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Originally Posted by debtfreesteve
"revolve" around finding the best rates on credit cards, or concern the use and management of borrowed money.
Am I the only person on this board that sees a problem with this?
I guess I'm Crazy for thinking this, but I've realized over the past 3 years, that the object of personal finance, is to increase our net worth, and the less I paid the bank, either in lump sum monthly, or in payments, the wealthier we have become.
Just curious to see if anyone else here felt the same way, not trying to be argumentative, at all.
I just see issues, when an 18 year old is wanting better credit cards, and you have people asking why they don't get more credit card 'offers' in the mail, and thinking something is wrong with that. (btw, my goal is to have more mutual fund statements, than cc offers in my mailbox)
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You're not alone. People around here LOVE their "rewards" CCs. That's a huge problem in this county. Credit. I'm not saying there is never a time for credit (home mortgage only) but CC's are a cancer on this country.
The US has a multi-trillion dollar deficit. Americans clearly can't control their money. Sure, a few people can but most can't.
There was one lady that said her husband runs a business and does $50,000 in materials each month and he gets $500 in cash-back. So, she is basically getting "free" $500/month with 0% interest because he pays it off in less than a month. That sounds scary to me. What if the customer goes under and can't pay for the $50,000 worth of material? How long does she think the CC company will loan them $50,000 and not charge any interest? Maybe her husband gets the cash up front but I doubt it. Most companies I've worked with only get a deposit. So, if the CC company started charging the typical 18% interest on $50k, well that's $9,000. Hope they are saving that $500 of "free" money. lol
My point? Too risky for me.
CC's simply aren't worth it.
cbmeeks