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More Americans are relying on credit cards. That could be very costly


hegemony
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10 hours ago, TheVig said:


I’ll translate this for the young folk…. It’s means YOLO. 

 

Not the take I was going for.

 

I'm suggesting that many take this adage to heart, extending it to mean that if you f**k things up you probably don't need to worry about it coming back to hurt you; we live in the short run, screw what might happen beyond today.

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On 8/17/2022 at 10:18 PM, hegemony said:

 

Ok, but DILLIGAF?

 

"Interest rates on credit cards are so high these days that consumers with a $5,000 credit card balance could pay an extra $1,000 in interest over the course of a year, according to the Consumer Financial Protection Bureau."

 

BFD.  It's a prime case of play stupid games, win stupid prizes.  Before I landed the cushy assignment that I have now, I had a unit of over 5,000 Marines and what surprises me the most is that 25% of the job is dealing with the proverbial 10% and their financial f-ups.  People look at credit is manna from heaven and when time comes to repay, they become indignant and throw tantrums.  Now, to be fair, I can see it happening once, especially when people aren't usually taught sound financial management (and common sense) in school these days.  But when it happens twice or three times, the most effective solution is getting FITA.  When a size 11 is making it's way up their anal cavity, you'd be surprised at how many people find religion.  

 

Nobody should be carrying a balance on a revolving account unless it's a real instance of life or death ... and even then.  People need to learn that and then make sure their kids learn that, too.    

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1 hour ago, StarkRaven$ said:

Well I'm guilty as charged. I currently rely on credit cards to pay my bills more than ever before. My ATM debit cards are getting dusty. The only difference is before the due date I PIF all my cc's. 😉

 

As long as you PIF then you are fine.

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5 hours ago, StarkRaven$ said:

That's right because more rewards and cash back for us.


Exactly!!!!   Our rewards are fueled by the suckers people that carry a balance.  God bless them!

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