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5 Reasons NOT to Pay Your Credit Cards

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posted on Jul, 28 2010 @ 11:18 AM
Hello Webpirate, your postings are always intreresting and very nice in appearance!

Many American's are already finding it all but impossible to pay bills and buy food, you touched on an important subject that may become worse in the near future.

Fred Thompson: 'Catastrophic' If Bush Tax Cuts Not Renewed

I listen to Clark Howard on the radio when I can. He advises us to keep our credit cards in order to keep our credit ratings high.
He explains that if we pay them down to a zero balance, using them twice a year on a small purchase of $3.00 to $5.00, it will keep our credit score up all the while the cards are collecting dust in the drawers.

Clark Minute - Don't Give Up Your Credit Card

Best Regards,

edit to add, if we are fortunate enough to pay the cards balance to zero

[edit on 28-7-2010 by sweetliberty]

posted on Jul, 28 2010 @ 11:19 AM
I'm sure glad that god has reserved a special place for people like that, IT'S CALLLED HELL, AND YOU KNOW WHO THE TORMENTER IS.

[edit on 28-7-2010 by nite owl]

posted on Jul, 28 2010 @ 11:27 AM
drumsrfun and havok - You guys took the words right out of my mouth! My parents taught me and stressed constantly "If you can't afford it, then you can't afford it - Period".

If you want it, save up the money and buy it when you have the cash. This way you have peace of mind. Not to mention that by getting into debt, your digging a whole for yourself, which will only cost you more in the long run.

I guess people are just too damn impatient and want instant gratification. We live in a "Now now now - me want now!" society.

(The only thing I would need credit for would be a mortgage on a property)

[edit on 28-7-2010 by TortoiseKweek]

posted on Jul, 28 2010 @ 11:28 AM
Im all for messing with the system as much as possible.


Regardless of what reality you make up in your own mind, your disadvantage is that you still have to visit the "really real world" from time to time, and pay your bills.

Later on down the road, you may need your credit. Unfortunately, the system that we are all a part of requires this. If you dont want to be a part of it, then charge up all of your cards and build a shack on some unclaimed land in the woods.

But if you have a job, need a car, wish to purchase a house, etc...
You have to play by their rules.

Thats just the way I see it. It sucks. But it's fact.

posted on Jul, 28 2010 @ 11:44 AM

Originally posted by havok

PS: To add, get your free credit report and cancel all your open credit cards.
The accounts don't cancel on their own and add to negative reports.
If you aren't using a card, it will negatively affect your report.
Remember that old jewelry store card from the 80's that you never canceled?
Yea. It's a negative boost to your report if left open.
Most people should know this...
(genius way of scamming people into bad credit)

It's actually worse than that.

Years ago I had a Future Shop card (GE Capital). I paid my balences off and only used it when I had the money anyways: I thought I was doing well building my credit.


I went to the bank one day for a loan and was told that one of the reasons I was being refused was because of all the activity on my credit report. Future Shop/GE Capital does/did a credit check every month to see if I was still in good enough financial standing to have their card. For the bank all of those checks made it look like I was constantly applying for credit somewhere.

As a side note, the main reason I was refused that loan was because of the conditions I was applying for it under...I wanted a one year loan to cover a vehicle purchase...she (the loans agent) tried several times to get me to accept a vastly larger amount for a much longer timeframe and when I refused to bite they refused the loan.

I had my eyes opened then and there...they wouldn't loan me $2000 with a one year term but they would loan me $10000 for five years.

More interest, higher chance of refinancing.

[edit on 28-7-2010 by [davinci]]

posted on Jul, 28 2010 @ 11:54 AM
People also have to take some responsibility for their own mess. They want the goodies now, whether or not they have the cash. So both greedy and stupid. After all, you can't guarantee how long you will have a job for.
Sadly our society is no longer able to tell the difference between 'I want' and 'I need'.

posted on Jul, 28 2010 @ 12:07 PM
Government Moves to Tax, Track All Gold Transactions

Gold Coin Sellers Angered by New Tax Law

When Nancy Pelosi said we have to pass the bill before we can find out what’s in it, few had any idea that the Obama health care legislation would expand well beyond the health care industry.

According to an ABC news report, the new 1099 provisions in the health care bill, which will force business owners to declare all purchases over $600 on their yearly tax return, will also directly affect the sale of gold coins and bullion:

Obama knows how to hit below the belt IMO!

posted on Jul, 28 2010 @ 12:25 PM

Originally posted by starchild10
People also have to take some responsibility for their own mess. They want the goodies now, whether or not they have the cash. So both greedy and stupid. After all, you can't guarantee how long you will have a job for.

Sadly our society is no longer able to tell the difference between 'I want' and 'I need'.

Quote for the decades to come.

People can't determine the difference between the two and that's what is leading to every monetary mess we have been in, past and future.

But, that must be the 'American Dream'.

Want. Not need.

posted on Jul, 28 2010 @ 12:40 PM
Webpirate Excellent post.
Lil story.
Got sick of the insurance guy, calling trying to sell us insurance all the time.
Affiliated thru the wifes union.
The office where he was is a good 60 miles from us.
One day I told him," sure come on up".

