I give up trying to ERASE DEBT and now will just MANAGE DEBT

[PWB15]

Seems like every time I try to strive to get to a $0 balance something in life always seems to happens whether its job loss, health expenses, or unexpected financial purchases when something breaks down

I will just manage the debt I have so that it's 30% to 40% of available credit on both cards. Plus I have a card that has no credit limit for extreme emergencies or unexpected situations related to entertainment. Plus it seems like the credit companies don't want you to hit the balance of $0.00 which is why they keep increasing my limit lol I noticed the closer whenever my balance got close to 0 the credit card company increased my credit limit. Also have a 740 credit score which shows I do a good job in managing debt. This will allow me to live a stress free life and stop worrying myself about trying to erase debt. So for now on I will focus on managing 30 to 35% credit card use and maintaining 70 to 75 % available credit








For now on I will focus on managing 30 to 35% credit card use and maintaining 70 to 75 % available credit

[iamgine]

Even Thanos can't erase debt.

[Cleverness]

Seems like every time I try to strive to get to a $0 balance something in life always seems to happens whether its job loss, health expenses, or unexpected financial purchases when something breaks down

I will just manage the debt I have so that it's 30% to 40% of available credit on both cards. Plus I have a card that has no credit limit for extreme emergencies or unexpected situations related to entertainment. Plus it seems like the credit companies don't want you to hit the balance of $0.00 which is why they keep increasing my limit lol I noticed the closer whenever my balance got close to 0 the credit card company increased my credit limit. Also have a 740 credit score which shows I do a good job in managing debt. This will allow me to live a stress free life and stop worrying myself about trying to erase debt. So for now on I will focus on managing 30 to 35% credit card use and maintaining 70 to 75 % available credit








For now on I will focus on managing 30 to 35% credit card use and maintaining 70 to 75 % available credit

Balance transfer to a 0% APR card

Pay that shit off and don't spend any money on stuff you don't need

How much we talkin bout anyway??

[Rolando]

Wow....you shouldn't be using those cards.

If you need to borrow money, go to your bank instead and ask them. Credit Cards are incredibly dangerous. Just use them to book flights, rent cars and hotel rooms. Otherwise don't do it. Kill those credit card debts as quickly as you can.

Or transfer to the lowest interest rate possible. Do it soon.

[MaxFly]

Seems like every time I try to strive to get to a $0 balance something in life always seems to happens whether its job loss, health expenses, or unexpected financial purchases when something breaks down

I will just manage the debt I have so that it's 30% to 40% of available credit on both cards. Plus I have a card that has no credit limit for extreme emergencies or unexpected situations related to entertainment. Plus it seems like the credit companies don't want you to hit the balance of $0.00 which is why they keep increasing my limit lol I noticed the closer whenever my balance got close to 0 the credit card company increased my credit limit. Also have a 740 credit score which shows I do a good job in managing debt. This will allow me to live a stress free life and stop worrying myself about trying to erase debt. So for now on I will focus on managing 30 to 35% credit card use and maintaining 70 to 75 % available credit

For now on I will focus on managing 30 to 35% credit card use and maintaining 70 to 75 % available credit

The best way to "manage personal debt" is to continually try to "erase personal debt." There's a psychological component here... but when you try to simply manage debt, you're more likely to spend more, even if it's only a marginal amount. If you're focused on erasing debt, you're more likely to sacrifice and skimp and save to get that balance down. Even if you fall short, you'll find yourself in a better place than if you are simply trying to manage the debt you have.

Remember, you pay to carry debt. It's also in your best interest to carry any debt at the lowest interest rate you can find. As other posters have noted, try a balance transfer to a card that has nothing on it. You usually pay 0% for about a year with a 3% up front cost. That is, if you're carrying $1000 on a card, a balance transfer will cost you 30 dollars, and at the start of your payment schedule, you'll owe $1030, but will pay 0% interest on that over the duration of the balance transfer promotional period. The catch is that you must pay off the full amount by the end of the promotional period, or you'll owe back interest on the full balance, and you have to obviously make your minimum monthly payments.

Another option is a bank loan or a loan from a credit union. You can get some very good rates for relatively low debt.

[bladefd]

Depends on how bad the debt is. Can you afford a financial adviser? Just a one-time visit to take a look through your debt/spending/incomes/etc. I don't know how much they cost, but it might be worth your while. Banks often employ financial advisers, but I never needed one myself so idk. They can help you setup a long-term plan to get back up from being under.

