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missbrz

shiny new credit card

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So I just got my shiny new credit card in the mail yesterday :ph34r::D So tempted to put WAY too much on it. Have my eyes on a new suit, a big ol' block of jumps, and keep getting tempted towards some tunnel time. My conscience is battling itself on whether I should be fiscally responsible or just have say screw it b/c there's no interest for the first yearB| Wondering if DZ.com is gonna joing the angel:) or the devil :ph34r: side of the argument....

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Devil and angel here .... easy solution - don't put more on it than you can pay off in a year, and don't wait till the end of the year to pay it off (unless you have the discipline to put the money you'll need to pay it off into a savings account you won't touch).

Having been 100% debt-free for over a year now, I gotta say it's an amazing feeling to only use my credit cards to earn airline and hotel points (meaning I don't ever charge more than I can pay off in full each month without dipping into savings).
"There is only one basic human right, the right to do as you damn well please. And with it comes the only basic human duty, the duty to take the consequences." -P.J. O'Rourke

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That's difficult to answer because nobody knows your entire financial situation other than you. Things like if you have other credit card debt or other debt come into play. I have a credit card I use all the time for everything so that I get the cash back rewards on it, but I pay it in full every month so it never has a balance on it and I'm not paying interest. I have a different card that I used if I'm going to make a large purchase (or jumping) that I get rewards on as well, but I always have a plan for how it will be paid off quickly. Just sit down and make a plan and see if it fits into your overall financial plan...then make your decision.

Shane

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Another debt-free curmudgeon here: Don't borrow money for toys and good times.:S

With that said, a good rig is not a toy, it's a necessity. So borrowing money for that is okay.:)

If you do need to borrow money, there are many cheaper loan sources than credit cards. Use those instead.

We have all our cards set up for auto-pay, full amount, each month. It's handy as hell. I just play and let the bills pay themselves. B|

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After having bogus charges put on CC's on three different occasions, I would never set up an auto-pay on them.
"There are only three things of value: younger women, faster airplanes, and bigger crocodiles" - Arthur Jones.

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Remember - it's MISS NAMED ... it's not a credit card it's a DEBT Card ... now go and buy yourself somfink pretty




Yea, I know I have to pay it off eventually. But I don't have that much debt. Something pretty it is ;)New tonysuit here I come.:D:ph34r::D I'll just be half good & not got to the tunnel too.:)

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After having bogus charges put on CC's on three different occasions, I would never set up an auto-pay on them.

I've been through that too. I had to pay at the time, but got the charges credited back later. Once it took over a year of back and forth calls and letters. :S:D

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I'll just be half good & not got to the tunnel too.:)



I've got 15 mins on Friday night... just sayin, you could probably get 15 too. ;)
"I may be a dirty pirate hooker...but I'm not about to go stand on the corner." iluvtofly
DPH -7, TDS 578, Muff 5153, SCR 14890
I'm an asshole, and I approve this message

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I'll just be half good & not got to the tunnel too.:)



I've got 15 mins on Friday night... just sayin, you could probably get 15 too. ;)


everyone meet the devil on my shoulder telling me to rack up more debt :P


:)
"I may be a dirty pirate hooker...but I'm not about to go stand on the corner." iluvtofly
DPH -7, TDS 578, Muff 5153, SCR 14890
I'm an asshole, and I approve this message

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You really, really don't want to do that, unless you've already allocated the money to pay it off.

Because even if you plan to pay off that debt, there are all the other charges that end up on the cc, like the lunch or Starbuck's that you didn't have cash for, the new sneakers when your old ones bit the dust, gasoline for your car, the repair that you idnd't anticipate needing,

and it goes on an on.

Wendy P.
There is nothing more dangerous than breaking a basic safety rule and getting away with it. It removes fear of the consequences and builds false confidence. (tbrown)

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I have a credit card I use all the time for everything so that I get the cash back rewards on it, but I pay it in full every month so it never has a balance on it and I'm not paying interest.



This.

Quote

After having bogus charges put on CC's on three different occasions, I would never set up an auto-pay on them.



...and also this.

I have two cards, both with cash back and no annual fee. I use two to make sure I don't run into any annual rewards limitations. One card is set up for all automatic payments that allow me to use a credit card (e.g. cell phone, internet, fastrak, netflix, etc.) For stuff where I can't use a card (e.g. mortgage, power, gas, etc.) I have auto billpay set up from my bank account. The other card I use to buy basically everything else. Once a month I skim the card statements to make sure they're all in order and pay them both in full.

I sort of naturally space out my larger purchases of things like cameras, lenses, canopies, trips, furniture, etc. without thinking about it too much.

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"The borrower is slave to the lender." Do you like paying interest to be a slave? :o I have lived debt free for the last 10 years or so, and I have peace of mind.

Cut up the card. And, listen to Dave Ramsey. You can get podcasts at daveramsey.com

But then again, we are currently making tons of $ off people who do just what you are about to do, and then loose there house. (We list REO properties) so, have fun! :|



________________________________
Where is Darwin when you need him?

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I don't own a house, so no danger of losing one ;) And I'm only about $300 in debt right now. So I figure I'm not exactly gonna lose everything. Probably not the smartest thing but the dreams of finally having a shiny new suit are too irresistible. I'll most likely be able to pay it off by the time I actually get it :D:D:D

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I don't own a house, so no danger of losing one ;) And I'm only about $300 in debt right now. So I figure I'm not exactly gonna lose everything. Probably not the smartest thing but the dreams of finally having a shiny new suit are too irresistible. I'll most likely be able to pay it off by the time I actually get it :D:D:D



So, you never want get on the way to buy one? (house). Hell, real estate is on sale right now! Act your wage. If you don't make enough $ to buy what you want, you have an income crisis. Only 300 in the hole now...do you think going further into the hole is better? Cash, cash, cash. But then again, having a paid off house, no debt, and investment properites...what the hell do I know about this. :S Yep, people thought I was weird, but now they don't. I chose to "live like no other, so that later I could live like no other." (debt free, and mentally free)

but, its your choice. just don't ever sign up for any public aid because you went broke, that comes out of my taxes. :P sorry about being so up front, its for your own good. :)
oh, and buy the way. not sure how old you are, but fully funding a Roth IRA for 40 years will give you upwards of a million dollars. the average american monthly car payment is more that the max allowed contribution to a Roth. We are so out of wack. :|


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Where is Darwin when you need him?

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:D I remember the neighbors thought we were dull when we paid off our house early. They had taken out a 2nd mortgage to buy a camping trailer which they hardly use now after the divorce. It is nice living within your means. :)
I agree that real estate is on sale right now, but it's not a bad time to be a renter either. Values are supposed to drop a bit here this year again, and no one is expecting the hyper-rise of home prices for decades to come. Good to buy if you want to own, but it's not bad to rent cheaply and save up some dough too. A lot of money is spent paying back 30 year mortgages, even if rates are low. Lots of people don't figure that into the home ownership equation.

I heard the other day that Switzerland, one of the best economies in Europe, has one of the lowest rates of home ownership. Financial well being and home ownership are not always connected.:)

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the lunch or Starbuck's that you didn't have cash for,

Amen. The best way to save money? Brown bag your lunch, forget the lattes, and learn to cook your own dinner. ;)

We love having jumpers over for dinner at our house. We can feed everyone a prime rib meal for less than it costs for dinner for two at a mid-range restaurant. And don't even get me started on what they charge for drinks. :D Besides, most restaurants don't have a big comfy leather couch and big screen TV for watching skydiving videos while you eat dessert. ;)

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