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I'm still floored when I read those interest rates. You guys got a Visa Debit? It's a visa, that uses the money you have... Clever isn't it? When will people u
by keyle 8y ago
I'm still floored when I read those interest rates. You guys got a Visa Debit? It's a visa, that uses the money you have... Clever isn't it?
When will people understand that buying something now without the money is not freedom? It's not, it's shackles.
- alonmower 8y agoI think conventional wisdom is that you should pay your card off each month and never pay interest. That way you benefit from the cash back or other rewards program and have better protection against fraudulent transactions (it’s the issuing banks problem, not yours). Now, in practice, many people don’t do this and the credit card companies bank off of that
- grecy 8y agoAs you can see from the other reply to your comment, lots of people have been tricked into using Credit Cards by things like "Cash Back". i.e. "I'm going to save money because I get 2% cash back" ! Type of reasoning. Marketing it very powerful, lots of people have been tricked by it.
- peteretep 8y agoI don't remember the last time I carried a balance on a credit card, or paid any fee at all for the short-term credit I get on a card. I do remember a 10 night stay in the Maldives I got for free from using credit card points effectively though. Help me understand how I've been tricked, please?
- 2muchcoffeeman 8y agoThere’s a lot of people who can’t manage their money.
- grecy 8y agoThe fact you got the trip for free perfectly illustrates that for every one of you, there are thousands who get taken advantage of. Remember, even after giving you the trip, the CC company still turns an astronomical profit.
- toast0 8y agoSo, is your advice to people who can manage credit cards to forgo them? Perhaps the world would be better off without easy money at usurious interest, but given that we're in the world we're in, the rational thing seems to be to take advantage of the rewards programs available, because I'm paying for them either way.
- grecy 8y ago> So, is your advice to people who can manage credit cards to forgo them? I said "lots of people have been tricked". The fact it doesn't apply to you, personally is why I didn't say everyone. Great, you're an exception to the rule. Buy yourself and beer and pat yourself on the back for not being with the majority. In the mean time, realize you are not normal, and for most people a scheme like "cash back" doesn't actually save them money. - and we know this is true because those people paid for your trip AND they pay for the healthy profit of the CC companies.
- matz1 8y agoSure but either way you are going to use credit card anyway, might as well take all the advantage you can get.
- unstatusthequo 8y agoYou realize that it’s zero interest if you pay it on time, every time, right? Even with the money, I use cards to get airline points and fly around. Might as well get something if you’re spending it anyway.m and paying it off.m monthly to zero.
- chrisdhoover 8y agoDebit cards have no fraud protections.
- peteretep 8y agoI'm not sure that's true, but credit cards generally have much stronger protections, and your main bank account isn't going to get drained in the interim.
- peteretep 8y agoFor all your moralizing, you're suggesting people forgo the sizeable benefits of using a credit card for day-to-day purchases because some people are foolish enough to use it as a long-term loan? > When will people understand that buying something now without the money is not freedom I would imagine the vast majority of people worldwide who have a mortgage are happy with the end-result of that leverage.
- keyle 8y agoNo they're not. No one is happy with a mortgage. The very simple fact that mortages exist is the reason why housing prices have multiplied over the years.
- toomuchtodo 8y agoI'm happy with my mortgage(s); they allow me control of real estate it would've otherwise would've taken me 10-30 years to obtain. Cheap capital can of course create asset bubbles, but nevertheless, debt is one of the most useful tools you can use for wealth creation, innovation, and economic growth.
- AckSyn 8y agoFun fact. Housing prices weren't astronomical until mortgages were a thing.
- toast0 8y agoI was pretty happy with a mortgage payment that didn't go up, while rent tripled around me.
- keyle 8y agoYou live in a place that is so detached from reality in the rest of the world. Don't forget that. And consider how much you're paying for housing compared your parent ever did, and if you're still happy, maybe you should start wondering what kind of world you'll leave to your kids... Sorry but not sorry.
- reaperducer 8y agoWhen will people understand that buying something now without the money is not freedom? I guess someone's never had his car break down far from home.