Do you dislike debt?

 

I think that as many mistakes as I have made in life thus far, for the most part I've been able to save for the future.

House will be paid off June 2023, no car payments since 2016, and unfortunately $5k in credit card debt that I could pay off, and have every intention to. I've been doing the 0% balance transfer since it was $14k. Yes, a mistake but we did spend a lot of that balance on baby items.

I have my parents to thank for generally feeling that debt is not a good thing. They paid cash even for cars. I did that for the first time in 2016, on a used car that cost $14k.

My aunt who downsized her house in NorCal, I told my cousin, man your mom is rich! He said what do you mean? I said she has almost 2 mil because she sold her house, that's not chump change! He said well she owed a lot on the house so she doesn't have that much. I thought, huh? She's over 70, what do you mean? All those nice things like BMW M cars, the lifestyle, were funded by helocs as she hasn't worked since 53. I am glad that's not me. We're not supposed to know this, but found out another friend's mom, who is now 80, owed money on her house when she sold it 2 years ago. It's like even the older generation these days are doing the reverse mortgage $0 out deal for when they're gone. Many of my parents' gen believed in leaving something to charity and heirs when they pass. Truly not sure about my gen, get the sense it's not a concern when I see the way we live...

Dislike Debt

I remember being told in a beginning economics class in college "never pay interest on something that depreciates if you can avoid it". We have tried to live that way. We had a car loan once when we were first married just to establish credit otherwise paid cash for used cars. Bought a few appliances, furnace & water heater with 0% interest plans and paid them off without interest. Just don't like owing money I guess.

Debt is not a friend of mine

I have been fortunate that I don't have much debt. I keep a revolving balance on my credit card because all automatic payments as well as PayPal purchases are put on it. And yes, I could easily pay it off in a single shot. At less than 60 years old, I have my home paid off. I am very hands on with most of my cars (not the current Diesel BMW I now drive), so I drive them till they're dead and then I bring them back and do it again a few times. I was brought up with the mindset that saving now for the future is a good thing. Don't live beyond your means. Wealth (not just monetarily) is power, so always try to stay wealthy, in mind and wallet. This has served me well. I am now able to loosen my belt and enjoy more because I had the belt pulled really tight for my last 40+ years. Some of my friends are of the opposite mind. Take out a 30 year mortgage and live for today because you may not be here tomorrow. I'm more optimistic than that!

--
Striving to make the NYC Metro area project the best.

lot's of truth

camerabob wrote:

I have been fortunate that I don't have much debt. I keep a revolving balance on my credit card because all automatic payments as well as PayPal purchases are put on it. And yes, I could easily pay it off in a single shot. At less than 60 years old, I have my home paid off. I am very hands on with most of my cars (not the current Diesel BMW I now drive), so I drive them till they're dead and then I bring them back and do it again a few times. I was brought up with the mindset that saving now for the future is a good thing. Don't live beyond your means. Wealth (not just monetarily) is power, so always try to stay wealthy, in mind and wallet. This has served me well. I am now able to loosen my belt and enjoy more because I had the belt pulled really tight for my last 40+ years. Some of my friends are of the opposite mind. Take out a 30 year mortgage and live for today because you may not be here tomorrow. I'm more optimistic than that!

When I bought my BMW, which I had dreamed about since I was my son's age, it listed for $47k. $47k today might not even get a Honda minivan. I put $30k down, and financed the rest for 36 mos. That's reasonable. What's interesting is it's a 3 series--I cannot afford the equivalent today, which would be north of 60k. I certainly cannot afford the 2021 Escalade that I like, $109k plus maybe 5 or 10k upcharge lol Is that so hard to say? I can't afford it? Not to me it isn't. My salary is not accelerating at the rate that it was in my 30's. Is that so hard to say? No. You hit the nail on the head, to live within our means. I am able to do the work on the 335i and also my Lexus V8 and wife's GM SUV. The 2021 models, no, I likely cannot work on those myself. I see people in their 40's taking out 30 year mortgages...I don't think that it is a good idea...

debt

Debt AKA leverage can be good in 2 categories

1- An Investment... for many their home. The Goal, have the mortgage be zero with a recent remodel, new roof and such when you retire.