Damn, imagine how stress-free life would be if you were a millionaire and not concerned about these daily menial things like health or small financial purchases bringing you under. $50,000 debt or $100,000 debt would mean nothing to you.. Those very people still go broke so it all still comes down to being smart with how you spend your money.

[PWB15]

Balance transfer to a 0% APR card

Pay that shit off and don't spend any money on stuff you don't need

How much we talkin bout anyway??


$4775

[highwhey]

https://media.giphy.com/media/fcEQaKl4KTtrq/giphy.gif

[Cleverness]

I echo MaxFly and bladefd's posts. If you can't pay off the full amount by the end of the 0% apr, then try a credit union. And bladefd's got a good point about spending. You gotta be smart with how you spend your money. If you feel comfortable with it, list your monthly expenses. Or do it for yourself and find where you can cut costs.

[Rolando]

$4775

I also had about 5000 on a credit card a while ago. This is what happened to me. For a long time, I was just making the minimum suggested payment. Some years went by and the balance was only slightly diminished....AFTER YEARS of just kind of not really attacking it. It just turned into one of my monthly payments...like rent....after a while you just think of it like its a permanent thing.

Don't find yourself in that situation if that's what you mean by "managing" your debt. Unless you attack it, it just pretty stays with you and you end up paying much much more back than you borrowed.

[coin24]

pay them off and get rid of them..
I have one for travelling (hire car and hotel deposits etc only)

You don't need them, especially if you can't trust yourself not to buy stupid shit. Especially just material garbage

[Hawker]

I'd always use a credit card for everyday purchases. Of course I paid it off every month too.

Got a few free domestic flights on Virgin because of it...a couple were first class.

Of course the system is set up for people like me to being able to pay them off on time but when you can, take advantage. Credit cards are stupid but doesn't mean you can't take advantage of stupid.

[Bosnian Sajo]

I use my credit card as if it's my debit card in order to get the rewards and cashback as much as possible...the important thing to do though is treat it like a debit card and don't spend more than you have. Every month I pay my full balance, and thank god have never paid interest on a debit card in my life because of that.


I know life just happens sometimes and there is no planning, sometimes you need cash asap and it is what it is...but at the end of the day where that emergency money comes from is your responsibility, if you spend beyond your means then ofc you will eventually be in debt. Save, spend wisely, and don't be careless. It's as simple as tracking your spending on a weekly basis, it's much more simplified for us these days with the use of online accounts. You can track everything without taking notes and keeping receipts (although I still find myself taking notes). BTW spending beyond your means = living pay check to pay check. That's the tip of the mountain, it gets a lot worse than that for some people but that I still consider living beyond your means to be living pay check to pay check. Saveeeeeeeeee.


When you can fully control where your money is spent, you have full control on your debt and you wont have issues like stated in the OP. In no way am I criticizing you, I'm just trying to make sure you understand it starts and ends with you. Also, you're under 5k in debt. Consider yourself lucky, some people are in a muuuuuuuuuch deeper hole....they need a crane to lift them out lol, you just need a 6ft ladder.


All the best.

[bladefd]

I use my credit card as if it's my debit card in order to get the rewards and cashback as much as possible...the important thing to do though is treat it like a debit card and don't spend more than you have. Every month I pay my full balance, and thank god have never paid interest on a debit card in my life because of that.


I know life just happens sometimes and there is no planning, sometimes you need cash asap and it is what it is...but at the end of the day where that emergency money comes from is your responsibility, if you spend beyond your means then ofc you will eventually be in debt. Save, spend wisely, and don't be careless. It's as simple as tracking your spending on a weekly basis, it's much more simplified for us these days with the use of online accounts. You can track everything without taking notes and keeping receipts (although I still find myself taking notes). BTW spending beyond your means = living pay check to pay check. That's the tip of the mountain, it gets a lot worse than that for some people but that I still consider living beyond your means to be living pay check to pay check. Saveeeeeeeeee.


When you can fully control where your money is spent, you have full control on your debt and you wont have issues like stated in the OP. In no way am I criticizing you, I'm just trying to make sure you understand it starts and ends with you. Also, you're under 5k in debt. Consider yourself lucky, some people are in a muuuuuuuuuch deeper hole....they need a crane to lift them out lol, you just need a 6ft ladder.


All the best.

