debt

I had to use my cards to get my initial production equipment, and I still owe most of it. I sweat about it a little, but not badly....I just keep transfering the balances to new 0% APR offers when the old ones end. When you live where I do, just working and saving can be too long, as the jobs are pretty low wage if you dont have a degree (me) and I knew exactly what I wanted to do, and was ready to get it going. I suppose it helps to have a little faith that The Force is with you too. But I aint gonna lie, I do sweat about it from time to time.
 
All of this credit card and other debts deffinetly has an effect on the economy too
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Very good point. Debt was a major factor in the collapse of the stock market. People were taking out loans to buy stock - with the hope of getting madly rich, paying back the loan etc. Unfortunately that backfired and led to the worst economic situation our nation has ever faced. And we wonder why the economy is bad today...
 
Lets just ban all credit....haha just kidding. It seems like there should be some laws associated with credit use, to prevent over-crediting. Maybe there are and I just don't know it. Either way, it seems like now more than ever the issue is getting out of hand. It seems like every time I turn on Good Morning America, or Dr. Phil (don't ask...) they are always having these "tips to stay out of debt" pieces.
 
What really burns my ass is when they offer you store cards for hardware, clothing, electronics --- hell, practically everything now.

That perky salesgirl flirts: "...oh, you can save 15% on everything you buy today!" - until you figure out you're really paying them 27.95% for the next five years on a $300 purchase. What a scam.

In almost every instance - save for my car and house - I stick to cash whenever possible. Still got that one platinum card though... and it's really hard to get rid of.

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Truely scary how this credit thing can work. I have a few cards as does the wife. We always pay off the balance at end of month (twice carried the balance for a month or two during some hard times). The credit card companies keep jacking up our credit limit. Since we already have our mortgage we just ignored it. Between all our cards we now could jack up more dept than we earn in a year just on our cards. Took my wife almost an hour on the phone to get them to drop her limit down to more reasonable level (really don't need more than a month's worth of income).

The thing is I can understand that once you start accruing dept, it gets to a point where your like, "Well I already have several thousands of dollars of dept so what's this one $200 purchase?" Then it's just a downward spiril from there.

I think the trick is to start teaching kids about this in public school (of course the bank lobbists would never allow). Credit is an important part of our society (like or not) so how it is we don't teach kids it's dangers and pitfalls (as well as positive uses like buying a home, car, or starting a business)? In the long run we will all pay the price of the outragous dept the average American is carrying.

Scary stuff!
 
I have one card that I use for two reasons:

1) Emergencies (haven't had to yet) -- never know when I might need to fly across the country on a day's notice.

2) Vacations -- so that I don't have to carry cash or my check card with me. This gets paid off immediately.
 
If you don't like handling cash all the time, you could just get a debit or check card. Same results, no debt. I've had mine for about 3 years and bought tons of stuff online and in stores, and had no problems.

Plus, I think there's a certain staisfaction in knowing that you worked hard and earned whatever you buy. I think you appreciate and care better for things you worked your ass off for than if it's just on credit. I can understand for like a car or house, but for most stuff, it's better to earn it than have it handed to you by a credit agency that now owns your soul.
 
i get those credit card offers everyday in the mail, and i simply tear them up. im responsible w/ $, but i still don't want a credit card. debit cards are just fine. although i am only 20. i guess when im older i will get a actual credit card. (no intentions on using it)
 
Of course, you can always just follow the US governments example. Borrow your ass off, enjoy everything now, then let your grandkids worry about it after your dead.
 
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