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theJ


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PostPosted: Sat Sep 29, 2012 9:52 pm    Post subject: Reply with quote

incognito_man wrote:
theJ wrote:

My wife and i recently started doing this. I can profess that this is true. And not only that, but if you take out $100 from the bank at the beginning of the month and say "this is what i get for everyday, general use (not counting food)". If you run out, you're out. There's no cheating with this method like there is with credit.

With credit: oops, i spent $100 already. Oh well, one more won't hurt me.


Seems like a tactic to overcome mental weakness.

If you are truthful with yourself there's no need to avoid credit.

That's exactly what the plan is.

incognito_man wrote:
Follow-up question, what's the disadvantage of using a CC instead of a debit card?

The risk. Plain and simple. You miss one payment, and you've undone all the "smart" stuff you've done with credit cards over the years with cash back and blah blah blah.

I understand most people use them to build credit, and i understand that. Truthfully i understand your whole argument (i love playing devil's advocate). But ask yourself this: if you've already bought a house, and you plan for all purchases ahead of time, what do you need credit for? Even if you don't own a home and plan to get a mortgage, you do know you can get approved without credit right?
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BornToFly


Joined: 08 Jan 2006
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PostPosted: Sat Sep 29, 2012 9:53 pm    Post subject: Reply with quote

incognito_man wrote:
BornToFly wrote:


I realize this is from Ramsey himself, but it's a good video about why to avoid CC.

http://www.youtube.com/watch?v=dyDswUgLgzE


wow

if this is an accurate representation of him I cannot believe people find him worth listening to.

yikes...


What about it is making you think that?
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theJ


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PostPosted: Sat Sep 29, 2012 9:53 pm    Post subject: Reply with quote

Matts4313 wrote:
BornToFly wrote:

Not only that, but debt=risk. Always. Nobody ever thinks that when they buy a computer from best buy on a credit card with 0% int for a year that they might lose their job and have a hard time finding another. Thus can't repay the comp ( or whatever you bought with a 0% credit card )


There is risk in everything. One could just as easily argue that if you lost your job, it would be better to have the $1500 in your pocket (with a ~$50 monthly payment) vs the computer paid off. What it boils down to is overextending yourself financially.


The Ramesy method is great for a certain segment of the population... but it doesnt make the most sense "by the numbers".


If you lose your job and you really needed that $1500, it should be argued that you shouldn't have bought the computer in the first place. I know, i'm nitpicking. Sorry, couldn't help it. Laughing

But yes, i essentially agree with you. Sometimes with his method you miss out on a few cut corners. But with his method, you have the highest chance of not extended yourself too far.

Retreating now.
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Last edited by theJ on Sat Sep 29, 2012 9:55 pm; edited 1 time in total
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theJ


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PostPosted: Sat Sep 29, 2012 9:54 pm    Post subject: Reply with quote

incognito_man wrote:
BornToFly wrote:


I realize this is from Ramsey himself, but it's a good video about why to avoid CC.

http://www.youtube.com/watch?v=dyDswUgLgzE


wow

if this is an accurate representation of him I cannot believe people find him worth listening to.

yikes...


He's a Tennessee boy. Still has some hillbilly in him.
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incognito_man


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PostPosted: Sat Sep 29, 2012 10:18 pm    Post subject: Reply with quote

theJ wrote:

The risk. Plain and simple. You miss one payment, and you've undone all the "smart" stuff you've done with credit cards over the years with cash back and blah blah blah.

I understand most people use them to build credit, and i understand that. Truthfully i understand your whole argument (i love playing devil's advocate). But ask yourself this: if you've already bought a house, and you plan for all purchases ahead of time, what do you need credit for? Even if you don't own a home and plan to get a mortgage, you do know you can get approved without credit right?


There's no risk with automated payment set-up.

You have just as much (if not more) risk of overdrawing your checking account on a debit purchase...

I mean, heck - I just saved up to put a new roof on my house. Because I paid with a credit card I got a free $2500 30 day loan and got $50 toward a flight i'll take in January this year. Wouldn't have that with a debit card.

One can save ahead of time and still use credit to save MORE.


Last edited by incognito_man on Sat Sep 29, 2012 10:21 pm; edited 1 time in total
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incognito_man


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PostPosted: Sat Sep 29, 2012 10:19 pm    Post subject: Reply with quote

BornToFly wrote:


What about it is making you think that?