That's pretty much what my dad taught me. Don't spend beyond your means and pay off credit card each month. Debt adds up so fast if you are careless. $500 debt becomes $3000 then it becomes $5000 then $8000. It's like gambling - you keep pushing it off and it adds up real fast. Then you are up the creek without a paddle trying to fight your way up the river. They don't teach any of that in school. Some of it is common sense, but you still need it instilled in your head.

[imdaman99]

I have 0 debt myself, but recently my father had a mental breakdown. So I was left with trying to pay his CC bills, all that are digital or over the phone. I don't understand how this guy accumulated all those and he's retired. Oh yeah, he bought a car financed :rolleyes: I'm trying to sell his car off because he isn't allowed to drive, I parked in a garage 2 miles away so we can protect him from himself. And he keeps telling me he's gonna take a loss if we sell it for the lien on it... I'm like duh, $600 goes into this car every month and no one's even using it. Better to get rid of it asap, it's a 3 year old car that isn't worth what is still owed for it :facepalm

Anyways, yeah being careless and irresponsible is not a good quality. Find a way to pay it off as soon as you can because these banks are scumbags and those interest rates. They had no problem handing out credit cards to a retired man only getting his SS checks. Does not excuse my father, but the guy has been emasculated pretty much since he got forced to retire.

[DukeDelonte13]

only debt i have is my mortgage.

Pay off that CC debt that sh*t is like the plague.

I'll never get a car loan or swipe more than I can immediately pay off. I only use my credit card to accumulate miles.

I love stupid expensive purchases like every guy does, but I try to limit it.

[bladefd]

I never really understood the need for travel miles. Isn't cashback more valuable? :confusedshrug:

[ItsMillerTime]

I use my credit card as if it's my debit card in order to get the rewards and cashback as much as possible...the important thing to do though is treat it like a debit card and don't spend more than you have. Every month I pay my full balance, and thank god have never paid interest on a debit card in my life because of that.


I know life just happens sometimes and there is no planning, sometimes you need cash asap and it is what it is...but at the end of the day where that emergency money comes from is your responsibility, if you spend beyond your means then ofc you will eventually be in debt. Save, spend wisely, and don't be careless. It's as simple as tracking your spending on a weekly basis, it's much more simplified for us these days with the use of online accounts. You can track everything without taking notes and keeping receipts (although I still find myself taking notes). BTW spending beyond your means = living pay check to pay check. That's the tip of the mountain, it gets a lot worse than that for some people but that I still consider living beyond your means to be living pay check to pay check. Saveeeeeeeeee.


When you can fully control where your money is spent, you have full control on your debt and you wont have issues like stated in the OP. In no way am I criticizing you, I'm just trying to make sure you understand it starts and ends with you. Also, you're under 5k in debt. Consider yourself lucky, some people are in a muuuuuuuuuch deeper hole....they need a crane to lift them out lol, you just need a 6ft ladder.


All the best.

Yuuuup. I use my Credit Card for literally everything. I don't let it rack up any debt over $1000 and because of that I've never paid interest on it. If you have a responsible mentality, owning credit cards is a blessing. I use all the points to buy free shit off Amazon.

[JohnnySic]

I haven't used a credit card in over 10 years and dont plan to. :pimp:

[DukeDelonte13]

I never really understood the need for travel miles. Isn't cashback more valuable? :confusedshrug:


not if you use the miles. My wife flies about 2-3 times a year I fly about once. My old card had cashback. It's not even close.

[bladefd]

not if you use the miles. My wife flies about 2-3 times a year I fly about once. My old card had cashback. It's not even close.

Do you get more value with travel miles than say 2.5% cashback? My chase freedom is 5% cashback in different sectors by quarter

[Brujesino]

I owe about 2,300 on my credit card been making minimum payments on it. Bought a TV and went to mexico last year so I just started paying the interest on it like 2 months ago.

[bladefd]

I owe about 2,300 on my credit card been making minimum payments on it. Bought a TV and went to mexico last year so I just started paying the interest on it like 2 months ago.

Big mistake. You will be spending a lot on interest, especially on credit cards which typically have crazy rates. Don't do minimum payments. Spend less but stay on top of your statements..

Remember, interest rates/apr are how credit card companies stay in business. Late fees too..

[Brujesino]

Big mistake. You will be spending a lot on interest, especially on credit cards which typically have crazy rates. Don't do minimum payments. Spend less but stay on top of your statements..
Yup i thought oh I got 15 months of zero interest so im good I can pay that but then my car broke down I had to get a new one shit just went down hill.

