[HawksBurnDown]

Writes lots of stuff

Yes but not everyone has common sense. Just like the guy who made this thread. Anyone can get a credit card and take out a few bucks and pay it back on time without having to pay interest. Than they become to confident and start taking out larger sumps of money until finally they end up one day taking out more than they can afford and they get screwed.

And I really don't understand this protection stuff on credit cards and debit cards. I ONLY buy stuff that I'm aware off, if someone steals my debit card than its as easy as ringing one number and getting my debit card automatically canceled, if I'm getting money debited out of my bank account than they can ONLY take out as much money as I allow them too, and if I take out cash from an ATM and it gets stolen than its my own fault. But I try not to carry any more than $100 on me though its usually much less than that. And only ever have more in cash when I'm making a large purchase.

This also applies for me if I were to go over seas too. Not that I've ever been over seas

[Savviioor]

also, if he is concerned about credit rating, paying off 3 or 4 cards in full would go some way to raising that score. Regardless, credit rating after a certain point is backwards thinking. So long as you can get approved for a decent interest rate on a house, that's what's most important. A lot of people are obsessed with Credit rating because the consumer society tells them they can save money if they just had a better credit rating they can get approved for a $20,000 Tiffany's credit line at 18% instead of 25%[rolleyes] If you don't spend your life relying on CC's, then you don't need to worry whether Capital ONE gives you a 9% rate as opposed to 20% because you'd have cash to buy what you want anyways, and have $10,000 in emergency fund and then something like an Amex or Visa card with a credit line of whatever you need.

the other thing people get raped on is car payments. I'd rather have a $12,000 car that I paid cash for (that's exactly what i did), then a $29,000 car that I'm paying 10% on. I have friends that make $40,000 a year and they've bought a car for $30,000! Nice car and all dude, but you're getting raped by that car payment at 15%[thumbup] Also, the car dropped about $5,000 in value the second you drove off the lot with it. (at least buy a year old used model where someone else took the depreciation hit)

Man I love how you think...I think exactly the same.[thumbup] paying a car that cost $10-12k in cash....I don't understand all those people than make 25k or 30k or 40k and go finance a 30k car with $0 down payment is just PLAIN STUPID...I don't really understand how people think?

[carinsurancess]

Man I love how you think...I think exactly the same.[thumbup] paying a car that cost $10-12k in cash....I don't understand all those people than make 25k or 30k or 40k and go finance a 30k car with $0 down payment is just PLAIN STUPID...I don't really understand how people think?

If that's how you think, then you need to think again.

Using debt allows you to lever your money. I'm sure you've heard the term leverage as it applies to finances. Would you try to lift a heavy box without leverage or would you prefer to use a tool? Why not apply the same practical thinking to a heavy financial burden?

Now if GM is offering you a 0% 60 month loan to get cars out the door, why on Earth would you pay up front and in cash? You get to make low, monthly payments at no extra cost to you and you can use the money that you would have paid for the car to make investments. In the end, you'll have made money while paying for something you were going to buy anyway!

When I bought my Mazda3, Mazda was foolishly offering a 1.9% interest rate. The savings account I have at my bank was offering a higher rate. Still does, even in a declining interest rate environment. And that's just a savings account! I locked the money away in a term deposit for a better interest rate.

Once again, conscientiously applying credit makes your life easier and profits you! Too many people use credit to spend outside their means and not enough people use it to safely multiply their buying power.

I was recently forced to buy a new TV because my old one broke. I didn't want to spend the money but I really want my TV. You can bet I took advantage of Best Buy's 24 month 0% financing offer. The administration fee amounts to basically nothing and as long as I pay on time (Joke's on Best Buy because of course I will!) I don't pay any compounding interest. They give me the TV up front and I pay them in little pieces that even the poorest of people could afford. In the mean time, the money I would have spent on the TV is earning interest.

[Itrtuawh]

Where's the link / obligatory picture of the earring's. For $4500 I would've thought they would be picture worthy?

http://www.kay.com/webapp/wcs/stores/servlet/product1|10101|10001|-1|200239604|15052|15052.15061

with insurance and taxes came to just under 4500

[advabHixavoip]

Damn nice earrings, but why?! I doubt most people here would buy something like that for a wife/gf, let alone a mother (especially with money they don't have).

Did she like them at least?

[grudabor]

I'll be the first to say it here...I really hope that you get your wish of getting an AMEX card soon, just so we can all have a good laugh at your expense when you post up here about the next thing you "go crazy" on and blow a bunch of money that you don't have on stuff you don't need. [rofl]

http://www.kay.com/webapp/wcs/stores/servlet/product1|10101|10001|-1|200239604|15052|15052.15061

with insurance and taxes came to just under 4500

You're either extremely desperate for attention, a total toolbag, or a combination of the two. You're 19, work at Best Buy, and you bought your mom a set of diamond earrings worth more than some guys' engagement rings given to their girlfriends. With that said, I do believe that I'm going with option number three. [yawn]
I could see this if you were a multimillionaire hedge fund manager, but you work at friggen Best Buy... [rolleyes]

BTW, 5 stars for this thread! Best laugh I've had in a while! [thumbup]

And for our US viewers...
http://www.hulu.com/watch/1389/satur...dont-buy-stuff
I do believe that this video will help answer a few questions.

