Interesting conversation with a friend of mine .

[spasm3]

I see what you're saying but I'm not sure I agree . The balance is fluctuating up and down because he's still using the cards , but at the end of the day the bank is owed thousands that HE will never pay .

He will pay, just after he is dead. Proceeds from his estate will cover the balance. AND he paid all that interest with minimum payments. The MAN is sticking it to him.

 

[Astro14]

I see what you're saying but I'm not sure I agree . The balance is fluctuating up and down because he's still using the cards , but at the end of the day the bank is owed thousands that HE will never pay .

He’s paying interest all along. His average balance is a cash cow for those banks. They make tons by preying on the ignorant. He’s their prey. He’s how they make big money.

In the end, he gets to “stick“ then with an owed balance that is far smaller than what he’s paid them in the meantime.

So foolish.

He can’t see that he’s just making the banks money.

 

[nomas]

All he see's is that he's paying them $100 bucks a month and when he dies it's not his problem .

 

[alarmguy]

That’s a gross oversimplification - and conveniently ignores the role lawmakers played by repealing Glass-Steagall (a 1933 reform following bank excess earlier in that decade) in 1999.

Well said ^^^ It’s an inconvenient truth

 

[JeffKeryk]

All he see's is that he's paying them $100 bucks a month and when he dies it's not his problem .

Yep, when you're gone your problems are over. The living inherit them.
"It's my right" vs "It's my responsibility".

Your friend is absolutely playing by the rules; he's making his credit card payments.
I know plenty of people like that. They laugh as they get over; they think they are smart.

I pay my bills and I pay my taxes.

 

[spasm3]

All he see's is that he's paying them $100 bucks a month and when he dies it's not his problem .

Sort of yes. He is just delaying the bookkeeping. Instead of him doing it. His family, or estate executor has to.

It really is inconsiderate of him , to leave it for them to deal with.

 

[JeffKeryk]

Sort of yes. He is just delaying the bookkeeping. Instead of him doing it. His family, or estate executor has to.

It really is inconsiderate of him , to leave it for them to deal with.

Or you and I. The credit card companies will be paid.

 

[nomas]

Sort of yes. He is just delaying the bookkeeping. Instead of him doing it. His family, or estate executor has to.

It really is inconsiderate of him , to leave it for them to deal with.

Can't argue with that .

 

[Pablo]

When I know I have a month left I'm gonna max ALL my cards out.

The wife can pay them off.

A drum set, ant farm and a puppy would be cool.

 

[Koainn]

When I know I have a month left I'm gonna max ALL my cards out.

The wife can pay them off.

A drum set, ant farm and a puppy would be cool.

A friend of mine from work did that. Doctors gave him about 6 months to live from his liver cancer but he lived another 6 years lol....I used to bust his balls telling him what kind of a predicament doctors left him in lol

 

[Dave Hess]

Sort of yes. He is just delaying the bookkeeping. Instead of him doing it. His family, or estate executor has to.

It really is inconsiderate of him , to leave it for them to deal with.

Yep very inconsiderate of him.

Some wives have such little knowledge of the family finances before and after their husband dies.

Women definitely have to do a better job of having a hand in managing the money, bills, bank accounts, retirement accounts, paying property taxes, filing tax returns, knowing their insurance policies, ….etc….

Many women don’t want to get involved in the finances, it’s ultra important to know .

 

[Dave Hess]

When I know I have a month left I'm gonna max ALL my cards out.

The wife can pay them off.

A drum set, ant farm and a puppy would be cool.

Don’t forget the F-250 truck and Harley Davidson.

 

[Doc8404]

Sounds OK to me - his decision to make. The debtors will get first crack at any assets he has. If he has none, then its up to them if they lend him money or not.

Die with credit card debt and they eat it in many states.

 

[SC Maintenance]

That’s a gross oversimplification - and conveniently ignores the role lawmakers played by repealing Glass-Steagall (a 1933 reform following bank excess earlier in that decade) in 1999.

While true, who lobbied for its repeal. Most lawmakers are simply useful idiots for those with money.