Take away credit cards....

First of all let me say that I owe 4000 shares of Mastercard and it is a long term investment. I do not care if it goes up or down $ 40.


Now some people do not pay their credit card at the end of the month, but I always do and I believe that most people when use a credit card use it along with common sense.

Whatever the spending increases or not it is not my concern.

Maybe some people charge $ 500 on their credit card and some $ 5 but, in my opinion, and it is just my opinion, there is a shift in how people spend money from cash to plastic.

I see that shift increasing in the Usa and oversea and that is why I am long on MA

No doubt that we are in a very volatile market, I am just going to go along for the ride, but I am confident that in a long time frame credit cards are going to stay and grow.
 
Quote from balda:

I pay off my bill and carry 0 balance, I use it for points. I redeem at least worth of $500 in gift cards per year on my amex.
More...

Ditto....this Xmas cost me almost nothing....card points paid for gift cards, watches, popcorn machines......no wonder the retailers are suffering :)
 
Quote from EMRGLOBAL:

"cant file bankruptcy that easy anymore " bruva.

Congress changed those rules a few years ago, they saw the storm coming.

that is why there is all this "Bullshit" bailout going on.
They have to re-finance the sheeople, because bankrupt options are off the table for the most part.
More...

Congress didn't see anything except campaign contributions from the credit industry. The new bankruptcy law was written by MBNA (now BofA), who was George Bush's biggest contributor. Oh, BTW, they also invented the process of securitizing credit card debt.
 
Quote from guy990opl:

First of all let me say that I owe 4000 shares of Mastercard and it is a long term investment. I do not care if it goes up or down $ 40.


Now some people do not pay their credit card at the end of the month, but I always do and I believe that most people when use a credit card use it along with common sense.
More...

you might be surprised at the millions who have 5 - 8 credit cards pegged out...
 
Quote from daddyeaux:

you might be surprised at the millions who have 5 - 8 credit cards pegged out...
More...

Hell yeah, it's way more than most people think.

I work at a bank and see it all the time. It's really crazy. In fact many of those individuals are actually OVER their limit.
 
Quote from ByLoSellHi:

People likely to post here or on other financial/trading oriented forums are not likely to be the ones racking up huge credit card bills and making the minimum payments, incurring huge interest charges in the process.

But this forum is in no way indicative of the average American consumer.

I, too, use credit cards, and pay the full balance off at the end of each and every month.

There are many more people who are literally living off of credit cards than can be gleaned by the comments of those likely to post here.

These are the same species who were using HELOCs to finance the purchases of expensive goods that have fast depreciation, such as luxury cars, Bosch nickel appliances, and Gucci or Hermes Handbags.
More...

I gotcha. I've seen a couple of these threads start here and always feel a little accosted like I've done something wrong. By using credit cards I receive income ($300-400 a year) and have literally never paid a cent to CCC. Plus I keep a record of every transaction to input through our budget.
But now I get where your coming from, Some people are racking up the opposite income stream as I am. For their latte's and loafers they are pay hundreds and thousands of $ a year with generally no hope of paying it back. I think credit is like margin. It can cut both ways and most people don't deserve the trust to live on margin.

JIM
 
Quote from itcanbedone:

sir u do realize that many are folks are acutally using debit cards, which actually look like credi cards?

are u saying: cashless society is bad or are u saying credit card debt is bad?:confused: :eek: :confused:
More...

Exactly. I use the debit card for just about everything, and I have zero credit card debt.

The solicitations are gone now that I joined Lifelock, but I used to get two or three a day.
 
You must log in or register to reply here.
Back
Top