Uncommon Opinions

[Caulfield]

Re: Uncommon Opinions

Yes

And add me as an authorized user and give me a card of my own. That way you can build up credit twice as fast!!!

for some reason this reminds me of the old old joke about a man telling his friend someone stole and used his wifes credit card. His friend asked did he report it stolen yet, the mansaid no because the thief was spending less than his wife

[mgoblue]

Re: Uncommon Opinions

It's the handling of the credit card that matters--just never ever carry a balance.

If you're comfortable paying a yearly membership fee, some of those cards have great value for free travel, etc. I pay around $60 a year, but end up with thousands in free travel money/redemption since I put EVERYTHING on my card.

The key is that I make a CC payment 3-4 times a week; I check it daily, and every single time there's a balance, I pay it back down to $0.

So they can be a good tool, when used appropriately.

Exactly. The reason to not have one (Dave Ramsey's) is valid too: Self control. A lot of people cannot control themselves and not go into credit card debt.

[Speedy]

Re: Uncommon Opinions

So should I get a credit card? I'm 21 and moving into my own apartment soon, hadn't considered it before.

Mike's point is perfect...only get one if you want to use it as a means to boost your credit score, not as expendable $$ to use.

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[slickdtc]

Re: Uncommon Opinions

Mike's point is perfect...only get one if you want to use it as a means to boost your credit score, not as expendable $$ to use.

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This this this

And it’s tougher to manage then you think. I strongly recommend just using it for gas or specific purposes like that. It’s so easy to lose track of spending even with all the tools at your disposal these days, especially if you’re paying it off throughout the month too.

Also, and I didn’t know this until I was ready to apply for a card, using over 30% of it at a time begins to look bad, with over 50% treading in to negative territory. So even if you have a fat line of credit, you don’t want to max it out. I consider my CC as a score builder and an emergency fund, eventually becoming a means to cashing in on the perks of higher end cards like Mike. If you know what you’re doing, you can really take advantage of the benefits offered.

[DocHolliday]

Uncommon Opinions

So should I get a credit card? I'm 21 and moving into my own apartment soon, hadn't considered it before.

Echo what everyone has said. If you feel you actually have the money and discipline to use it correctly and NEVER carry a balance, then yes. He’ll get a couple than.

Credit card “gaming” to maximize things you buy can be a great advantage. There are also many cards than don’t require a annual fee.

Just never ever pay the 25$ minimum balance. Always pay off your entire statement balance and reap the rewards.


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[underdog13]

Re: Uncommon Opinions

Thanks guys for all the advice [emoji106]

I'll probably get one this summer and just pay for gas for my car with it

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[DocHolliday]

Re: Uncommon Opinions

Use it everytime you would use a debit card. Everytime.


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[Mike Lowe]

Re: Uncommon Opinions

Use it everytime you would use a debit card. Everytime.


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The only time I don't use my CC is because in order to maximize my monthly interest on my savings account, I need to run my debit card 5 times. I do that on the first 5 transactions of the month that are less than $10.

And Underdog, take your time with this next one, but keep about 6-12 months of income in savings. The rest should be invested somehere where it'll make 10x as much interest. But only invest money you're ok not needing. So build up your savings up to at least 3 months first.

All of that comes back to the point of never creating debt for yourself. When you're not paying monthly bills for stupid crap you do NOT need, you'll have the money to invest.

That's how you start making real money through the beauty of compound interest.

[AUChase]

Re: Uncommon Opinions

Don't use credit, not even to buy a car. If you don't have the cash for it, you cannot afford it. Real estate you live in being the one exception. This one rule has allowed me to live very happily and comfortably.

I'll preface this by saying that I don't have a car payment. My wife and I paid cash for our vehicles. They aren't the nicest in the world, but they get the job done for now and help us get to work, take care of the kids, etc and free up some money so we can buy things for ourselves, vacation, etc. The only real debt we have is the mortgage on our house and we're looking at another 28 years on that bad boy. I've been down the 6 year terms on a car loan road before and had nicer vehicles, but it's not what I need right now.