2- business- need debt for inventory and machines / shelves, etc.

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Another way to look at debt.
Your Great Aunt X dies and leaves you 1 Million tax free....

You buy a 1 million dollar home. You now have nothing for home expenses.
Or buy a 1Million dollar home- put 200K down for a no PMI Loan... Invest the $800K

At 7.2%, money doubles every 10 years...
At the end of the 30 year loan, you should have a paid off home and another 1.5 million from growth after paying home expenses.

and NEVER buy too much house...

Debt

Borrowing reasonable amounts of money is the smart move, financially, for the leverage and improved credit ratings you'll gain from it, as long as interest rates are low and you can stay current on all charges.

Many people can't stay current.

And owing money on for example a credit card for more than the current billing period is generally not a smart move, because the interest rates are quite high.

But there is great peace-of-mind in not having any debt older than the current month on credit card bills, including the peace-of-mind you get from paying off a low-interest-rate home mortgage and not taking out another loan on your property. You can't put a price on that peace-of-mind.

--
"141 could draw faster than he, but Irving was looking for 143..."

Turn back the clock, send “X” a message about CC interest

I remember doing my taxes in the day that credit card interest was allowed as a deduction. It gave me a huge shock just how much I was paying in total. Enough that I decided to pay down all debt to eliminate paying of interest.

Perhaps these day we need to bring back that deduction although I think generation “X” wouldn’t care. Everything seems to be done by credit card.

--
John from PA

I really do think

John from PA wrote:

I remember doing my taxes in the day that credit card interest was allowed as a deduction. It gave me a huge shock just how much I was paying in total. Enough that I decided to pay down all debt to eliminate paying of interest.

Perhaps these day we need to bring back that deduction although I think generation “X” wouldn’t care. Everything seems to be done by credit card.

learning by doing is invaluable. Believe it or not, I lost 5k on a bogus company in 2000, and didn't care that much.

If I lost 5k today, I'd be crying like a baby.

But losing 100% of an investment can only be understood by doing it. I was leveraged probably until 2004 or so, so I was enjoying bigger wins, and bigger losses. I even shorted a stock (unlike owning a stock where the most you can lose is 100% of the investment, there is no limit to losses when shorting).

There came a point maybe now almost 2010, when I started to realize, it was like Seinfeld and the "write off." It doesn't make sense for a deduction, to be "the" motivating factor of an action. I used to know someone who had S500 after S500 because it was a "write off." Sure, it's your own co. so the only person wasting profits is you hahahahahaha but don't do that in a public co.

While I'm not the most aggressive where I would borrow to "invest," I do think I've learned the hard way how it's easy to amass debt, harder to pay it back, generally speaking, and so much revolves around one's job...

The only thing I like about

The only thing I like about debt is the credit score game. Seeing a score go up when trying to pay down the debt and having a credit history is, somewhat, entertaining.

credit score game

ceevee wrote:

The only thing I like about debt is the credit score game. Seeing a score go up when trying to pay down the debt and having a credit history is, somewhat, entertaining.

I'd like to know exactly how to play the game, it doesn't make sense. My score is in the 800 - 850 range. If I charge $1000 during the month and then I pay everything off by the due date each month my score will go down a couple points, yet if I leave a little on the cards each month it goes up.

One of the possible reasons they give for going down is not demonstrating good credit use, or something like that. I'd think charging and paying off a grand each month shows responsible use.

Realistically it's always within 5 points one way or the other and the score is great, I just want to know the sweet spot and max out the score. smile

--
. 2 Garmin DriveSmart 61 LMT-S, Nuvi 2689, 2 Nuvi 2460, Zumo 550, Zumo 450, Uniden R3 radar detector with GPS built in, includes RLC info. Uconnect 430N Garmin based, built into my Jeep. .

