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 Replies: 224 / Views: 28,918 |
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Bedrock of the Community
13014 Posts |
Quote:
That is one of the reasons why I point blank refuse to ever have a credit card.
With cash budgeting, I have never been in debt, except for a mortgage, and that was paid off way back in 1990. And if you used that same discipline with a credit card paying it off every month you get free rewards from them |
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Valued Member
United States
131 Posts |
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And if you used that same discipline with a credit card paying it off every month you get free rewards from them 1.8% interest charge + a $7.50 monthly service charge ? Nothing is 'free' :( |
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Bedrock of the Community
13014 Posts |
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1.8% interest charge + a $7.50 monthly service charge ?
Nothing is 'free' :( While it's true that nothing is free as the credit card fees are built into the cost of products, no one should ever be paying a monthly service charge on a credit card. The interest should also only kicks in if you don't pay it off every month |
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Pillar of the Community
 United States
2205 Posts |
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That is one of the reasons why I point blank refuse to ever have a credit card.
With cash budgeting, I have never been in debt, except for a mortgage, and that was paid off way back in 1990.
That is great! I would point out, however, that some people simply don't make enough income to be able to pay for everything (meaning basic needs) with cash, and occasionally need a credit card to get by. |
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Pillar of the Community
United States
4333 Posts |
I have a family of 4, I have one credit card, which I rarely use. Cash is just so much simpler. I have no outstanding debt, no mortgage. Just the basics like groceries, utilities, etc. Couple bucks back a year in rewards? Phooey. CC's, they work for some, just not for me. I also like knowing that my every spending habit is not tracked. It's no one's business but mine.
Someone very close to me otoh, uses nothing but cards. Their cards have been constantly compromised, which is annoying, and they are into personal six-figure card debt.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Rest in Peace
United States
17900 Posts |
A colleague of mine had the opinion that when you owed the bank $100,000, the bank owned you.
But when you owed the bank 10 million, you owned them.
He retired a very wealthy man, in dollars, at least.
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Bedrock of the Community
Australia
21788 Posts |
Sadly, it is those with the least amount of income that have to shoulder the greatest amount of credit card debt. A cashless society has been forced on this sector of the population.  |
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Valued Member
United States
110 Posts |
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"....some people simply don't make enough income to be able to pay for everything (meaning basic needs) with cash...." *** Edited by Staff to add Quote tags. Please use them in the future. ***After this quoted statement, I'm unclear what the premise of the original question is. Edited by pocketchange2
07/05/2018 10:49 pm
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Pillar of the Community
United States
2589 Posts |
In the unlikely event that the American government ever decides to go completely cashless, you will see a return of private banks issuing their own circulating notes to replace it. There will always be a need for a non-electronic medium of exchange. Its prevalence and importance may decrease, but it will never disappear entirely.
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Bedrock of the Community
United States
17884 Posts |
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That is great! I would point out, however, that some people simply don't make enough income to be able to pay for everything (meaning basic needs) with cash, and occasionally need a credit card to get by. If you can't pay your basic needs with cash using a credit card isn't going to help because next month you still have to pay for your basic needs plus you still have to pay off what you charged last month. All you've done is made your cash situation worse. If you can't pay your basic needs with cash, you need to find a way of reducing those "needs". Too many peoples "needs" are actually "wants". |
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Bedrock of the Community
United States
10038 Posts |
I am NOT saying that quote is invalid b/c admittedly I have no first hand knowledge of this and personally do not know people like this.
However, I have seen where the term "basic needs" has all too often been interpreted as newest cell phone (or a cell phone at all), expensive sound system, large screen TV, Blu-ray, latest video gaming system, flashy sports car, latest fashions etc.
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Pillar of the Community
United States
2023 Posts |
The problem with that quote is the mix of "some people [can't] pay for everything (meaning basic needs)" and "occasionally need a credit card". If they can't pay for basic needs, they need a credit card all the time (and will eventually be completely screwed). If they can pay for basic needs on a regular basis albeit just barely, they will likely need a credit card for those months when they can't (e.g. necessary car repair, medical bills, etc.) Both premises in that quote can't be true at the same time.
Personally, I prefer cash -- I consider it more secure for day-to-day transactions, but cashless does have a place. It's just a shame that "place" gets bigger all the time.
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Moderator
 United States
188560 Posts |
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And if you used that same discipline with a credit card paying it off every month you get free rewards from them
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While it's true that nothing is free as the credit card fees are built into the cost of products, no one should ever be paying a monthly service charge on a credit card. The interest should also only kicks in if you don't pay it off every month True. For what it is worth, a cashless society would also include debit cards. It is wrong to make credit cards the bogeyman in a cash versus cashless debate as they are not required to go cashless. |
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Pillar of the Community
Canada
2578 Posts |
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For what it is worth, a cashless society would also include debit cards. - yes, and cheques, Paypal, EMT, bitcoin & any other form of payment that doesn't involve cash (like barter/the phone & new emerging technologies). So some of the cashless transactions (like barter) go way back while others are just recently accepted conventions. I understand the topic (seen/discussed it so many times with friends) & find the trend somewhat troubling,* but I feel there'll always be cash. IMO: It's the smaller denominations & decimals that are most at risk for being phased out. But phased out (or not) - I believe there'll always be collector interest. *The trend is troubling in that the technology allows "big brother" to keep tabs on our spending (as so many have pointed out)- but its so darn convenient. |
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Moderator
United States
188560 Posts |
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But phased out (or not) - I believe there'll always be collector interest. Agreed.  |
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Replies: 224 / Views: 28,918 |
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Posted 07/04/2018 12:23 pm
