Why do so many of the 'Personal Finance' threads...

[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)

[WellManicuredMan]

I agree. I never borrow money using credit cards (don't have any loans right now for that matter). Credit card companies pay ME through cash back offers as I pay my bills in full every month. Credit cards are excellent if you do this. One of the cards I have is the Citi Dividend Platinum Select Mastercard. Excellent cash back.

Oh and I chose to opt out of credit card offers, so I definately don't feel bad for not getting any in the mail!

[Joan.of.the.Arch]

I asked my question about why I don't get more credit card offers in the mail---because I am curious. If you read into it that I want more credit cards, you were mistaken. I use credit cards wisely, and always pay them off each month. I have good reasons to use the ones that I do use. I also think the 18 year old who asked about credit cards is smart. If he can get credit cards to give him a rebate, that is great. If he can use credit cards to juggle book or tuition payments at 0% interest so that he never has to take out a 6% student loan, good for him!

I looked up gas/oil company card offer today. Sounded pretty good to start: 5% rebate on gas + a $40 gift card six to eight weeks after first purchase on the card. That is $40 free money, debtfreesteve. For me, the card would be a good idea. But because it has a minimum finance charge, a potentially variable interest rate (up to prime plus 24.99%!! Holy smokes!!), as well as two cycle billing, there are a lot of people this card would be bad for.

Asking about credit is no indication of irresponsibility, inpulsiveness, or inability to focus on savings goals. In my case it is just a matter of wanting to understand and to help myself where I can.

[debtfreesteve]

So you all think discussing credit card offers, is more important to personal finance, than say which investments are key for your long term portfolio...

Seriously, Credit Card themes, dominate these boards. Credit Cards don't make millionaires, or rather financially independent people.

Is that not the goal of personal finance? To grow one's finances?

To those that think they are getting one over or beating the cc game, good luck to you. I challenge you to 3 months of Cash versus Plastic (debit or credit) , and just see how much of a % you save.. I bet it'll beat the tails of those rebates and rewards.


1st month we did a cash based, zero budget, we 'found' $500! Once we started again, inching back using our debit cards, we saw that extra $ filtering away.

[WellManicuredMan]

Well, I guess credit cards are talked about a lot in the personal finance area because they are the first thing in the list of topics. Look at some of the other areas and you will see people discuss much more than credit cards on these forums. For example, the Frugal Questions and Answers section and the Investing & Banking section.

[sweeps]

Certainly you can build wealth without credit cards, but some people build it just a bit faster by using the rewards and/or the float to their advantage. It may be an advanced topic, but it's still personal finance.

[debtfreesteve]

Originally Posted by Sweepsplayer

but some people build it just a bit faster by using the rewards and/or the float to their advantage. It may be an advanced topic, but it's still personal finance.

Sweeps I guess I'm just ignorant, of all the advanced concepts... I just prefer to build wealth, With Very Little Risk. I prefer solid ground, than floating on water, as you can sink... No one thinks the boat can sink, that's the problem.

[sweeps]

steve, you and cbmeeks and the others have made your point. You don't like credit under any circumstances, that -- for you -- the risks outweigh the benefits. Wonderful, I applaud you. Seriously.

Now why can't the rest of us discuss "riskier" strategies on this same forum. If a thread doesn't apply to you personally, you always have the right to skip past it.

[debtfreesteve]

You are right Sweeps, I guess this is creditboards.com instead of savingadvice... I started this thread by the way and you are right, those convinced against their will, are of the same opinion still...

I'll spread the wealth elsewhere...

[jmjj215]

You've been a member less than a month and you've come in here and already determined what the whole forum is about? Have you read any of the archives? Seen any of the great discussions on other topics? Don't judge too quickly. I for one liked having you around as you strike a great balance juxtaposed to some of the others with your perspective on credit.

[sakigt]

Credit cards = Building credit = Saving money on long term debt intrest

While it would be great if I didnt need credit cards ever, Im only 23 and I dont have $120,000 to borrow for a home. Using credit cards wisely to build credit saved me thousands of dollars in intrest.

Judge all you want, but I love my cards

[sweeps]

Ironically credit card rewards and floats didn't get a lot of air time here until just recently when the whole Dave Ramsey thing came up.

[debtfreesteve]

I'm not going anywhere, just a quick jerk reaction... I'll stop beating dead horses too...

I see the world now through a different set of lenses, than when I had the credit cards, and couldn't manage them.

I used them to purchase items, that actually we could afford, but didn't realize we could, as we didn't have a budget...

btw jesse, we might purchase the spreadsheets you have... as I mentioned somewhere, we've been drifting away from being on a detailed budget, as we honestly have so much leeway now. .. too much money lol...

[wwjdmsl]

debtfreesteve - Amen !

[Broken Arrow]

Can't we all just get along?

Credit cards are not a major factor in my personal finances, but I do use them. Perhaps the reason why they dominate this particular subforum is because of all the controversy that has been stirred up recently?

[debtdude]

You ask a very good question.

My take on the answer.

People who are currently in debt and trying to get out of debt are the types of people who visit this forum. The questions are valid for their situtation which in this case is common to this community.

People interested in growing their wealth are more likely to be in investing web sites / forums. Yes, this forum has an area for that, but it's not the main purpose of the site.

[TeenInvestor2688]

so I am 18 and want a better rewards card? How is that not smart? If i spend $200-$300 a month on my credit card that I always pay off without even thinking, why not try to get a better % reward. I do have an account on Scottrade with money that I have earned and am currently investing if you had read any other posts. But thanks for your support man. Cya

[sweeps]

Originally Posted by debtdude

People who are currently in debt and trying to get out of debt are the types of people who visit this forum. The questions are valid for their situtation which in this case is common to this community.

People interested in growing their wealth are more likely to be in investing web sites / forums. Yes, this forum has an area for that, but it's not the main purpose of the site.

According to Saving Advice's main page:
Welcome to Saving Advice, a personal finance website created specifically to help you save money. No matter what your current financial situation, there is plenty of information on this site to help you achieve your money goals.

I don't see any mention that you must be trying to get out of debt in order to participate in the forums -- just that you want to save money and achieve your own money goals.

[Fern]

Hey, I think Steve had a valid point.

I've been a member for over a year now, i think, and i've noticed not just the over-emphasis on credit card rates but also, i hate to say, what i think is a really misplaced emphasis on saving $3 here or $4 here, dropping quarters in a jar, picking up loose change at the ATM and things like that.

I never said anything in the past becus i realized thta everyone is at a different personal stage as far as investments/saving/debit goes, and I didn't want to offend anyone.

i know that many will respond, well, every dollar counts. Yet, we all have just so much free time in the day to devote to this stuff, so i just have never understood why so many people obssess about the small change when, if they just focused their attention on bigger payback issues like saving on car insurance, refinancing their mortgage, etc., they could reap much bigger dividends.

[debtfreesteve]

I think the key is for us (sweeps vs me, or others vs cb, etc), shouldn't really debate each other, (I"m guilty), as we aren't going to change each others minds.. however when someone asks a question, that we can possible provide our point of view, do so, just to answer the original question, and not antagonize other views... just again, as I've done...

TEEN, you are way ahead of the game, as you at least think about $, sorry that I singled both you and Joan out... Basically, my point to you Teen was to have the ability to invest, you have to have money, and I have found that by paying off my credit cards, and by paying with cash each month, I have more money, way more than the rewards might offer (IMO), without the risk of something happening and not being able to pay off the card in full. Honestly, I shouldn't have provided that input, as you didn't ask for that opinion...