I got my first credit card at age 30 when I found out I could not reserve a rental car without one. Prior to that, I was in graduate school, and there was no "internet". So all my transactions were pretty much pay cash or check at point of purchase.
Credit card cash back programs.
- Thread starter macarose
- Start date
All your posts indicate you are a "Senior" like many of us on here. So when you pass will have a load of money in the bank to pass on to your heirs. Congrats-I guess. Personally-I'm trying to spend mine.......No, he is for the masses. There is always the exception to the rule. That in itself changes nothing. Because for the most part the bulk of this nation is in very poor shape when it comes to handling money and debt.
Dave points out the obvious, because most of the time he's right on the money with the majority of his audience. Just listen to some of the calls he takes. It's downright scary when you realize the majority of the people are like this. And not you guys who are all so busy splitting the atom at the gas pumps everytime you pull into Costco.
The larger percentage of this country is in far greater financial danger than most would admit to. These are simple facts. Look at how many people are underwater with their car loans.
Then look at foreclosures. Or the amount of people who are behind on paying their mortgages. Look at the people who have little to nothing saved... And for the most part, never will have. And don't try to tell me, "it was always like this". Because it wasn't.
These people are spending every dime they make, while at the same time are running their personal debt off the chart. All of this, "creative credit", "cash back", "free miles", "extra points", all makes it that much easier for these people to have what they all think is a valid reason to commit what is nothing more than financial suicide. And that hurts everyone, because it weakens our overall economy.
Money used to be tough to get. I can remember a time, when if you didn't have 20% to put down on a house, the banks wouldn't even talk to you about getting a mortgage. And they wouldn't even consider what the wife made.
And the result was a much stronger overall economy, because it had actual money in it...... Not a bunch of paper and credit that has put our present economy on this financial Kamikaze course. And the government is as much or more to blame than we are.
And again, yeah I get it, you are all way above that. But it doesn't change the dangerous effect this put on our entire financial structure. You are either a spender or a saver. Look at most of what people buy on Amazon. It's mostly cheap crap they don't need.
But it's the easiest way yet to separate people from the money they don't even have. And money should be harder to spend for these people, not easier. All it takes is a few clicks of the mouse, and it comes right to your door.... And right on to your credit card.
So yeah, you may be so wonderful with money, that you feel guys like Dave are way beneath you. But the fact is there aren't enough of you to matter.... In the least.
What matters are things like what I've listed below. And believe it or not, in the long run we're ALL going to pay the price on this. Because it simply cannot continue indefinitely. We're traveling 100 MPH down a dead end road. And that scares me into NOT spending anymore than I have to.
My mother always said to me, the more you spend now, the more you'll wish you had it later... Was she ever right.... Rant off.
Nearly Half Have Less Than $500 in Savings: How To Build Up Your Balance in 2024
According to a recent survey by GOBankingRates, nearly half of Americans have less than $500 in savings -- and almost 60% of Americans have less than $1,000 saved up. See: 8 Things Frugal People Never...finance.yahoo.com
Over 1 in 5 Americans have no emergency savings
Are Americans prepared for a financial emergency? Many, it turns out, are not. A new Empower study reveals 21% of Americans have no emergency savings.www.empower.com
Half of Americans struggling to afford housing, survey finds
High housing costs are forcing many renters and homeowners to make serious financial sacrifices, according to Redfin.www.cbsnews.com
Americans increasingly upside down on auto loans as used car values fall
As used car prices gradually edge down, more Americans are underwater on their auto loans and the average amount consumers are upside down is at a record high, a new report found.www.foxbusiness.com
You get the cash back, even if you pay the card off each month (as I do). No downside to the consumer.
LOL. So True.
I have been somewhat too frugal myself and conservative (expenditure wise), now I am a senior, and not particularly energetic as I was in my youthful days. In fact, this aged 'handicap' came on fast without much warning.
So, now I sit on a gigantic pile of $$$ in the "bank" but no Toys**around, no joy but the simple things - and no heirs to inherit it either!
As long as you can put food on the table and have a place to hang your hat - game the system and live it up (a little)
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** I despise that snotty, yuppie(?) term
Got mine a week after turning 18. A Citicard with a $300 limit.
Helped me build a credit history quickly.
It's all upside to the smart and responsible consumer. The "no credit card" crowd can't seem to differentiate between carrying a balance and using a credit card to reconcile monthly purchases, earn cash back and enjoy the protections a credit card provides.
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- Jul 10, 2022
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Hey my 84 yo neighbor, husband passed away 2019. She said she hasn’t touched anything he left apparently able to get by on SS. He told me when alive he had inherited 200k and 400k. Sure her kids are lucky and grandkids too.LOL. So True.
I have been somewhat too frugal myself and conservative (expenditure wise), now I am a senior, and not particularly energetic as I was in my youthful days. In fact, this aged 'handicap' came on fast without much warning.
So, now I sit on a gigantic pile of $$$ in the "bank" but no Toys**around, no joy but the simple things - and no heirs to inherit it either!
As long as you can put food on the table and have a place to hang your hat - game the system and live it up (a little)
_____________________________________________________
** I despise that snotty, yuppie(?) term
- Joined
- Jul 10, 2022
- Messages
- 4,165
Yep, debit card has no protection although in practice banks make good on fraud. Credit is by law.
Exactly. Bank of America (and I assume most other large banks) won't issue an ATM only card, it has to be a debit card. Luckily I was able to login to my account and set the debit card purchase limit to $1. I never use it, don't even carry it with me. Can't even tell you the last time I withdrew money from an ATM.
THIS^^^^^^^^^^^^^^^