Im making 200 dollar payments since this month hopefully all goes well

[bladefd]

Yup i thought oh I got 15 months of zero interest so im good I can pay that but then my car broke down I had to get a new one shit just went down hill.

Im making 200 dollar payments since this month hopefully all goes well

Yeah, you can never prepare for emergency costs. They pop up. Spend only what you can afford to. Budget it out!

[rufuspaul]

not if you use the miles. My wife flies about 2-3 times a year I fly about once. My old card had cashback. It's not even close.

I use a miles card for business. We get at least 2 trips a year through that.

[qrich]

I have 0 debt myself, but recently my father had a mental breakdown. So I was left with trying to pay his CC bills, all that are digital or over the phone. I don't understand how this guy accumulated all those and he's retired. Oh yeah, he bought a car financed :rolleyes: I'm trying to sell his car off because he isn't allowed to drive, I parked in a garage 2 miles away so we can protect him from himself. And he keeps telling me he's gonna take a loss if we sell it for the lien on it... I'm like duh, $600 goes into this car every month and no one's even using it. Better to get rid of it asap, it's a 3 year old car that isn't worth what is still owed for it :facepalm

Anyways, yeah being careless and irresponsible is not a good quality. Find a way to pay it off as soon as you can because these banks are scumbags and those interest rates. They had no problem handing out credit cards to a retired man only getting his SS checks. Does not excuse my father, but the guy has been emasculated pretty much since he got forced to retire.

Until you sell it, put it on Turo and make money on it.

[Cleverness]

I use my credit card as if it's my debit card in order to get the rewards and cashback as much as possible...the important thing to do though is treat it like a debit card and don't spend more than you have. Every month I pay my full balance, and thank god have never paid interest on a debit card in my life because of that.


I know life just happens sometimes and there is no planning, sometimes you need cash asap and it is what it is...but at the end of the day where that emergency money comes from is your responsibility, if you spend beyond your means then ofc you will eventually be in debt. Save, spend wisely, and don't be careless. It's as simple as tracking your spending on a weekly basis, it's much more simplified for us these days with the use of online accounts. You can track everything without taking notes and keeping receipts (although I still find myself taking notes). BTW spending beyond your means = living pay check to pay check. That's the tip of the mountain, it gets a lot worse than that for some people but that I still consider living beyond your means to be living pay check to pay check. Saveeeeeeeeee.


When you can fully control where your money is spent, you have full control on your debt and you wont have issues like stated in the OP. In no way am I criticizing you, I'm just trying to make sure you understand it starts and ends with you. Also, you're under 5k in debt. Consider yourself lucky, some people are in a muuuuuuuuuch deeper hole....they need a crane to lift them out lol, you just need a 6ft ladder.


All the best.

This is also what I do

$12,000+ in credit card perks so far

Never paid any interest

[dazzer87]

CC are amazing. Earn points and some of them offer extended warranty on electronics for free....If you pay it off at the end of the month then what is the problem?

[hold this L]

$4775
Man, aggressively pay this off. Don't pay the minimum as others stated. One easy way is don't go out and eat so much but cook and home, saves a ton of money. Bring your own food to work as well. I don't know your finances, but you should be looking to pay 200-300/month to kill it off.

[DukeDelonte13]

Do you get more value with travel miles than say 2.5% cashback? My chase freedom is 5% cashback in different sectors by quarter

I had a similar discover card and for my situation where my family flies like 2-3 times a year the miles are more value. If you don't fly as frequently the cash back is probably better.

I do know a couple that literally puts every expense on miles cards and whenever they get a new credit card offer with bonus miles to sign up they sign up and cancel their old card. They have traveled the world and paid peanuts for air travel.

[Jasper]

$4775


Ok we all have learned that our lives are based on WAl-Mart mentality.

That means our fathers or grandfathers used to save , and then buy , but we buy cheap and have the same things , then just keep replenishing them.

What you need to do is talk with a banker , either roll it into another card , that is consolidated, and pay the MF'ing thing off.
Or roll into a loan.

Do you have someone you can really really trust ???
Mom/ dad / super best friend ????

Ask them if you can make payments to them , and have them save it for you in another account.
After a year or two , it should be enough , then pay off the card.

Cards are HORRIBLE.
Try using cash , and you will realize just how much you can truly spend.

That is what I did , and only used a check book for bills.

