What's your financial story?

[rvd]

If it gets compromised someone can potentially drain your bank account and you won't be able to get it back. With a cc there's an additional layer of protection. At a minimum you should always select "credit" when using your card and NEVER enter your PIN.

Agree and what we recommended when I was a banker several moons ago.

[retrieverman]

I had some credit card debt about 20 years ago, and once I got it paid off, I swore never to get in that situation again. Today, I put EVERYTHING on one “rewards” card and pay off the balance DAILY. I don’t owe on anything...vehicles, tractors, houses, land...nothing. It’s very freeing.

[TxStick]

Live below your means.

Anyone else read this guy? He's got the right idea, but maybe a little too extreme:

http://www.mrmoneymustache.com/

[Tall0]

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[Capt.Brown]

If it gets compromised someone can potentially drain your bank account and you won't be able to get it back. With a cc there's an additional layer of protection. At a minimum you should always select "credit" when using your card and NEVER enter your PIN.

I’ve been hacked numerous times, the Bank always reimburses my account.

[Ryan81]

A chopped up one unless you know how to manage your money and pay it off every month.

I don’t see how it’s hard for folks to use it like a checkbook? I use mine every week. I normally pay it manually in the middle of the month and have it set up to draft the balance out of my bank at the end of every month.

I got ya on the debit card. I use my CC as it seems to have better protection. Debit card fraud it comes out of account and you gotta get it back in. CC fraud is different

I’m in banking and used to work at a commercial bank. Credit cards have more protection.

Fraud is everywhere these days and credit cards just have more protection. Thankfully, the one time my debit card was compromised the bank reimbursed me (about $400 spent in Brownsville.... I’ve never been to Brownsville).

My main card is discover and they’ve emailed me 3-4 times in the past year with fraud. I always called there 800 number and each time it’s, “Have you been to X town lately and purchased at X, Y and Z stores?”

“No ma’am. I have not.”

“Okay. We will reverse these transactions and issue a new card.”


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[Black Ice]

I don’t see how it’s hard for folks to use it like a checkbook? I use mine every week. I normally pay it manually in the middle of the month and have it set up to draft the balance out of my bank at the end of every month.



I’m in banking and used to work at a commercial bank. Credit cards have more protection.

Fraud is everywhere these days and credit cards just have more protection. Thankfully, the one time my debit card was compromised the bank reimbursed me (about $400 spent in Brownsville.... I’ve never been to Brownsville).

My main card is discover and they’ve emailed me 3-4 times in the past year with fraud. I always called there 800 number and each time it’s, “Have you been to X town lately and purchased at X, Y and Z stores?”

“No ma’am. I have not.”

“Okay. We will reverse these transactions and issue a new card.”


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I put everything on my credit card that I can.


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[myway]

I’ve been hacked numerous times, the Bank always reimburses my account.

So with no credit card and a freeze on your bank account for 7-10 days that could become challenging in a hurry if not expecting it. Which when it has happened to me (multiple times ) I was not. I travel 3-4 days a week and my weekly expenses are about 4 grand not having a CC is not an option.
Credit Cards are not the devil if you use them properly.

[Big pig]

Don’t spend more than you make. I’m not rich, but it’s worked for me.

We actually use CC for all of our spending (outside of regular bills that auto draft). They’re set up to auto draft every month and I don’t see any issue with them? We’ve got a ton out of the rewards points/miles/cash back and never pay any interest.

I will add the disclaimer that my wife and I are both very cautious spenders. We may eat out once a week, don’t have fancy vehicles, etc.

Exactly what we do.

[Merc]

Not much on the financial success story side but theres a book out there I didn't see mentioned called the "automatic millionaire". Same concept as every already knows....

Live below your means, pay yourself first (retirement account), and have an emergency fund.

I bought my retirement property at 26, and had it paid off by 30 (minus the yearly government rental fee). I'm slowly building my retirement home on it so that way when the time does come I'll be in an even better position to enjoy all the little extra I've been putting away. I'm 31 now, and the only debt I have is my duplex in Anchorage, and it is almost paying for itself.

[JBJTX81]

I'm 37. I've worked in the same industry my entire professional career. About 2.5 years ago I got tired of slaving away for other folks and decided to step out on my own. My company has millions of dollars in debt. I have personal debt as well. My company's balance sheet and my PFS are both very healthy from my perspective. And if i had the mindset of achieving debt freedom above all else I'd not be in the position I am today.

Dave offers very sound advice. Its smart, logical and helpful in most applications. However, I'd say that debt can be a very useful tool and that folks should spend as much or more effort trying to figure out how to grow their income vs paying off their debt. Some of what I've heard/read by him seems self limiting. I like what one of the posters on here said about "out-earning his stupidity."

Regardless if i agree with everything he says, I'd say it boils down to cash flow. In the long-term you want your in's > out's and you want to be saving/investing the delta.