Credit Score

soberbyker wrote:
ceevee wrote:

The only thing I like about debt is the credit score game. Seeing a score go up when trying to pay down the debt and having a credit history is, somewhat, entertaining.

I'd like to know exactly how to play the game, it doesn't make sense. My score is in the 800 - 850 range. If I charge $1000 during the month and then I pay everything off by the due date each month my score will go down a couple points, yet if I leave a little on the cards each month it goes up.

One of the possible reasons they give for going down is not demonstrating good credit use, or something like that. I'd think charging and paying off a grand each month shows responsible use.

Realistically it's always within 5 points one way or the other and the score is great, I just want to know the sweet spot and max out the score. smile

I am with you I would like to know the answer to that. I do the same thing .

--
johnm405 660 & MSS&T

my wife

ceevee wrote:

The only thing I like about debt is the credit score game. Seeing a score go up when trying to pay down the debt and having a credit history is, somewhat, entertaining.

Until my wife married me, she didn't even believe in credit cards for day to day purchases. BUT, imho stupidly? She would open a credit card so a relative could buy that $6,000 TV 0% for how many months.

So after we got married I said wth is this? You have perfect repayment dating back to 2002, except for Circuit City? (remember them?) She goes, oh, yeah, I bought a TV for Uncle D but he didn't pay me one month, so I was late.

Anyhow, my wife's FICO 9 Experian is higher than mine. She has never had a loan in her life--that is detrimentally noted as to why it's like 83x out of 850. Mine used to be 850, until I got the hvac in 2020.

What is hilarious is until 2020, my wife had not worked since 2013. If she took a credit card offer, they'd extend $20k+. It is a game.

Haven't had a car loan or mortgage in at least 5-9 years, and that is detrimental to my FICO.

Being Debt Free is Freedom!

When I was younger I never had the cash needed to outright buy a home but as I alluded to in another thread, upon my divorce in 1981 I ended up with both a first and second mortgage on my home. I paid off the second mortgage at the end of the 10-year contract period. Two years later in 1993, I paid off my first mortgage early as I saw no reason to continue paying an 8.75% interest rate if I was able to pay off the mortgage and I’ve been debt free since that time. I use credit cards for buying almost everything but I always pay off the balance every month and I currently make a minimum of 2% rebate on my credit card purchases.

Back in 1960, a year after finishing high school, I bought a used 1957 Chevrolet Bel Air convertible as my first car purchase. That was the first and last car I ever financed. After almost a year later I decided to obtain a college education and I sold my '57 Chevy ragtop to a young guy who paid off my bank car loan and as part of the deal I took his old car in trade, a '47 Plymouth coupe. The Plymouth coupe wasn’t nearly as flashy as the ’57 Chevy convertible but it better suited my budget and my goals at the time.

After college I always drove a company provided car during my working life but I paid cash for two cars for my wife, a used 1969 Toyota Corona sedan and later a new 1980 Toyota Corolla station wagon. A little more than a year later in 1981 we divorced and the Toyota went with the ex-wife.

Nearly every man either wants or needs a pickup truck so in 1994 I bought a new Ford F150 and in 2004 I bought a new Nissan Titan truck. Both trucks were paid for at the time of purchase. Yeah, both trucks are now getting rather long in the tooth but for their age, (Ford 113K miles) and (Nissan 54K miles), they both have low mileage. I could have traded in the Ford when I bought the Nissan but the truck was worth more to me than the dealer would allow on a trade-in. Besides, every now and then I need a second truck when the other truck is being serviced.

thanks for sharing!

mcginkleschmidt wrote:

When I was younger I never had the cash needed to outright buy a home but as I alluded to in another thread, upon my divorce in 1981 I ended up with both a first and second mortgage on my home. I paid off the second mortgage at the end of the 10-year contract period. Two years later in 1993, I paid off my first mortgage early as I saw no reason to continue paying an 8.75% interest rate if I was able to pay off the mortgage and I’ve been debt free since that time. I use credit cards for buying almost everything but I always pay off the balance every month and I currently make a minimum of 2% rebate on my credit card purchases.

