothing to worry about, and after five years of no payments they can't come after you any longer by law. Also, all you have to do is write to the debt holder saying to cease all communications and they can't call or write you, again, by law.
These are all suggestions for small debts, not that I'm saying they're ethically okay... but creditors don't have you by the balls like you think they do...
and again, this is because I've taken Collections Law classes... not my personal situation or what I'm advocating. I would have thought there would be less people who are sycophants for the credit card companies...
yes. at my old company, i could dig into the payroll system and see garnishment info.
yeah, if you're poor at managing your finances. I literally haven't had to show my credit score to anyone for at least five years and I own my house, my car, and pay cash for everything because I save/invest $300 every paycheck (plus my 401k and son's college funds). Credit scores are important for people who need credit because they don't know how to manage their personal finances. In short, if you're checking and/or showing your credit score to a creditor more than once a year, you're doing something wrong.
what you are describing is an ideal situation that most, including the op, do not find themselves in.
if you don't mind me asking, when you first bought your house, did you pay for it or did you mortgage any of it? and roughly how much was the purchase price? for tax purposes alone, i would hope you took out a small loan on it. i talk to dudes all day who could pay off their mortgage at the drop of a hat, but choose not too.
and i will add that even though you own everything free and clear right now, you don't know what the future holds. something horrible (god forbid) could always happen to you or your family and you might need more funds than what you currently have available. if that situation arises and your credit score is poop....you, and your family, would be screwed. so it's always good to maintain a high credit score. it's just irresponsible not to.
hopefully you don't need to worry about that, i'm just saying shit happens in life and you never know when you'll need help.
so again, op---don't listen to this guy
That is a pretty inaccurate statement... Even the richest people use credit, and do so to their benefit.
For tax reasons, it can be much more beneficial to take out a loan for a portion of a large purchase instead of buying everything outright.
was like a picture
of a sunny day
“We can complain because rose bushes have thorns, or rejoice because thorn bushes have roses.”
― Abraham Lincoln
correct.
insurance uses it.
i'm not sure which is wrose, cc companies or congress.