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Originally posted by Phage
reply to post by Wrabbit2000
And...your point is what? Isn't that sort of the whole idea? You don't think your supermarket owner is rich? He has the gall to make a profit on food! Shameful.
They got rich by GIVING credit and making the interest back on their own money, many times over.
I have a credit card which I use to pay as many of my expenses as I can. It has no annual fee and I pay the balance due each month. I find my well earned credit to be a very useful money management tool and it costs me nothing.
edit on 3/3/2013 by Phage because: (no reason given)
Originally posted by SubSea
Originally posted by Wrabbit2000
Well, thanks for the economics there and credit is simply the representation of ability to TAKE ON DEBT. Not debt itself, of course. However, to build a credit score, you must handle and responsibly repay debt. One does require the other and over extended periods of time.
After being sufficiently burned to realize the level of pure scam it is to spend other people's money so I can pay them even more for having something I couldn't afford in the first place,
Debit cards are impossible to avoid...
Rich people didn't get rich by using credit.
Choosing to play the debt game, especially with the near predatory terms it comes with these days, is just being a willing part of the game making the rich ever richer by your own hard work.
Originally posted by Phage
reply to post by WhiteAlice
As an accountant you understand that this is not a credit card. It cannot encourage overspending. It cannot encourage debt. In this regard it is no different than cash.
I don't buy the "conditioning" line.
One of the biggest issues with using a card (whether it's debit or credit) is that one tends to forget transactions and more in making purchases. I've seen this over and over again.
Originally posted by Phage
reply to post by tothetenthpower
She (he) doesn't.
Why does my child have to pay a financial institution to learn how to budget?
But getting a monthly statement couldn't hurt the learning process.
reply to post by Phage
One of the biggest issues with using cash is that it tends to get spent here and there without any tracking. I've seen it over and over again. This makes creating and following a budget difficult. With this card, not only do you get a statement but each transaction is provided to the parent as it occurs. The parent has the ability to shut down the card at any time.
Originally posted by Phage
reply to post by Iwinder
Yeah. Simple. This card works the same way. When the money is gone, it's gone.
But do you know where each of those dollars goes? That's important if you're setting up a budget.
I get this much a month. That means I can spent this much on movies, this much on food, this much on gas...etc.
The card makes that really easy to keep track of. Of course you can do that manually too. Do you?
edit on 3/3/2013 by Phage because: (no reason given)
Originally posted by Iwinder
Originally posted by Phage
reply to post by Iwinder
Yeah. Simple. This card works the same way. When the money is gone, it's gone.
But do you know where each of those dollars goes? That's important if you're setting up a budget.
I get this much a month. That means I can spent this much on movies, this much on food, this much on gas...etc.
The card makes that really easy to keep track of. Of course you can do that manually too. Do you?
edit on 3/3/2013 by Phage because: (no reason given)
But thanks to my brain I am not paying any service charges or fees or whatever they call them.
That five dollar bill is exactly that......Not less a 30 cent fee for using the card.
Regards, Iwinder
We have a regular income or in anyway we can check our bank acount detail at anytime , be that on or offline.
Originally posted by Phage
reply to post by Iwinder
$3.95 a month.
The parents pay it. Seems not too bad to me.
Originally posted by Phage
reply to post by Rubic0n
We have a regular income or in anyway we can check our bank acount detail at anytime , be that on or offline.
Knowing your balance is not the same is developing a budget.
Not ever learning how to budget is probably what gets most people into credit trouble.
This card is a good tool to teach kids how to budget. And the money can't be lost like cash can.
Originally posted by Phage
reply to post by Rubic0n
We have a regular income or in anyway we can check our bank acount detail at anytime , be that on or offline.
Knowing your balance is not the same is developing a budget.
Not ever learning how to budget is probably what gets most people into credit trouble.
This card is a good tool to teach kids how to budget. And the money can't be lost like cash can.
We have a regular income or in anyway we can check our bank acount detail at anytime , be that on or offline. That way we know what our budget is at anytime and adjust it at anytime.