Bible Money Matters - Latest Comments in Financial Peace University: Week 4 - Dumping Debt

Re: Financial Peace University: Week 4 - Dumping Debt

Money Matters — Thu, 12 Jun 2008 23:45:12 -0000

I can understand how some people might not see eye to eye with the part about credit cards. I'm pretty anti-debt, and I understand why Dave Ramsey has a dim view of credit cards, because he's seen so many people who have misused and abused them in the past. At the same time I think we're going to be keep at least one credit card on hand for things like overseas travel, etc. We're just a little wary of always using our debit visa for some purchases because if there was going to be some fraud - even if we're protected, we dont' what to have to have our money coming out of our account right away. We like the protection of having the card.

Of course, we NEVER use the credit card unless we intend on paying it off with a couple of weeks - and we have the cash.

Re: Financial Peace University: Week 4 - Dumping Debt

Money Matters — Thu, 12 Jun 2008 23:42:08 -0000

yup, you're on the blogroll page..

Re: Financial Peace University: Week 4 - Dumping Debt

jamy — Thu, 12 Jun 2008 22:40:15 -0000

I do not see eyes to eyes with the cut credit card part.

If you have self control, in fact, credit cards work for you.

I have a lot of credit cards. I only apply when I see something that works for me.
For eg., last year, I need to buy a new oven to replace the ones that we had (an old 17 years oven), Lowes offers 12 months no interest card. I use Lowes money for 12 months. In fact, I use that money to buy a penny gold stock (the stock is gspg - gold spring) at 0.01 and I sold it yesterday at 0.03, well, I make enough money to pay back to Lowes. And I also take advantage when the store have the deal like if you open it today we will credit $20. I will use up the $20 they give up and thrash the card in my drawer and never use again.

When I buy my goods, I make sure I use the credit cards that give me the most % cash back.

I think the problem with a lot of Americans is that our eyes covet things that are not ours.

I have a gf who has a Ph.D degree, work as professor lives in a double wide with 5 acres of land, she asked me : "Jamy, do you think most Americans can afford the kind of houses they are living now without cheap interest rate.". I agree with her, I think one of the biggest problem in this country is cheap interest rate. It is like drug and most people are hooked on it.