Count Me Out!!

Packerjohn

Packerjohn

Packerjohn
Location
Canada
Here is a "little" know fact that the advertisers on TV & all those people that send out flyers into your mailbox don't want you to know:

The Average North American Takes Six Months To Pay Off Christmas Debt. That's right, you are not the only one. If you thought you were alone when it comes to overspending during the holidays, you were wrong. In fact, most North Americans (Yes, that includes Canada) spend half a year paying off the debt acquired each holiday season, just barely giving themselves enough time to get ready for next year's holiday. Visa credit cards are reported to be used over 5,000 times every minute in the final weeks leading up to Christmas.
 

It's a sobering thought isn't it, and probably just as true here in the UK and the rest of the western world..

Fortunately I've never used a credit card to buy things I cannot afford or take months or years to pay off, I just went without if I couldn't afford it. Today so many people feel they are entitled to have glittery baubles regardless of whether they or the economy can afford them to have it

Often those credit cards are used and never paid off either, Bankruptcy is a much easier option compared to how it once was and many people take that option these days... whereas when we were younger, it would have been the very last option if at all
 
Packerjohn said:
Here is a "little" know fact that the advertisers on TV & all those people that send out flyers into your mailbox don't want you to know:

The Average North American Takes Six Months To Pay Off Christmas Debt. That's right, you are not the only one. If you thought you were alone when it comes to overspending during the holidays, you were wrong. In fact, most North Americans (Yes, that includes Canada) spend half a year paying off the debt acquired each holiday season, just barely giving themselves enough time to get ready for next year's holiday. Visa credit cards are reported to be used over 5,000 times every minute in the final weeks leading up to Christmas.
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Goofy! If I can't afford something, meaning I can't pay it off when the credit card bill comes, I don't buy it!

I believe most people seriously lack impulse control, and the ability to understand the consequences of foolish financial decisions. That leads to all kinds of problems, later down the road.

Financial planning, how to write, and stick to, a realistic budget, should be a required course in high school and, again, in college.
 

Mike said:
No credit cards in this abode, I pay for everything
if and when I need it, if I don't have enough cash,
I don't buy.

Mike
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It's a nice mantra and one I used for many years when I was on a very fixed income , but for some years now I've have credit cards, as well as debit cards , and 95% of the time I use my Debit card for purchases, ..and when I do use a CC.. I always ensure I can afford to pay it off within the month , please God that will always be the case.., I don't want to sit high and mighty in judgement of other people, because I know what it's like ot be very poor indeed, and for some people access to instant money is just too irresistible unfortunately..
 
When I was young I fell into the credit card trap and it took me a long time to buy my freedom from consumer debt.

I think it's a rite of passage or fact of life for many young people struggling for their income to catch up with their needs.

These days I pay cash because I can but trust me I remember the years when I couldn't.

From the comments on this thread, somebody out there is carrying our share of the average debt.

Oh, my aching back!

1576421705560.jpeg
 
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Packerjohn said:
Here is a "little" know fact that the advertisers on TV & all those people that send out flyers into your mailbox don't want you to know:

The Average North American Takes Six Months To Pay Off Christmas Debt. That's right, you are not the only one. If you thought you were alone when it comes to overspending during the holidays, you were wrong. In fact, most North Americans (Yes, that includes Canada) spend half a year paying off the debt acquired each holiday season, just barely giving themselves enough time to get ready for next year's holiday. Visa credit cards are reported to be used over 5,000 times every minute in the final weeks leading up to Christmas.
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I refuse to go into debt. I didn't spend anything on Christmas this year. No credit cards for me or charge accounts. It's really sad what happens to some from overspending. For most, bankruptcy is the very last thing they want to do. You can only file it every 8 years, it makes you an emotional wreck for a long time, ruins your credit standing for 8 years and your reputation, many employers and landlords look for it when you apply for a job or housing and reject you. Then you have people judging you for it, too. "Judge not lest ye be judged."
 