Couple days later he knocks and I invite him in.
So he goes thru his whole spiel me and the wife are listening.
Bout an hours worth.
She can't quite figure me.
We end up agreeing to some," hell of great deal for us".

I really got him to the good part as soon as I could.
We both signed some papers.
Then he says, "Now I just need your credit card to seal the deal".
I was looking at my wife, gave her a wink and looked over at him.
He looks up at my,"Deer in the headlights look on my face".
I said," Wa We don't have a credit card.
He says," Oh that's no problem, can have I the number to your bank account"?

I answered,

"Mr. The only use I have for a bank is to rob one".
His jaw dropped open as if I had said some magic words.
I got up from the table and walked out into the garage.

My wife still sitting, said he didn't even look at her. He gathered all he had brought with him and was out the front door in a panic.
They havn't called one time since.

[edit on 28-7-2010 by randyvs]

posted on Jul, 28 2010 @ 12:44 PM
It's gotten to the point where it's become " I need a 53" plasma screen TV and I want to eat at [insert expensive restaurant name here while paying for it with my AmEx card] to celebrate my new purchase.

posted on Jul, 28 2010 @ 12:54 PM
reply to post by sweetliberty

I love how they always "slip" things into those bills like that. They put all kinds of stuff into the supposed "Patriot Act" because they knew no one in their right mind at the time would vote against it.

As if the behemoth bureaucracy known as the US federal government wasn't large enough they know are wanting to keep track of all of the small things that are purchased. Just more of a way to keep closer tabs on all of us. Especially since stocks are becoming less popular now and gold is the in thing to buy now.

posted on Jul, 28 2010 @ 12:55 PM

Originally posted by webpirate
The best option though I really think, is just for everyone to stop using credit to purchase things. This may not be practical with real estate and their houses, but I think you all get my point here.

I completely agree. I have credit cards for the convenience, especially in ordering over the Net. I pay them off completely at the end of every month and have NEVER paid interest to the banks. It may be "fake" money, but you bought real products with that fake money and brought those products into the home and used them. That's your responsibility.

Getting a house is a bit more difficult without a loan and a tougher gamble, but it can be done. Interest rates are as low as they were in the fifties right now. The first house I bought in 1979 had an interest rate of 11%! Interest rates now are less than 4%. The only reason people owe more on their houses than they are worth is greed. Let me tell you a story of how one of my relatives screwed up.

He had a modest, but perfectly adequate house: 3 bedrooms, very posh master, a very comfortable place in a nice neighborhood. He bought it for about $180K and has an income that could have paid it off by now.

But, Noooo. He wanted to live on 'the lake' because it would be cool. So here's what he did. His house had grown in value to about $290K in the last boom before the bust. So he mortgaged his house for 95% of the current worth of $290K and used THAT money as a down payment on the lake house which cost him $900K. So his loan was in the $750K range. He rented the old house for less than his new mortgage payment.

Did he stop there? Why do that? The real estate market was still booming and his lake house was now worth $1.1-$1.2 million. So being the smart guy he is, he refinanced the lake house with a $1 million mortgage and got another $200K or so in cash, which he spent on goodies: A remodeled granite kitchen, a $100K speed boat, a new truck.

BUT he let the outside of the house, which was not in all that good a shape, deteriorate. He tore up the yard intending to fix it, but that's when the septic tank failed. It was so bad he had to move out. The previous owner had lied to him, but the fact is they didn't have any money and a lawsuit would be expensive. So they moved out and into a rental.

Then: Kaboom! Market crash. The house is unlivable and worth about $500K on a lucky day. They weren't living in the house, and that's when it was a cold winter and a pipe burst, flooding the entire house. When they tore into it, they discovered Black Mold everywhere. Perhaps that's why the kids were having breatinh problems.

They managed to get insurance to pay hundreds of thousands to rebuild the inside of the house--all new wallboard, flooring, etc. Now they are back in the house. They were extremely lucky, in one sense, because they didn't lose the house altogether, but it's worth half what they owe.

A lot of people in this situation would have just let the house go back to the bank and stuck the bank with the bill. After all, the big bad bank is all at fault here, right?

I don't think so. It's not the bank's fault all this happened to him. It's his fault. He was greedy; he was stupid. He was manipulative. He wanted all the goodies NOW. He didn't pay attention to market conditions. He leveraged himself and his family so far out that it will take him a lifetime to get himself on a good footing. Hopefully he can maintain his well-paid job in commercial construction to keep paying his mortgage.

It's not just the banks that are greedy.

posted on Jul, 28 2010 @ 01:27 PM
There's secured debt, and there's unsecured debt.

It's the unsecured debt that you shouldn't pay if you can't eat.

Know that credit card companies pay people to troll for threads and articles online LIKE THIS and then they jump in trying to say no, bad things happen or "do the right thing."

I could tell you my story, but I'm not going to.

They - I know for a fact - have a very active PR army that works in public internet forums to keep information like this from looking like a good option.

Just don't ever acknowledge the debt- at all.

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