Financial Challenges Support Group
This community is for people who are struggling to meet financial obligations of any kind. Financial challenges include everything from the day-to-day challenges of making ends meet to managing credit card debt to bankruptcy. Get support from others who are going through similar obstacles on the road back to financial stability.
with a $2,000 balance. "It takes less time to have a child and raise them to adulthood."
All the best deals in the world don't mean squat if you can't pay for them right away. The best interest free account in the world is cash.
Here is an article about recurring debt and this only means if you never use the card again... a vicious cycle
http://www.marketwatch.com/story/how-long-does-it-take-to-clear-a-2000-credit-card-with-minimum-payments-2015-07-07?siteid=yhoof2
All the best deals in the world don't mean squat if you can't pay for them right away. The best interest free account in the world is cash.
Here is an article about recurring debt and this only means if you never use the card again... a vicious cycle
http://www.marketwatch.com/story/how-long-does-it-take-to-clear-a-2000-credit-card-with-minimum-payments-2015-07-07?siteid=yhoof2
Thank God DA and UA have shown me a new way to live.
Credit is not bad... it serves a valuable purpose if used correctly. "Professionals" say to keep it under 30% of the total value. I get nervous if mine gets over 10%. I use mine every month to work for me - not against me.
I pay it off in full every month and get cash back by using it. So, in a way credit is making me cash.
Like the article says, it is dangerous to use 90-95% of the credit because it shows you're a risk. And if you are using that much then you are probably not in a position to stop using it. You think you can save 5 cents on a gallon of gas if you use a company credit card... so you charge and charge and before you know it, you owe $1,000 just for gas. No way you can pay it off, so that 5 cents that you thought you were saving you are now paying 25 cents over the regular cost.
Many people can't purchase a car without credit. You can't buy a house without credit. Some jobs require a good credit rating. To start your own business you'll probably need a really good line of credit.
Credit isn't evil. The way we use it decides if it is healthy or unhealthy.
Healthy to me means if you have CC's pay them in full every month. If you can't pay for it in full, then don't use it until it is paid in full.
Never acquire a store credit card. I know some folks like them, not me, I'd rather get cash back with one of my major cards instead of falling prey to the gimmicks of store cards.
Using credit can make a person money IF it is used responsibly. A simple way to look at it, if you NEED to use credit to get a TV or some other luxury, the truth is you can't afford it. And the sales pitch of no interest for a year? Cash never charges interest.
The problem ultimately is lack of fiscal responsibility caused by a manifestation of one's character defects; fear, self-seeking, selfishness, inconsideration and dishonesty.
My Gran's older Sister visited Gran last weekend and asked Gran if I was living, "In a Shelter?" My Gran's Sister's Grandkids all have successful jobs, so She might believe she is superior to my Gran. This underlines how the character defect of self-seeking triggers my underearning; I want to become just like my Second Cousins on that side.
But, as the Lord said, demons can only be relieved through prayer and fasting.
A car breaks down and you need it fixed. You have some money in an emergency fund but not enough. What do you do? Get a loan or borrow from a family member? It doesn't matter, the car is needed and it would be irresponsible to not get it fixed IF it was truly needed.
Last year, with my medical issues I lost over half my emergency fund... one more disaster and I would have been back to square one. And everything that happened to me was not because I was fiscally irresponsible.
NOTHING is ever black and white... there is always some gray areas.