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I too tend to be a cash buying consumer, debt card on line . But I keep a CC because you can't even reserve a hotel room without one, and in most cases cannot pay for a room with cash.
 
There is no shortage of people who do not manage their finances wisely. Christmas and holiday spending should not drive people into a financial corner....it's supposed to be the "Sentiment" of a gift, and Not the Cost. Credit cards should be used as a convenience, not as a means of buying things that a person cannot readily afford. Making a minimum monthly payment just assures that the person will ultimately wind up paying almost twice as much for an item.
 
I recall my dad getting so mad he was spitting fire when credit cards started coming to our house in the mail. It was as if he saw the tidal wave of debt and unpaid debt that we have seen come to be the norm. "Free Money!"
 
Think of it another way, spending creates jobs. Then there is debt which isn't necessarily a bad thing. It's the inability to pay for debt where people go wrong.

Credit cards are terrific because it makes it possible to buy something "on sale" wait 30 days then if a person is a smart credit user, pays for the purchase or purchases leaving no interest charge.
 
I hate to be the Grinch at Xmas BUT>>>>>>Maybe the concept of proving your love for some one by buying them a "present" is at the heart of the problem. That is a concept fully endorsed by the retail industry. They do a great job of selling the idea that underneath the Xmas tree is where you show your love. Just look at the ads on TV- they are for cars and diamond earrings . Yeah, it's nice to get expensive presents, but love isn't measured out in credit card payments. And the reason people are hard to shop for is that they don't need more stuff.
 
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Knight said:
Think of it another way, spending creates jobs. Then there is debt which isn't necessarily a bad thing. It's the inability to pay for debt where people go wrong.

Credit cards are terrific because it makes it possible to buy something "on sale" wait 30 days then if a person is a smart credit user, pays for the purchase or purchases leaving no interest charge.
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Unfortunately most people don’t use them that way and consequently there’s tremendous debt in this country. Of course people need to be responsible for their actions that’s for sure.
 
Have a credit card, yes. Never spend beyond what I have to pay for it. UNLESS it is something of an emergency, NOT a got to have it. Repairs, food, shelter kind of emergencies.
Pay cash most of the time.
 
For many years I have paid for everything, groceries, gas, etc, all year long with a credit card. It is paid off at the end of the month. I have used the accumulated airmiles I get to take trips. Even my last new vehicle, I put the maximum they would allow on a credit card.......lots of airmiles with that one!
 
treeguy64 said:
Goofy! If I can't afford something, meaning I can't pay it off when the credit card bill comes, I don't buy it!
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That how we are, we have several credit cards and pay all the bills in full when they arrive. If we can't afford to do that, then we can't afford to buy the item....simple.
 
Manatee said:
Credit card gets paid in full every month. I will not own a debit card. I only use cash in certain places like the barber shop.
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Same here, never will have a debit card. I do still use checks on a daily basis, like at the supermarkets, but no debit card connected to my bank account.
 
Getyoung said:
For many years I have paid for everything, groceries, gas, etc, all year long with a credit card. It is paid off at the end of the month. I have used the accumulated airmiles I get to take trips. Even my last new vehicle, I put the maximum they would allow on a credit card.......lots of airmiles with that one!
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Same here. I accumulate both hotel and airline points from my purchases, but unfortunately my car dealership wouldn't accept a credit card for my last vehicle.
I simply see it as not having to carry cash around with me, especially for unexpected purchases. Buying expensive items with a credit card has the advantage that the card provider is equally liable should anything go wrong with the purchase.
 
Capt Lightning said:
Buying expensive items with a credit card has the advantage that the card provider is equally liable should anything go wrong with the purchase.
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This equally applies to debit cards Capt Lightning, there was a case earlier
this year I think when a court determined that the card worked the same as
a credit card.
I don't know if there are any charges to a debit card transaction like the 2% or
3% deducted for each Credit Card sale, that probably is why you couldn't buy
a car with it.

Mike.
 

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