You have to sacrifice something to get something.

I built a 24 x30 garage , and paid for it in 18 months.
I was young but ate a lot of peanut butter sandwiches. :D

[Bosnian Sajo]

Cards are HORRIBLE.
Try using cash , and you will realize just how much you can truly spend.

That is what I did , and only used a check book for bills.



I'm sorry, that sounds like a horrible idea. Why make life more complicated and pay everything using a check book? I literally don't think about bills, they are automatically paid for through my credit card, which is also automatically payed for (in full, monthly..) from my debit card...which is replenished automatically from my companies direct deposit. These things used to take time out of the day for people, I literally never have to think about it unless I'm curious.


Cards are not "HORRIBLE", it's the interest that is horrible. It is easily avoidable by *gasp* spending within your means. Not only that, but you get rewarded for using them...you get nothing bonus for using check/cash.


If you had to do that because you had no self control over using credit cards, then respect..at least you aren't paying interest. But like I stated before, just treat your credit card like a debit and you will be fine.

[MaxFly]

I use my credit card as if it's my debit card in order to get the rewards and cashback as much as possible...the important thing to do though is treat it like a debit card and don't spend more than you have. Every month I pay my full balance, and thank god have never paid interest on a debit card in my life because of that.


I know life just happens sometimes and there is no planning, sometimes you need cash asap and it is what it is...but at the end of the day where that emergency money comes from is your responsibility, if you spend beyond your means then ofc you will eventually be in debt. Save, spend wisely, and don't be careless. It's as simple as tracking your spending on a weekly basis, it's much more simplified for us these days with the use of online accounts. You can track everything without taking notes and keeping receipts (although I still find myself taking notes). BTW spending beyond your means = living pay check to pay check. That's the tip of the mountain, it gets a lot worse than that for some people but that I still consider living beyond your means to be living pay check to pay check. Saveeeeeeeeee.


When you can fully control where your money is spent, you have full control on your debt and you wont have issues like stated in the OP. In no way am I criticizing you, I'm just trying to make sure you understand it starts and ends with you. Also, you're under 5k in debt. Consider yourself lucky, some people are in a muuuuuuuuuch deeper hole....they need a crane to lift them out lol, you just need a 6ft ladder.


All the best.

Amen

I'd add... don't get rid of your credit cards or close those accounts unless you really do have an issue with controlling your spending. It's unnecessary. Open credit card accounts that are in good standing boost your credit score through three factors that credit organizations monitor: credit utilization, average age of credit history and total accounts.

[MaxFly]

Yuuuup. I use my Credit Card for literally everything. I don't let it rack up any debt over $1000 and because of that I've never paid interest on it. If you have a responsible mentality, owning credit cards is a blessing. I use all the points to buy free shit off Amazon.

I use my cards in the same manner. I approach them as if they are debit cards. The rewards cards really are a blessing.

[Jasper]

I'm sorry, that sounds like a horrible idea. Why make life more complicated and pay everything using a check book? I literally don't think about bills, they are automatically paid for through my credit card, which is also automatically payed for (in full, monthly..) from my debit card...which is replenished automatically from my companies direct deposit. These things used to take time out of the day for people, I literally never have to think about it unless I'm curious.


Cards are not "HORRIBLE", it's the interest that is horrible. It is easily avoidable by *gasp* spending within your means. Not only that, but you get rewarded for using them...you get nothing bonus for using check/cash.


If you had to do that because you had no self control over using credit cards, then respect..at least you aren't paying interest. But like I stated before, just treat your credit card like a debit and you will be fine.
That tells me you have no idea how much you actually spend.
Great advise from someone that doesn't control his own money , but has a credit card, dept card companies run his life for him...

[MaxFly]

That tells me you have no idea how much you actually spend.
Great advise from someone that doesn't control his own money , but has a credit card, dept card companies run his life for him...

If you know what you're doing, the use of credit cards, specifically rewards cards, can give you much more control over spending and budgeting than you seem to be aware of.

I pay for internet every month. Instead of mailing my ISP a check, I've set up automatic payment on a rewards card that nets me airline mileage for every dollar I spend. I pay the card off every month and don't pay interest. I can go online right now and see how much I have paid my ISP over the last year, or how much I spent last month on various items.

Jasper, do you travel?

[Bosnian Sajo]

That tells me you have no idea how much you actually spend.
Great advise from someone that doesn't control his own money , but has a credit card, dept card companies run his life for him...