[ElectraDupu]

On a side note, there are quite a few people who have bought things on "0" percent interest (plus additional costs, of course). When you see offers like that, you should really be trying to offer cash for a discount - you'd be surprised how much you can get off when you wave cash in their face - best I've done was 17.5%. This can be much better than 0% over the payment period unless you've a really good interest rate AFTER TAX*.

*Remember, a penny saved is better than a penny earned as you're not taxed on it.

[Itrtuawh]

Well....some of you guys might remember me making a couple o threads about getting my credit score up...well after that student loan I got a BBY credit card...$2000 limit...basiclly maxed it out...yesterday, was with my parents at kay jewelers to get my mom a mothers day present, I apply for their card, to my surprise I get approved for 3k...so I went crazy and got my mom a set of 1 carat leo diamond earrings for $4500. so right now I'm about 6k in debt....I am able to pay about 1k in debt every month, but was thinking, what if i opened another credit card, transfer all the balances and most credit cards offer 12 months 0% or something like that and just take my time to pay it off ??? worse case scenario I could always sell some stock and pay everything in full...but my problem with that is what if Sprint reports an amazing quarter, or someone buys them out, what if E-trade all of a sudden gets their **** together ??? what if Sirius actually merges with XM ? if that happens then I missed out on making alot of money.

[TRASIAOREXOLA]

The best way of getting out of debt is to stop spending money you don't have, and use some of the money you DO have to pay off your debts.

[Itrtuawh]

The best way of getting out of debt is to stop spending money you don't have, and use some of the money you DO have to pay off your debts.

well, from now on I only use like $150-$200 a month for food and gas...so the rest of my income is for paying what I owe.

[Vitoethiche]

I think we both know the only soluton is the most obvious course of action.

Kill yourself, come back as a Zombie and claim on your Life insurance policy under the pseudonym Paolo Decanio.

Press 1 to *Vote Worst thread ever*

[uniopaypamp]

Why the holy ball bag of all that is good would u drop 4.5k on some ear rings for your mother?

Get a GF dude to blob ya dosh on thats just freaky [rofl]

[gZAhTyWY]

To me it sounds like you're terrible with money, as you wouldn't be silly enough to spend all that cash just because you've been authorised that card.
If you get another 0% card, you'll probably end up transferring the money over, then spending the credit cards again - dont bother.
Just pay off the current cards and dont be so silly with money again.

[MaigicyuNinia]

Transferring balances to other cards will actually lower your credit score some. Only do this if you are paying a lot of interest or have too much debt to manage. Do yourself a favor and just pay it off quickly as possible. I know so many people who do this same thing and then something comes up (wreck a car, get sick) and then they are in real trouble.

[megasprut]

well, from now on I only use like $150-$200 a month for food and gas...so the rest of my income is for paying what I owe.

that's no good. sell stuff what u can miss.

You have to buy clothing too and be able to treat yourself on something nice as well. Small things you'll appreciate which u took for normal in the past.

[yes]

[TaxSheemaSter]

Why do some people have to be so stupid with credit cards? They get a card with say a £6000 limit and somehow figure that they've got £6000 extra money to spend, and for some reason forget that they have to pay it back! [rolleyes]

[megasprut]

To me it sounds like you're terrible with money, as you wouldn't be silly enough to spend all that cash just because you've been authorised that card.
If you get another 0% card, you'll probably end up transferring the money over, then spending the credit cards again - dont bother.
Just pay off the current cards and dont be so silly with money again.

You sound quite quite harsh on him, as he's stupid how he dealt with his money/credits. That's not really fair.

You should consider yourself lucky to have everything under control and dealt with it properly from the beginning. Alot of people don't and it's also a result of what the credit based society have created in the past.

the world is wonderful, credits all over.. yeah some people got blinded by that.. not weird is it, if you think about how good it was all shown infront peoples eyes.

[gZAhTyWY]

The reason why I sound so harsh, is that I was there at one point, and the only way to get the point across is to be harsh usually and not dilly dally around the problem.

[megasprut]

The reason why I sound so harsh, is that I was there at one point, and the only way to get the point across is to be harsh usually and not dilly dally around the problem.

I have been there too, actually I still am.

But his lesson is learned now, kids should be told at school and by their parents on how to deal with money.

A hard word afterwards is not the way to teach someone, that's mustard after the meal.

[egoldhyip]

Speaking as a person who was once in that situation and stupidly got themselves into that situation again don't spend any more money that you don't have. Get rid of the card to make sure you don't use it again. Basically just pay down what you already owe, you just have to dig yourself out of the hole and that hole will just get deeper if you spend more money.

I say hide/get rid of the card because once I was in that situation before and it was finally paid down and under control my impulses got the best of me and I was right back in the same situation. I'd recommend doing that unless you have the self control to not use it.

Also if you have any assets that you could use to your advantage that might be something to consider selling, if not then just gotta work the balance down over time.