Not everyone has the ability to pay outright cash for something and a lot of times those people still need to get to work and stuff so they finance something and I think that's okay as long as you're living within your means. Safety on the road is important too. You can drive a 1995 Honda Civic DX and be fine, but the truth of the matter is that those vehicles don't have nearly the same safety features that some other newer vehicles do and sacrificing your kids safety for the sake of saving money doesn't make sense to me either. Going without a vehicle just because you can't pay cash for it sounds nice, but it's not too realistic unless you like bumming rides all the time or you live in a city where you can commute via public transportation.

So I really just think you can summarize risk vs reward when it comes to debt by suggesting people simply live within their means. If you get a raise at work don't immediately go buying ****. I think the ultimate goal is for people to be able to save enough to cover their expenses for 6-months in the event that you become unemployed. That's not very realistic either, but that's my goal. If you try to get through life without ever accepting some form of debt good luck living in a van down by the river. It's not fair, but that's the game.

I don't know if any of this is uncommon opinion, but it's just my general thoughts on debt off the top of my head.

[Fresh Tendrils]

Re: Uncommon Opinions

Having and carrying debt doesn't automatically mean one is living beyond their means. For a lot of people it is a necessity of life in this society.

[AUChase]

Re: Uncommon Opinions

Having and carrying debt doesn't automatically mean one is living beyond their means. For a lot of people it is a necessity of life in this society.

Was this in response to me? It came quickly after my post so I just want to make sure we're on the same page here because I agree.

[Fresh Tendrils]

Re: Uncommon Opinions

Was this in response to me? It came quickly after my post so I just want to make sure we're on the same page here because I agree.

Adding to? I agree with you. I was just adding my two cents to the discussion.

Debt can be a very dangerous tool that can quickly get out of hand. Unfortunately, the basics of personal economy isn't knowledge or a skill that is taught so a lot of people make poor decisions. Those things I agree with, but I can't agree simply saying "debt is bad."

My dollar today has greater value than it does tomorrow. Even if I had the cash to buy a car, house, or even smaller purchases like an appliance outright I would still take out the loan.

[ProfessaPackMan]

Re: Uncommon Opinions

Unpopular Opinion: Movie Snobs are annoying.

I don’t care for your deep thought analysis on why Debo snatched Red’s Chain from his next on Friday. It doesn’t make you any smarter or more sophisticated than the next person so sit down.

That’s just one example but I could go on and on.

[Fresh Tendrils]

Re: Uncommon Opinions

That actually sounds interesting to me lol.

[SuperBowlNachos]

Re: Uncommon Opinions

Yea, people try and make credit cards out to be a bad thing when they are actually the opposite.

It's unfortunate ignorance on how credit cards work. A good number of people think you pay interest no matter what even if you pay it off, or they think you have to carry a balance and pay interest for it to help your credit.

Why don't you just pay at the pump directly instead of handing it to the attendant?

Maybe not in Canada, but gas pump skimmers pop up all the time on the actual gas pump and public ATMs. Handing it to the attendant would be 10x safer. Not sure an attendant would be ballsy enough to run a skimmer right there.

If you're comfortable paying a yearly membership fee, some of those cards have great value for free travel, etc. I pay around $60 a year, but end up with thousands in free travel money/redemption since I put EVERYTHING on my card.

The key is that I make a CC payment 3-4 times a week; I check it daily, and every single time there's a balance, I pay it back down to $0.

So they can be a good tool, when used appropriately.

I pay about $275 in annual fees. I more than cancel this out though. You have to do your due diligence before getting into multiple AF cards though.

Paying the statement balance alone is all you really need to do. Maybe make an additional payment if you made a giant purchase.

So should I get a credit card? I'm 21 and moving into my own apartment soon, hadn't considered it before.

Yes. Don't buy stupid stuff you can't afford. It's not free money. At the very least get one and put your Netflix or whatever subscriptions on it. Set up auto pay on the card. At most put every single dollar on it, but just be responsible.