Banks no longer posting deposit rates?

[LazySusanFarms]

Sure seems like a losing proposition. Too bad most of our economy is build on this very foundation of save less and spend more.

 

[schoolsout]

I have zero debt and invest with cash money...no margin for me.

 

[GolfAddict]

I think we are agreeing that saving is a very good thing, and diversifying the savings plan is even better. My personal opinion is that young folks should be saving and investing even if they are not debt free, provided the debt is reasonable. That is 1st mortgage, car loan, etc. I hope no one is recommending that people do not save or invest until they are completely debt free.

(Certainly if they are paying some outrageous interest rates on credit cards because they don't fully pay the balance off each month, they'd be better off getting those paid off first. Similarly, they should not be taking out home equity loans, which is just a credit card on steroids in my opinion.)

 

[Tractor Seabee]

Anyone paying over 10% interest for any debt is either; has bad credit to start with due to over debt and can't make payments on time or are not shooping for better rates. I have two credit cards and both charge well less than 10%. One is USAA which is limited to military clients. Best way, if you are short on cash is 0 down and 0% like the tractor manufacturers are doing on CUTs and SCUTs. and some new car deals. Look for the hidden costs though. When I bought my tractor I asked for a cash discount and they said no deal, this is the price either way. Same thing happend at the Ford dealer when we bought my wife's car on the same terms, no discount for cash. Conspericy, you bet, but you are stuck by big money at work on the little guy.

Ron

 

[foggy1111]

Anyone paying over 10% interest for any debt is either; has bad credit to start with due to over debt and can't make payments on time or are not shooping for better rates. I have two credit cards and both charge well less than 10%. One is USAA which is limited to military clients. Best way, if you are short on cash is 0 down and 0% like the tractor manufacturers are doing on CUTs and SCUTs. and some new car deals. Look for the hidden costs though. When I bought my tractor I asked for a cash discount and they said no deal, this is the price either way. Same thing happend at the Ford dealer when we bought my wife's car on the same terms, no discount for cash. Conspericy, you bet, but you are stuck by big money at work on the little guy.

Ron

I agree that paying over 10% for credit is not a good plan (and around my house, we pay our CC's off each month).....but PLENTY of folks pay those kinda rates on credit cards each month. It's how those CC companies stay in biz. Those with little dicipline pay the carrying costs for other folks.

Credit Card Companies aint in biz for their health.

 

[foggy1111]

Anyone paying over 10% interest for any debt is either; has bad credit to start with due to over debt and can't make payments on time or are not shooping for better rates. I have two credit cards and both charge well less than 10%. One is USAA which is limited to military clients. Best way, if you are short on cash is 0 down and 0% like the tractor manufacturers are doing on CUTs and SCUTs. and some new car deals. Look for the hidden costs though. When I bought my tractor I asked for a cash discount and they said no deal, this is the price either way. Same thing happend at the Ford dealer when we bought my wife's car on the same terms, no discount for cash. Conspericy, you bet, but you are stuck by big money at work on the little guy.

Ron

I agree that paying over 10% for credit is not a good plan (and around my house, we pay our CC's off each month).....but PLENTY of folks pay those kinda rates on credit cards each month. It's how those CC companies stay in biz. Those with little dicipline pay the carrying costs for other folks.

 

[schoolsout]

Pretty sure many here will get this, but

can anyone tell me the relationship in this comparison?

Inflation rate of 10% or greater (Read: Real inflation rate)

Credit Card Interest rate of 10%...

 

[dmccarty]

I agree that paying over 10% for credit is not a good plan (and around my house, we pay our CC's off each month).....but PLENTY of folks pay those kinda rates on credit cards each month. It's how those CC companies stay in biz. Those with little dicipline pay the carrying costs for other folks.

Credit Card Companies aint in biz for their health.

I saw two tid bits of info last week that shocked me.

The average cost of a wedding was $23,000!

The average credit card debt in the US is $15,000! That is just huge. The CC gets paid off each month. $15K is mind boggling.

Later,
Dan

 

[LazySusanFarms]

Average credit card debt has moderated somewhat since 2008 when the banks froze and eliminated a lot of bank cards unused credit limits. Unused credit limits is used often during recessions to supplement unemployment benefits by many and the banks couldn't withstand anymore bad debt on the books. Between cc debt and student loans, I don't know how some pay their bills.

 

[scoutcub]

I saw two tid bits of info last week that shocked me.

The average cost of a wedding was $23,000!

The average credit card debt in the US is $15,000! That is just huge. The CC gets paid off each month. $15K is mind boggling.

Later,
Dan

Ha....15K is child's play! In 2002 I owed over 155K in credit card debt. I had balances on 15 different cards. Talk about a juggling act. I switched cards all the time to get lo or no interest, definitely had to keep up with it. Used it to buy a chunk of land in WA state. All cards will be paid off this year, and i can safely say I paid less interest than a conventional mortgage.

Just got a couple of offers in the mail for .90% money markets. the same that I'm getting at my local bank a few miles away.....and the worst thing is, I feel like I'm ahead of the system at .90!!:laughing: