Originally posted by texansfan
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Originally posted by 12RingKing View PostIf our society wasn't living in debt, and people were responsible.... houses wouldn't cost 300k. People live well beyond their means everyday. It's the main reason why a loaded 3/4 ton truck costs 70k.
If the ceiling on home sales would be $300k then many TBHrs would be out of work.
I think you and others are conflating financing items/living in debt with being financially irresponsible.
There is much grey area in there.
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Originally posted by 12RingKing View PostYou hit the nail on the head there.
Some people can't seem to manage credit cards well. To me they're a tool to get rewards. I don't manufacture my spending to get rewards, just buy what I budget with my CCs when I can.
Credit score doesn't equal debt score as many are saying.
Shot term loans aren't a good way to build your score. Revolving credit lines are.
I have a few credit cards and store cards. Who shops at lowes? Why not get 5% off everything you buy??? Who shops at gender neutral bathroom target? Why not get 5% off everything you buy?
Who buys groceries? Why not get 6% cash back on your grocery bill? Who buys gasoline? Why not get 3% back on that too?
I could go on. It's just a matter of being responsible.
Congrats to the OP for the good score. I like seeing an 8 as my first number too, just took a little while to get there.
The scenario you present with credit cards isn't debt.
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Originally posted by texansfan View PostThe way your forefathers thought will kill our current economy.
How long would it take for someone to save to pay cash for a $300k (or more) house?
How many farms would go under because they can't afford to pay $500k cash for the tractors and combines they need to run?
As illustrated in another post if people would live within their means things wouldn't have to be financed.
All I can tell you is the only debt I have currently is my land payment and I'm paying that off as quickly as I possibly can to build my house. I could easily go get a mortgage to build it today but I refuse to carry that much debt.
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Originally posted by 2050z View PostI had no need for them so I closed them. Penalized for being financially responsible. Mortgage, car note, and two credit cards should be enough. I won't get in over my head again.
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Originally posted by 12RingKing View PostAsk Dave Ramsey...
Ok I follow Dave Ramsey's principles. I used them to pay off six figures of debt in less than 3 years. But guess what.... I own ONE credit card. Mainly because I do a LOT of online shopping and I was tired of having my debit card hacked. Yeah I got all my money back but it was a hassle.
I, like you do use my CC to pay for stuff that I do in a daily basis anyway as well as pay many bills and I also gain points for that. But that measly amount of $$ I'm "rewarded" did not weigh in on my reason for getting the card.
I pay it off weekly so in essence i treat it similar to a debit card. If I don't have the cash in the bank to pay for it, I don't buy it.
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I prefer David Balch's principles over Dave Ramsey. There is no "one right way" to handle debt/credit cards, as it is based on individual risk tolerance, discipline, and spending habits.
In MY opinion, when you start incurring interest by financing things you don't NEED...that is when it becomes a slippery slope. However, financing a reasonably priced vehicle at a lower rate than the return you would receive, by investing that cash elsewhere, is not a poor financial decision.
Some people are disciplined with debt, while others are reckless with cash. Just depends on the person.
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