Back in 1960, a year after finishing high school, I bought a used 1957 Chevrolet Bel Air convertible as my first car purchase. That was the first and last car I ever financed. After almost a year later I decided to obtain a college education and I sold my '57 Chevy ragtop to a young guy who paid off my bank car loan and as part of the deal I took his old car in trade, a '47 Plymouth coupe. The Plymouth coupe wasn’t nearly as flashy as the ’57 Chevy convertible but it better suited my budget and my goals at the time.

After college I always drove a company provided car during my working life but I paid cash for two cars for my wife, a used 1969 Toyota Corona sedan and later a new 1980 Toyota Corolla station wagon. A little more than a year later in 1981 we divorced and the Toyota went with the ex-wife.

Nearly every man either wants or needs a pickup truck so in 1994 I bought a new Ford F150 and in 2004 I bought a new Nissan Titan truck. Both trucks were paid for at the time of purchase. Yeah, both trucks are now getting rather long in the tooth but for their age, (Ford 113K miles) and (Nissan 54K miles), they both have low mileage. I could have traded in the Ford when I bought the Nissan but the truck was worth more to me than the dealer would allow on a trade-in. Besides, every now and then I need a second truck when the other truck is being serviced.

Thanks for your real world experience! Call me weird, but Corolla is iconic, imagine how many lives that model has touched? My dad had 2, both manuals, he drove so much one got traded in after only 2 years.

I bought a flagship Lexus in 2016, then 10 years old, first time I bought a car cash, that cost more than $2k. Because home is still in the GPS, I see it came from a house in Florida with an 8 car garage. Now it sits outside come shine or rain! I will be the last owner of it, it's a great car but as you mentioned, lacks many modern features. Our newest car is a 2011, but it would seem none of them are even close to being on their last legs by any stretch, so why replace them....

Dream car is in the Escalade or Grand Wagoneer type, but I just saw a video of the 2022 Golf R, still comes in a stick, and thought, wouldn't it be nice. I've liked the GTI since it came out in the 80's. Got to drive one in 2015 as a rental car...

I have a 9th generation

I have a 9th generation civic in manual transmission. I don't think they make a MT anymore (yes, they still have the Si). Its sort of unfortunate that they're phasing the MT out and leaving it only for the si and type R. Its as if the MT is a luxury item or something.

The manual transmissions are the ones that are ruggedly built, meant to withstand the test of time.

Going to drive the civic for as long as I can, and make my kids learn how to drive a manual as well. Hey, they need to understand how gears work!

I have a 9th generation

I have a 9th generation civic in manual transmission. I don't think they make a MT anymore (yes, they still have the Si). Its sort of unfortunate that they're phasing the MT out and leaving it only for the si and type R. Its as if the MT is a luxury item or something.

The manual transmissions are the ones that are ruggedly built, meant to withstand the test of time.

Going to drive the civic for as long as I can, and make my kids learn how to drive a manual as well. Hey, they need to understand how gears work!

I have a 9th generation

I have a 9th generation civic in manual transmission. I don't think they make a MT anymore (yes, they still have the Si). Its sort of unfortunate that they're phasing the MT out and leaving it only for the si and type R. Its as if the MT is a luxury item or something.

The manual transmissions are the ones that are ruggedly built, meant to withstand the test of time.

Going to drive the civic for as long as I can, and make my kids learn how to drive a manual as well. Hey, they need to understand how gears work!

Yes to cash for cars

johnnatash4 wrote:

They paid cash even for cars.

That was my father's habit. It was also his firm advice to me. Buy the car you have the cash for, not the car you might like. He backed up that advice with a good-natured threat to disinherit me if I ever violated it.

Low debt level is a very real form of freedom.

