PBS Show on Credit Cards

[Bird]

That sounds like the same credit card we use the most. About 10 years ago, the monthly bill was a little over $1,300 and I mailed the payment; actually put the envelope in the post office instead of leaving it for our carrier to pick up because I was there buying stamps that day and mailing payments for 2 other bills. The next month, I get the bill showing that $1,300 as being past due, plus interest, plus the new monthly charges. I checked with my bank and the original check had not cleared, but the other 2 checks mailed at the same time had cleared, so I called the credit card company, they removed the interest charges and I promptly sent another check to pay off the entire balance, and I stopped payment on the original check. I thought it was all taken care of, but lo and behold next month there was a charge for a bounced check. Turned out that they received the original check on the same day that I had called them; the post office had lost it for over a month. So I called again and they removed the extra charges for the bounced check. /forums/images/graemlins/laugh.gif I'm glad I can handle all that electronically now and get verification that they receive payment on time. /forums/images/graemlins/tongue.gif

 

[jwstewar]

We had an interesting story happen a few years ago - my first Father's Day none-the-less. Wife was working at Lowes at the time. She called me when it was time for her to get off work. The car had been broken into. /forums/images/graemlins/mad.gif They had stolen her purse. /forums/images/graemlins/mad.gif /forums/images/graemlins/mad.gif At that time we hadn't been married too long. Didn't have a lot of money (still don't), but what little we did have was in the checking account. In her purse was the only 2-3 credits cards we had, only gas card we had, her debit card to our checking & savings account, and a pad of blank checks. The first thing the people tried to do was use one of the debit cards to a checking account that we were getting ready to stop using. It was declined because the account only had $8 in it and they were wanting to spend $18 on a carton of cigs. They went on to purchase a TV & VCR at Kmart, something at Sears in Columbus, and gas in several places in Chillicothe, Columbus, and Springfield. Grand total they had spent about a grand on the debit card by the time we had everything canceled. Was a pretty hairy couple of weeks. The bank froze our checking & savings accounts pending verification of actual theft, all of our credit cards were cancelled. Basically we were left pennyless. I borrowed enough money from Mom & Dad to buy gas to get back & forth to work and pay the deductible to get the car fixed until payday. Literally pushed the car to empty on payday (fortunately had managed to get direct deposit stopped). Went to the bank to cash the check so I could get some gas. Nope, they wouldn't cash it because our accounts were frozen. Finally had to beg and plead w/ them to get them to deposit it into saving and let me have $500. Made it home. I also had to call the mortgage company and explain the situation to them. They were understanding and didn't charge us a late fee or anything on the mortgage. Finally after a couple of weeks, the bank determined that we weren't making the story up and let us set up a new checking account and credited the account w/ all of the money that had been in the other account. Was a really rough couple of weeks.

 

[Gary_in_Indiana]

Unfortunately, I only saw the last half of it. Even missing half of it, I found it incredibly interesting. I became debt free about a decade ago and, save for a couple of extremely short term notes for business capital expenditures never exceeding ninety days, have remained so ever since. Vehicles, business, inventory and real estate are all owned free and clear.

I still have and use a couple of credit cards. One I use for smaller business purchases (for which I don't want to bother writing a check) and fuel (so I can pay at the pump). The other I use for personal purchases like Christmas shopping online. Each is paid off every month.

I am happy to say that I've been able to teach the same things to my kids. Each has a car loan near it's end and no revolving credit balances. My daughter does have a big student loan balance from law school but that's not really hers. I made my first payments this month. /forums/images/graemlins/grin.gif

 

[NY_Yankees_Fan]

Only 404 people viewed this thread? Do we all have our spending under control? Do you educate your kids about money? Who educated you about money? Do the schools teach kids how to manage money? If not, why not? They are responsive to teach them sex education why not how to manage money? Do your kids know what it takes to make and more importantly how to save and manage money? We make our teenage kids put 50% of any money they get for birthdays in the bank. They know up front they will save the money, no discussion. The 17 year old wants a car, where is that money coming from? You guess it, from money she has gotten in the last 17 years. Will it pay for the car, no, but it will help, yes.