His appeals to fear and hyperbole are cultish.

It was pretty absurd overall.
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theJ


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PostPosted: Sat Sep 29, 2012 10:23 pm    Post subject: Reply with quote

incognito_man wrote:
There's no risk with automated payment set-up.

That's a whole different animal i won't touch. I've been billed double or triple too many times to trust them with automatic payments.

In any case, again i understand where you're coming from. For some people credit cards are ok. I still have one i use for gas. But everything else is debit or cash now, which makes our monthly budget so much easier to calculate.
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Matts4313


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PostPosted: Sat Sep 29, 2012 10:23 pm    Post subject: Reply with quote

incognito_man wrote:
BornToFly wrote:


What about it is making you think that?


His appeals to fear and hyperbole are cultish.

It was pretty absurd overall.


I didnt watch that video, but I have seen a lot of his videos. I wouldnt classify him as that at all. He does take the notion of debt free to an extreme. You need to understand though, some of the people he talks too need to be spoken too in extremes. They NEED to change their life styles.
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incognito_man


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PostPosted: Sat Sep 29, 2012 10:31 pm    Post subject: Reply with quote

Matts4313 wrote:


I didnt watch that video, but I have seen a lot of his videos. I wouldnt classify him as that at all. He does take the notion of debt free to an extreme. You need to understand though, some of the people he talks too need to be spoken too in extremes. They NEED to change their life styles.


Yeah it's the only i've ever seen from him so that's why i put the caveat that if it was representative of him. He sounded like a tele-evangelist or some other crazy salesman on that sound bit.
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incognito_man


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PostPosted: Sat Sep 29, 2012 10:32 pm    Post subject: Reply with quote

theJ wrote:
incognito_man wrote:
There's no risk with automated payment set-up.

That's a whole different animal i won't touch. I've been billed double or triple too many times to trust them with automatic payments.

In any case, again i understand where you're coming from. For some people credit cards are ok. I still have one i use for gas. But everything else is debit or cash now, which makes our monthly budget so much easier to calculate.


Hm, those sound like terrible companies then. I've never heard of anyone having issues with auto-payments.
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Superman(DH23)


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PostPosted: Sat Sep 29, 2012 10:35 pm    Post subject: Reply with quote

theJ wrote:
incognito_man wrote:
There's no risk with automated payment set-up.

That's a whole different animal i won't touch. I've been billed double or triple too many times to trust them with automatic payments.

In any case, again i understand where you're coming from. For some people credit cards are ok. I still have one i use for gas. But everything else is debit or cash now, which makes our monthly budget so much easier to calculate.
AOL billed me for about 9 more months after I cancelled their service a long time ago. That was the last time I ever used an autopay. I just don't trust others well.
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incognito_man


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PostPosted: Sat Sep 29, 2012 10:44 pm    Post subject: Reply with quote

Superman(DH23) wrote:
AOL billed me for about 9 more months after I cancelled their service a long time ago. That was the last time I ever used an autopay. I just don't trust others well.


Benefit of getting a CC thru the credit union i do all my other financial business with i guess.

hard to screw up a simple shift of funds Smile
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IrishGreen


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PostPosted: Sat Sep 29, 2012 10:57 pm    Post subject: Reply with quote

the biggest benefit of a CC compared to a debit card is the credit card company is going to have more firepower to fight for you when something has gone wrong
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Matts4313


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PostPosted: Sat Sep 29, 2012 11:02 pm    Post subject: Reply with quote

IrishGreen wrote:
the biggest benefit of a CC compared to a debit card is the credit card company is going to have more firepower to fight for you when something has gone wrong



Biggest benefit to me is the rewards. This year I have already used CC rewards for 3 free flights (myself roundtrip to vegas, my wife and I round trip to cancun). Ive already started stock piling for next year Laughing
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IrishGreen


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PostPosted: Sat Sep 29, 2012 11:03 pm    Post subject: Reply with quote

Matts4313 wrote:
IrishGreen wrote:
the biggest benefit of a CC compared to a debit card is the credit card company is going to have more firepower to fight for you when something has gone wrong



Biggest benefit to me is the rewards. This year I have already used CC rewards for 3 free flights (myself roundtrip to vegas, my wife and I round trip to cancun). Ive already started stock piling for next year Laughing


haha definitely very nice!
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