--
personal GPS user since 1992

it seems

kchen wrote:

I have a 9th generation civic in manual transmission. I don't think they make a MT anymore (yes, they still have the Si). Its sort of unfortunate that they're phasing the MT out and leaving it only for the si and type R. Its as if the MT is a luxury item or something.

The manual transmissions are the ones that are ruggedly built, meant to withstand the test of time.

Going to drive the civic for as long as I can, and make my kids learn how to drive a manual as well. Hey, they need to understand how gears work!

That when BMW no longer sells a stick (maybe M2 has a stick) in the USA, the fat lady has sung. How sad is that, a BMW 3 series can't even have a manual? Before it got phased out, a manual was a $0 option. What? It should be $1000+ less!

At least I still have 1 stick in the garage, again, will never give it up.

Also, if you like it, you like it. I do. I never bought into the, I like manuals but there's too much traffic. That's like saying I like regular bikes but there are too many hills so I got an eBike. non sequitur A person prefers one or the other.

In heavy traffic, I hate my right foot going back and forth while my left does nothing.

My financial advisor once told me

If you get a 0% interest rate on a credit card, use it. It’s always smart to use someone else’s money. Other than that, credit cards can get you in trouble. My wife hasn’t worked in 20 years but her credit score is 20 points higher than mine. The reason? I have her on one of my credit cards that has a recurring charge on it that is paid off every month. Just because of that one credit card, her score is close to 820.

--
It is impossible to rightly govern a nation without God and the Bible. ----George Washington

I don't disagree

maddog67 wrote:

If you get a 0% interest rate on a credit card, use it. It’s always smart to use someone else’s money. Other than that, credit cards can get you in trouble. My wife hasn’t worked in 20 years but her credit score is 20 points higher than mine. The reason? I have her on one of my credit cards that has a recurring charge on it that is paid off every month. Just because of that one credit card, her score is close to 820.

Like I did the hvac that way--my buddy called me foolish. My point is it's the same price with financing or without--it wasn't that they charged more. The difference is this is a loan, at 0%. Necessarily 1/60 is paid every month, so after 60 payments, it's done. Credit cards don't work that way.

Anyway, as disciplined as I think that I am, I've told the story that we went from $0 to $14k on a 0% in 18 mos. I was not successful in paying myself the monthlies. If you do that, you are wise using others' money.

In other words, say the statement is $800--make the minimum payment, let the balance ride at 0%, then pay yourself whatever $770 into your savings. Collect interest on the $770 and every monthly payment to yourself.

One day 18 mos later when the 0% runs out, take the money out of the bank and pay it off. It didn't work this way for me unfortunately, I amassed debt instead.

Some reasons debt is bad for you

With no debt you have access to most of your income.

Debt Encourages You to Spend More Than You Can Afford
There’s something about the debt that tempts you to keep spending even when you can't afford the payments. Part of the allure of debt is the fact that you can get the emotional high from getting new things now, without having to deal with the immediate pain of parting with money. It can feel like you’re getting something for nothing. But eventually, that spending will catch up with you, and it won't feel so good then.

Debt Costs Money
Debt feels free when you're swiping your card or signing loan documents, but this is an illusion. In general, you pay a price for the debt you create. That price comes in the form of interest. The higher the interest rate, the more you’ll end up paying for your debt. Also, the longer it takes you to pay off and the higher your debt load, the more interest you’ll pay.

The only exception is an interest-free loan or zero percent APR credit card promotion, but even that has a limit and can be lost if you default on your payments.

Of course, if you use a credit card and pay off your balance on time and in full every month, you won't have to pay any interest.

Debt Borrows From Your Future Income
Any time you take out a loan or charge something on your credit card, you’re borrowing from the money you hope to earn in the future. Do you want to spend your money paying for something you've already used up and don't get much value from anymore? You never know what changes may happen in your income, so it's better not to mortgage your future.