My parents tough me about money and how to manage it. They did not sit me down once but showed me by example. Mom stayed home, Dad worked. They are both gone now and it is amazing how much money they had when they died. How did a middle class family with one income have so much $$ when they died? They never used credit cards, paid for everything with cash, drove old cars and ALWAYS lived within their means. They always saved some $ from each pay check each week, even if it was $25. They both lived through the depression and knew what it was like to loose everything and have nothing. I think once you go through this you never want to do it again. As our parents and people who lived through the depression leave this world those experiences will be lost forever, let’s hope we do not have to have our own depression for all of us to remember.

The problem is people spend more money then they have coming in each month and use the credit card to buy things they can not afford. How many times people go shopping to find a sale and then put it on a credit card only to pay 25% interest on that sale item. That sale item ends up costing them much more then if they saved for the item and then went and found the best price.

How many times a week do you get mail from a credit card company offering you a credit card? We get them every day it seems. The credit card companies make it too easy to get and use cards. People think it is free money. As I said above nothing is free in life. As soon as they understand this and start putting $$ away for a rainy day this will be a problem forever.

 

[MikePA]

<font color="blue"> Only 404 people viewed this thread? </font>
How many people do you think should have viewed it within 48 hours of posting, over the Thanksgiving holiday? /forums/images/graemlins/crazy.gif /forums/images/graemlins/tongue.gif

 

[NY_Yankees_Fan]

</font><font color="blue" class="small">( How many people do you think should have viewed it within 48 hours of posting, over the Thanksgiving holiday?
)</font>

A National Ban on Bowhunting Deer? Bob_Skurka 509 Views

Guess dear hunting won /forums/images/graemlins/grin.gif /forums/images/graemlins/grin.gif /forums/images/graemlins/grin.gif

 

[riptides]

Bah humbug on this thread and money management.
I live for today. I have huge debts and they are about to get outrageously bigger. People probably think, that I am nuts when they hear what I do. So what. Credit card debt is management of money. Other debt is management of money.
Debt is NOT bad. Good for those that have no debt. Really.
But when I want something and someone is offering 0 percent on it...why not? Hey, it is a buyers market right now. I say go for it. If I die, the only person crying at my burial is the insurance man. So, yes, I do plan for risk. /forums/images/graemlins/grin.gif /forums/images/graemlins/grin.gif
-Mike Z. /forums/images/graemlins/grin.gif

 

[DocHeb]

</font><font color="blue" class="small">( I live for today. I have huge debts and they are about to get outrageously bigger... Debt is NOT bad... Good for those that have no debt. )</font>

Who do you think you are, the Federal government. /forums/images/graemlins/crazy.gif It just cracks me up when they have some "expert" saying Americans don't save enough, while the Feds have no restraint on spending at all.

 

[goodoleboy]

I use to use credit cards for all purchases and pay in full at the end of the mnonth. Later I realized how much i was spending and have reduced how much i charge.

BTW, the only credit i use now is a rebate card. 1-3% back on all purchases.

 

[aardvark]

I pay my balance on my credit card every month, which makes me a deadbeat! /forums/images/graemlins/smile.gif

Actually, I usually pay my balance every month, sometimes I make a purchase on the credit card which I will "finance" over two or three months, but never longer than that. If I had to pay cash for it, I could, but normally these purchases are mail order, and I don't like paying cash for that. The amounts I "finance" are often $1000 and up, which I *could* pay cash for and afford, but usually I pay over a couple months rather than all at once. I only so this once a year or so, not often. Usually my credit card balances are small, less than $100, and I pay it every month.

I normally pay everything with cash or with my checking debit card, but I don't like using the debit card for large purchases mail order, or for anything outside the USA. When I go outside the US, I always use the credit card because it not only protects me from fraudulent charges, but it also does all the currency conversions for me, and frankly it's simple to use. On my last business trip, I had about $28k on my credit card statement the following month. Submitted and expense report and got reimbursed and paid off the credit card. It would have been nearly impossible to carry around the US$28k cash equivalent in Pesos, and keep track of every receipt, and not get myself mugged and/or killed in the process.

I have two family members who fall into the frivilous spenders via credit card category. Each has somehow managed to run up $20k plus on credit cards, and has no way of paying it of quickly. One listens to reason but doesn't act, the other doesn't listen at all. It's frustrating because they are both smart, but neither thinks.