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#16 | |
Grand Sorcerer
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Location: Tampa, FL USA
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Also, you said you won't be in your house long. But, if you are paying principal down faster, you are paying less interest and you have more equity. So, when you do sell you will need a smaller loan for the next house, or perhaps you can move up to a bigger house with similar payments. But, we each have our own strategies. I think we agree to disagree on this.. but we certainly seem to agree that short term unsecured debt is REALLY bad. BOb EDIT: Alot of people don't realize, if a stock goes down 50% then it has to double to get back to the original value. Not many stocks double as quickly as they loose half their value. |
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#17 | |
Grand Sorcerer
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Join Date: Dec 2008
Location: Pennsylvania
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![]() But yes, I agree completely with you on unsecured short term debt. Not only are you paying ridiculous interest rates, but in particular with credit card companies they can jack your rate up any time, even if you pay on time. |
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#18 |
Grand Sorcerer
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Karma: 11844413
Join Date: Jan 2007
Location: Tampa, FL USA
Device: Kindle Touch
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#19 |
zeldinha zippy zeldissima
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Join Date: Dec 2007
Location: Paris, France
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#20 |
Grand Sorcerer
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Location: Pennsylvania
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#21 | |
zeldinha zippy zeldissima
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Location: Paris, France
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i'm closer than i was five years ago, but sadly not as close as i was last year. but since last year i still was not all that close i suppose it's not a big deal. ![]() |
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#22 | |
Grand Sorcerer
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I hope it happens soon, all my checks have been bouncing lately. ![]() Once I get that 4mil I'll be happy to help you out. BOb |
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#23 | |
Wizard
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Karma: 1358132
Join Date: Nov 2007
Location: UK
Device: Palm TX, CyBook Gen3
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Do credit cards operate differently in the states? |
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#24 | |
zeldinha zippy zeldissima
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#25 | |
Grand Sorcerer
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Location: Tampa, FL USA
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Quote:
Most in the US carry large balances on their cards... some people up to 100% or more of their annual salaries. (Just crazy that they have this much credit). Also, some credit cards had reverse amortization, so the minimum balance could be LESS than the monthly interest. But, I think a recent law disallowed that and the minimum payment must cover AT LEAST the interest. BOb |
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#26 |
Wizard
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#27 | |
Grand Sorcerer
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But, if you don't pay off the full balance double cycle billing kicks in and you have to pay interest for the full time since the original charge. I think there is a proposal to make this illegal too. BOb |
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#28 | |
Grand Sorcerer
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Dale |
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#29 |
Grand Sorcerer
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#30 |
Grand Sorcerer
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What's in your wallet? Gee there are so many cards out there and they all want your business. If you paying off every month you really should have one that is good for that scenario. We use Citibank which gives straight cash back. Also, discover has a good cash back, and also they will have bonus cash back for various stuff. Like one money might be 5% on gas, another month 5% on entertainment stuff.
The only funky thing about Citibank is they limit the card to $300 cash back per year. But, we just got a second account so when one cash back is maxed for the year we use the other. Stupid that they let us do this, why not just not limit cash back. BOb HINT: Sign up for mint.com its totally free.... once you have your accounts in there they will suggest areas you can save. Credit cards are the most popular savings they list. |
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