High-Interest Debt Causes You to Pay More Than the Item Cost
If you buy a $2,000 living room set on your credit card at 11% and only make the minimum payment, you’ll end up paying more than $3,600 by the time you completely pay off the debt. That’s $1,600 more than the furniture cost. Even if you raised your monthly payment to $100 and paid off the balance, you’d still pay close to $220 more than the cost of the furniture. On the other hand, you could set aside $150 month for 14 months and pay in full at no extra cost.

Debt Keeps You From Reaching Your Financial Goals
Monthly debt payments limit the amount of money you have to spend on other things—not just retirement, but the trip you always wanted to take or Christmas presents for your family. The more debt you accumulate, the more your monthly payments will be, and the less you have to spend on everything else.

Debt Can Keep You From Owning a Home
Credit card, auto, and student loan debt are all considered when you apply for a home loan. If your other debt payments are too high, you may get turned down for a mortgage loan. In most cases, your total monthly debt payments can't take up more than 43% of your income if you hope to secure a mortgage. Many lenders want that number even lower. That means you’ll be stuck renting or paying on your current mortgage until you pay off some of your other debt.

Debt Can Lead to Stress and Serious Medical Problems
When you have debt, it’s hard not to worry about how you’re going to make your payments or how you’ll keep from taking on more debt to make ends meet. The stress from debt can lead to mild to severe health problems including ulcers, migraines, depression, and even heart attacks.2 The deeper you get into debt, the more likely it is that you will face health complications.

Debt Can Hurt Your Marriage
Debt puts unnecessary pressure on the household’s finances and creates a lack of financial security for your spouse and your children. When both partners feel overwhelmed, it can spark arguments about spending habits, who ​is creating more debt, and how much debt is too much. These fights can escalate and lead to a breakdown in the marriage.

Debt Hurts Your Credit Score
Part of your credit score—30% to be exact—is based on the amount of debt you have. The more debt you have compared to your credit limits and original loan balances, the lower your credit score will be. Even if you’re not shopping for a credit card or loan, your credit score affects your life and the cost of other products and services, such as auto insurance.



Well said

panama wrote:

Debt Borrows From Your Future Income
Any time you take out a loan or charge something on your credit card, you’re borrowing from the money you hope to earn in the future. Do you want to spend your money paying for something you've already used up and don't get much value from anymore? You never know what changes may happen in your income, so it's better not to mortgage your future.

--
Striving to make the NYC Metro area project the best.

johnnatash4 wrote: I've

johnnatash4 wrote:

I've been doing the 0% balance transfer since it was $14k.

Long ago we found ourselves $10k in debt. Like you, I did the 0% balance transfer thing and, in those days, often got an additional $50 or so knocked off the debt for doing the switch. (People told us we would destroy our credit rating by doing all those card account changes. Nope. We ended up with a killer credit rating.) I swapped card accounts every 6 months or so when I'd get another offer. We paid off the debt and kept it that way.

These days almost everything goes on my Capital One card. Groceries, phone bill, water bill, etc. The only things that don't go on the card are the PG&E bill and gas. The PG&E site charges extra for using a credit card so I just pay that one online each month with an electronic transfer from the checking account. As for gas... We get our gas at Safeway because we get a discount. They charge and extra 10 cents a gallon for credit so we use the debit card there. Literally everything else goes on the card and I pay off the card every month.

When I replaced my truck with a new-to-us (used) truck I just paid for it. When my wife got a brand new car in 2011 we took the "3 year interest free" option. The payment was a bit steep each month but we paid zero in interest. A couple of months ago she decided she wanted another vehicle. This one is used (2017 Jeep Grand Cherokee Limited with pretty much every option) we put it on a Capital One car loan. Interest? Sort of. I don't even remember what the payment is supposed to be because I'm just paying them $2k a month so there really isn't any issue with interest and, when something matures in a couple of months I'll just pay the balance. (I would have simply payed it off immediately but my wife wants to wait for whatever it is that is maturing so, in the interest of marital harmony, I said okay.)

When we had the 0% "loan" on the earlier car we paid it off one November and the following January we paid off the house. It was like getting two big raises in a row. (We always paid a bunch extra each month on the house as well. I freaking hate interest.)

