Comments on: Credit Cards: Pros and Cons – Love them or Hate Them

By: Sizzlers for February 2010

Sizzlers for February 2010 — Wed, 10 Aug 2011 14:40:31 +0000

[...] Mortgage Off in FullIs Paying Kids for Good Grades Wrong?When the Price is Right–Buy GenericCredit Cards: Pros and Cons–Love Them or Hate ThemThe Worst Financial Advice I’ve Ever Seen From a Major PublicationTop 10 Tax Credits to Take [...]

By: Credit Repair Company Haidee

Credit Repair Company Haidee — Mon, 23 Aug 2010 03:40:15 +0000

Credit card is good, it help you make life a lot easier. As long as you know have the decipline to pay before your due date. Everything would be possible.

The Ethical Credit Repair Alliance is one of the top credit repair companies I know. They follow certain code of ethics and your assured that they are NO SCAM.

By: Len Penzo dot Com

Len Penzo dot Com — Mon, 15 Feb 2010 08:41:26 +0000

The Carnival of Personal Finance CCXLIV – The Fiscally Irresponsible TV Characters Edition…

Welcome to the 244th edition of the Carnival of Personal Finance!
What an honor! The main theme of this blog is all about taking responsibility for your own personal finances. So today I thought I would theme this edition of the Carnival around sever…

By: PF Journey

PF Journey — Thu, 11 Feb 2010 21:30:58 +0000

@JoeTaxpayer,

It’s anecdotes like this that put the “personal” in personal finance. I understand why you do what you do and you’ve established a plan and a mode of operation that would serve as an inspiration to reading so I’m really glad you shared.

Kita

By: JoeTaxpayer

JoeTaxpayer — Thu, 11 Feb 2010 17:48:16 +0000

I respect your view and I try to keep an open mind as we’re all different.
Let me offer you this (the making of a post of my own) – I was so far to the right, I spent the first 5 years out of school updating a notebook with every dollar I spent that I was very aware of where money went. Saving such a high amount was a result of an understanding of “living beneath your means” and a desire to not be poor as my parents were.
As a single person, I could do what I wanted, squeezing a nickel out of a rock, but I needed to not let my frugality become an issue with my family. My wife works, and on average, makes a bit more than I do. She got into the Latte habit. So the math was my coffee costing about a dime a cup vs hers at $4. I delicately got her to try home brew, but she settled on an expensive coffee roaster, so hers are now 50 cents per cup. This is where I consider myself successful, that I got her habit down by over 80%.
I save by not eating out so often (and I am the cook at home). So the issue often becomes, I’ve already cut out the restaurant tab, I need to just get the meal planned and not worry as much about occasionally spending full price on chicken when I run out of 1/2 price chicken in my freezer.
I needed to find the place where my 11 yr old wasn’t lecturing me about how I could actually afford the home cooked meal I intended to make, sale on ingredients aside.

Sorry for the long reply, this was my thought as I wrote that I didn’t need to concern myself with spending a bit more.
.-= JoeTaxpayer´s last blog ..My IRA Conversion Guest Post =-.

By: PF Journey

PF Journey — Wed, 10 Feb 2010 22:53:10 +0000

@JoeTaxpayer,

Thanks…I thought that is what you were saying and while I see your point…I disagree. For me it is not a savings issue but a management / stewardship issue. I don’t believe you can “save too much” even if you were saving to give or invest in somebody else.

Though I get that wasn’t the main point of what you were saying and I understand with the amount that your saving and earning there is no motivation to change it.

By: JoeTaxpayer

JoeTaxpayer — Wed, 10 Feb 2010 22:42:03 +0000

@PFJ – I’m saying that our spending is so conservative, our savings such a high percent of income, that even if the cause and effect of using cards resulting in more spending were true, it’s not enough motivation to change my ways.
The recent PF blogger posts along the lies of “are you saving too much” reinforced this thought for me.
For what it’s worth – last few years spreadsheets show 40% of gross going to Retirement, Mortgage Principal, and College savings. College is fully funded for the 11 yr old, looking forward , I just need to track inflation, mortgage is due to end a year before college starts just to have that extra buffer.
Truth is, over the years my impulse buying has dropped to a level that one of my goals is to be more spontaneous and have more fun, with less perseverating over the small stuff. The big stuff, the Mrs and I still talk about before acting.

I hope you understand, I acknowledge Dave’s way and his audience. Forgive the analogy, but I’d know better than to walk into an AA meeting and suggest that they can social drink. Those with a debt problem may need to go cold turkey, and for them Dave is a valued mentor.
.-= JoeTaxpayer´s last blog ..My IRA Conversion Guest Post =-.

By: PF Journey

PF Journey — Wed, 10 Feb 2010 21:51:43 +0000

@Matt – I totally respect your stance against credit cards!

@JoeTaxpayer – Dave Ramsey’s target audience is those fighting their way out of debt and on the road to financial peace. Doing what is considered “normal”…in this case using credit cards has not worked for them so I understand his passion to get ride of them all together.
Sounds like you have a great thing going with the cash rebates and the 529 plan. I’m a huge advocate of “have a plan & do what works for you”. The problem is many people either dont have a plan OR what they’ve been doing isn’t working and need a change of plan.

You said:
Would we spend less if we went to cash-only? In any year we save between 20 and 25% of our gross, in addition to the college savings and early mortgage payments. I don’t particularly want to save more.

Are you saying you’re not concerned with the theory that you may be spending more because you are saving enough already? I would need clarity before I respond to that.

@Deacon Bradley ~ Another member of Camp Avoid! All good points

@BibleMoneyMatters & @professor ~ Welcome to Camp Minimal Use!

By: JoeTaxpayer

JoeTaxpayer — Wed, 10 Feb 2010 21:27:37 +0000

“Not to mention how much time I’ve saved myself this last year by NOT paying any attention to new credit card laws, fee regulations, interest rates, rewards, or anything else related to credit cards.”

As I carry no balance, I have no idea what the rate would be if I did. Could be 100% for all I care. The only reason I pay attention to the reward is I get a monthly statement from Fidelity for the 529 account. They kind of shove that balance in my face, I suppose. I have another 11 years till my daughter is a college senior, I’ll see (and I’m sure, comment) what the final 529 total was.
.-= JoeTaxpayer´s last blog ..My IRA Conversion Guest Post =-.

By: the professor

the professor — Wed, 10 Feb 2010 20:14:58 +0000

I agree with bible money matters, I use my credit card only for planned expenses knowing I will get a cash reward and pay off that purchase immediately. Credit cards are only advantageous for the self-controlled. This article is great, it actually complements an article I wrote about credit card self-control. You’re right on lakita!