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« Would You Do This for $100k? | Main | A Few Good Money Tips »

April 21, 2010


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Why not pay the stupid thing off an quit buying crap you can't afford. That's what I did and I have no regrets. And I could care less about not getting the airline miles, bonus points, or whatever bait they used to get you to sign up. I never met a rich person who said they got that way from their airline miles or bonus points.

BTW, I wouldn't buy gold at today's prices either, especially on credit. The amount you potentially gain is offset by the interest you're paying because you put it on credit. And when gold takes a dive (and it will eventually), you'll still be paying interest on a depreciated asset.

I think it's weird that many people apparently didn't realize this before they came out with the new credit card bills.

Even if you can't do math, all statements always show/showed how much interest they charge you each month!

I also noticed the new disclosures on my credit card statement. This could actually be a protection for the bank. . . now no one can use the excuse "but I didn't know!" when complaining about their escallating debt.

M Gardner - I am sure this was an illustration for educational purposes and FMF pays his credit cards in full. As to gold - to buy or not to buy is an investment decision and only future will show if it was right or wrong. At least if you buy using credit card that you pay in full you get a bit of it back. And as FMF pays in full, he doesn't pay any interest.

BTW - for "no credit cards ever" crowd - I think the recent events with the volcano in Europe and travelers stranded demonstrated how useful credit cards can be in certain emergency circumstances. I have to say that if I were to be stranded in Europe, I'd much rather have a credit card with me...

M Gardner --

1. FYI, I only buy what I have budgeted and need/want.

2. I never met a rich person who said they got that way from saving money on small purchases, creating a side income to supplement their career, or paying off debt either. But that doesn't mean those things are bad ideas.

3. I buy gold dollar coins -- much different than buying gold. (Click the link above that says "gold dollar coins" and you'll find out how different.)

Just for the record, those are my actual charges and what I would have paid if I made partial payments. But as kitty said, I do pay my cards off when they are due and never let the balances carry over.

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