These days, aside from the "new" car that I'm paying off waaaaaay before its "due", we have pretty much zero debt. We take multi-week land trips and cruises ranging from 10 days to 28 days and, of course, use the card for everything and pay it off immediately. I freaking love not being broke and poor like when we were young. We are both retired and look at our old friends who are poor and in debt and didn't plan ahead and we just shake our heads and are silently pleased that we aren't in their shoes.

--
GPSMAP 76CSx - nüvi 760 - nüvi 200 - GPSMAP 78S

Easy trap.

It's an easy trap to fall into John ... one many of us (most probably) have had to dig out of at one time or another during our lives.

--
Alan - Android Auto, DriveLuxe 51LMT-S, DriveLuxe 50LMTHD, Nuvi 3597LMTHD, Oregon 550T, Nuvi 855, Nuvi 755T, Lowrance Endura Sierra, Bosch Nyon

darn

panama wrote:

The only exception is an interest-free loan or zero percent APR credit card promotion, but even that has a limit and can be lost if you default on your payments.

Of course, if you use a credit card and pay off your balance on time and in full every month, you won't have to pay any interest.



I got married in Manhattan in 2008, so you can imagine Manhattan is expensive. When we were shopping for a venue for the rehearsal dinner, I was getting $80/head as if that's good? I told my wife what about Jersey? She was like what, people are going to cross the bridge? lol

Anyway we economized in every way we could and it was still about $27k. Back then, 0% balance transfers had no fee. I managed to get it all consolidated to Citi, 0% for 12 mos.

I was a young man back then and nearly had a heart attack. I forgot to make a payment. I called them from work and the nice lady said you've been a customer for a long time, we will certainly waive the $39 late fee. I said ok, thanks, but what about that thing where if you miss a payment, interest gets charged back to the beginning, is that gonna happen? She says don't know, we'll have to cross that bridge when we get there.

Waited for the statement to close, I did make the payment after the due date and prior to the statement close. Nothing happened. Whew. My dad has a story with Chase where he was charged interest back to the beginning. Set up autopay folks! Saves a lot of grief...I use autopay but pay myself manually prior...it's the belt and suspenders method.

I know someone

maddog67 wrote:

If you get a 0% interest rate on a credit card, use it. It’s always smart to use someone else’s money. Other than that, credit cards can get you in trouble. My wife hasn’t worked in 20 years but her credit score is 20 points higher than mine. The reason? I have her on one of my credit cards that has a recurring charge on it that is paid off every month. Just because of that one credit card, her score is close to 820.

Who somehow managed to get his stay at home, unemployed wife to be the primary on all the credit cards and he was listed as an "authorized" user.

While her credit score was 800+, when she died there was so $50k on the card. ( it had been paid off every month ).

Then she unexpectedly succumbed to an unforseen emergency surgery.

When the lending institution wanted her husband to pay the balance, his answer,was, not my card and when the lending institution pressed, his attorney sent the. A letter.

--
Never argue with a pig. It makes you look foolish and it anoys the hell out of the pig!

I know someone

BarneyBadass wrote:
maddog67 wrote:

If you get a 0% interest rate on a credit card, use it. It’s always smart to use someone else’s money. Other than that, credit cards can get you in trouble. My wife hasn’t worked in 20 years but her credit score is 20 points higher than mine. The reason? I have her on one of my credit cards that has a recurring charge on it that is paid off every month. Just because of that one credit card, her score is close to 820.

Who somehow managed to get his stay at home, unemployed wife to be the primary on all the credit cards and he was listed as an "authorized" user.

While her credit score was 800+, when she died there was so $50k on the card. ( it had been paid off every month ).

Then she unexpectedly succumbed to an unforseen emergency surgery.

When the lending institution wanted her husband to pay the balance, his answer,was, not my card and when the lending institution pressed, his attorney sent the. A letter.

that was turned down for a reverse mortgage due to CC debt. thats frightening.