|
03-14-2011, 01:06 PM | #136 | |
Quit your bullshit
Join Date: Jul 2005
Location: Bored of winning
Casino cash: $10052799
|
Quote:
I don't begrudge people a credit card. I would advise anyone to become debt free. From there, once all finances are completely under control, go ahead and use credit cards for the points or whatever. Just pay them off every month. People who bag on Dave Ramsey are missing the point. Donald Trump isn't calling his show. He's getting calls from people who have lost control of their financial lives, generally for no reason other than being sloppy. Not everyone needs to go on P90X, and not everyone needs to go full-blown Dave Ramsey. That doesn't mean that they aren't effective plans.
__________________
Today is not a good day to be a pussy. |
|
Posts: 41,870
|
03-14-2011, 01:09 PM | #137 |
Veteran
Join Date: Apr 2005
Location: St. Louis :(
Casino cash: $9989900
|
I'm not going to post any account info, but at the end of February I received a statement credit of $1,081 from American Express. I paid my balance off every month and never paid a single finance charge. So AmEx paid me $1,000+ for the convenience of using their card.
That might sound like pennies to someone who has six figures in the bank, but I think it's pretty stupid to pass on free money. |
Posts: 2,313
|
03-14-2011, 01:10 PM | #138 | |
Quit your bullshit
Join Date: Jul 2005
Location: Bored of winning
Casino cash: $10052799
|
Quote:
Do you cash out stocks every month to pay your credit card bill, or do you pay out of your checking account? Assuming that you pay out of your checking account, I don't see where you are making any money on the float.
__________________
Today is not a good day to be a pussy. |
|
Posts: 41,870
|
03-14-2011, 01:12 PM | #139 | |
In Search of a Life
Join Date: Dec 2005
Casino cash: $577391
|
Quote:
Exactly. I want to get ourselves as debt free as I can. I know that all of our issue is because I tend to be the "Ohhhhh, I want to buy that" type of person. I've gotten better at that issue, and now I'm working on getting the debt we have (which isn't much) eliminated. |
|
Posts: 31,179
|
03-14-2011, 01:21 PM | #140 | |
Quit your bullshit
Join Date: Jul 2005
Location: Bored of winning
Casino cash: $10052799
|
Quote:
__________________
Today is not a good day to be a pussy. |
|
Posts: 41,870
|
03-14-2011, 01:26 PM | #141 | |
Veteran
Join Date: Apr 2005
Location: St. Louis :(
Casino cash: $9989900
|
Quote:
The $2,364 is the ending balance from last month. That is the amount that must be paid in the grace period (which I think is now legally mandated at 21 days IF the card offers a grace period) to avoid finance charges. You can see he made that payment plus some additional (likely paid off the "current balance" at some point during the month) so he avoided any finance charges. |
|
Posts: 2,313
|
03-14-2011, 01:28 PM | #142 | |
Meow
Join Date: Jun 2005
Casino cash: $10005050
|
Quote:
__________________
"Political correctness is a doctrine, fostered by a delusional, illogical minority, and rabidly promoted by an unscrupulous mainstream media, which holds forth the proposition that it is entirely possible to pick up a t*rd by the clean end" |
|
Posts: 8,523
|
03-14-2011, 01:31 PM | #143 |
You Sweetie!
Join Date: Sep 2005
Casino cash: $2021206219
VARSITY
|
Zenith's are good.
just joking. |
Posts: 71,691
|
03-14-2011, 01:44 PM | #144 |
Quit your bullshit
Join Date: Jul 2005
Location: Bored of winning
Casino cash: $10052799
|
So if someone charges $20,000 per year with an average float of 15 days while earning 1.25% interest, they make $125 per year. It seems like more trouble than it's worth, but that's just me.
__________________
Today is not a good day to be a pussy. |
Posts: 41,870
|
03-14-2011, 01:45 PM | #145 | |
Kind of a mod
Join Date: Aug 2005
Location: Donkey Land
Casino cash: $516899
|
Quote:
As for the nuts and bolts, it doesn't really make a HUGE difference, but I pay out of a 1.5 APY savings account on the due date from the credit card company (and not before). Doing it that way is probably worth maybe $20-$30 in interest over the course of the year. Not a huge deal, but since it's easy to do, why not? |
|
Posts: 52,332
|
03-14-2011, 01:49 PM | #146 | |
Quit your bullshit
Join Date: Jul 2005
Location: Bored of winning
Casino cash: $10052799
|
Quote:
__________________
Today is not a good day to be a pussy. |
|
Posts: 41,870
|
03-14-2011, 01:50 PM | #147 | |
Kind of a mod
Join Date: Aug 2005
Location: Donkey Land
Casino cash: $516899
|
Quote:
To be clear, though, my philosophic difference with R8ers is much more about the "never use credit cards" idea (due to the rewards and benefits) than the "when to pay your credit card bill in the course of the month." The latter is a matter of pocket change. The former can be very significant. |
|
Posts: 52,332
|
03-14-2011, 01:56 PM | #148 | |
In Search of a Life
Join Date: Dec 2005
Casino cash: $577391
|
Quote:
|
|
Posts: 31,179
|
03-14-2011, 02:04 PM | #149 |
Quit your bullshit
Join Date: Jul 2005
Location: Bored of winning
Casino cash: $10052799
|
Is that just the unsecured debt? Do you have car payments or anything on top of that?
__________________
Today is not a good day to be a pussy. |
Posts: 41,870
|
03-14-2011, 02:12 PM | #150 | |
Quit your bullshit
Join Date: Jul 2005
Location: Bored of winning
Casino cash: $10052799
|
Quote:
I only use a debit card, and I've been debt free other than my mortgage for a couple of years now. I don't think I will ever take out another loan unless I buy another house. I'd love to get my house paid off as well and just pay cash if I ever move, but I've still got a long way to go in that regard. I have a degree in Finance, and I understand that a lot of my counterparts don't like the idea of having a paid-for house, but I also know how many broke financial gurus there are out there. A lot of financial plans are great in theory, but human nature gets in the way more often than not.
__________________
Today is not a good day to be a pussy. |
|
Posts: 41,870
|
|
|