That tells me you have not read any other post in this thread except for the ones directly associated to you.


I manage my accounts online, as it is possible to do with any given card whether it is a debit or credit. I am 100% on top of every single penny I spend because of it, in my saving at this current second I have $20k after graduating only 9 months ago from college (didn't start working until October).


Trust me that I am on top of my money and ain't no company running my life, lmao. You're completely ignorant to the benefits a credit card gives you, especially cards that give you bonus points/miles after spending x amount. Instead of paying my bills with a check (like you do), I pay my bills with my credit card as well as everything else that costs money. Because of that, I was able to meet the requirement of spending $5k in my first 3 months in order to get 80,000 points (aka $1k worth of airline tickets) without having to shell out 1 single dollar of unnecessary cash. It's literally as simple as paying your mortgage, light bill, water bill, car payment, EVERYTHING with a credit card, and at no point will you be paying 1 cent in interest as long as you pay off your balance...much like you do when you write out a check.



But enjoy paying with check my guy, and I will continue to "have no idea how much I actually spend my money". Instead of rejecting quality info, you should take into account what people are advising as some know more than you do. There is nothing wrong with that, 2 years ago I knew none of this. I learned it all from my father (elhamdullilah, successful business man) and my family accountant who I've known since I was a young boy.


Might have come off a little aggressive, but it is aggravating when someone tries to belittle you when all I am doing in this thread is trying to spread good financial information. All of the info I've given so far in this thread won't cost you a dime to do, it literally comes down to just changing the method of how you pay in order to reap the benefits offered to you.

[Bosnian Sajo]

For anyone interested in the above card I mentioned:

https://creditcards.chase.com/a1/InkBusinessPreferred/8tk?CELL=6H8X&AFFID=lw9MynSeamY-oE_XmlbBw0qDCrCjX7jHAw&pvid=bb3ab13a839b11e9b74d3e364c14c4010INT&jp_cmp=cc/458410/aff/3-10002676/na


Keep in mind this card has a $95 annual fee, but this fee can be waived if you go to a physical branch location to sign up for the card and ask for it to be waived. If $5k is above you budget for a 3 month period, there is a $4k option as well which rewards 60,000 points (also $95 annual fee that can be waived in house):

https://creditcards.chase.com/a1/sapphirepreferred/compare?CELL=6H8X&AFFID=lw9MynSeamY-ulDsHnDvi_xVOjJFLHauww&pvid=094b72e2839c11e981b336987a0a01ff0INT&jp_cmp=cc/657791/aff/3-10003173/na


In order to not pay the annual fee, cancel your subscription after you've claimed the bonus (although the annual fee still can pay itself just by using the card). For those who don't want to go to a physical location to apply, don't want to think about any annual fee at all....there is an option for you too. Spend $3k in your first three months (achievable by using the card on rent/mortgage alone) and you'll get $500 bucks using the following card:

https://creditcards.chase.com/a1/olainkcash/th?CELL=6H8X&AFFID=lw9MynSeamY-8BQF0KFwcxOlXfEQ4ICdTw&pvid=7a63caa6839c11e9b5d422a93d43f6d80INT&jp_cmp=cc/570936/aff/3-10002949/na



I've said it before but I have no issue in saying it again: Link the credit card directly to your bank account in order to pay the full balance automatically on a monthly basis and you will never pay a single dollar on late fees or interest. You can see where every penny you spend goes through your online accounts, there are filters in order to see how much you spent in a current week/month/period of time, whatever you can think of.


Best part about it...this is just chase. There are other offers with other cards, Wells fargo offers $200 after spending just $1k in 3 months. It's free money guys.



MOST IMPORTANT TIP: Most of these cards only offer this at the start of the card...that's why I recommend canceling a card you have already reaped the rewards for (unless the card has added bonuses, some cards are worth keeping). A lot of these offers are attainable more than once, there just has to be a period of time to pass before you sign up for it again (1-2 years most of the time). Use chase ink first 3 months, chase sapphire 2nd 3 months, wells fargo 3rd 3 months etc. etc. There are so many card companies giving these kind of offers, you can make it a rotational type of thing in order to reap the benefits continuously for doing nothing more than paying your bills.



All I'm trying to do is spread info and help, by all means ignore my advice but don't sit here and tell me I don't know how much I spend and don't control my own money, literally all this is, is controlling your own money :lol

[Bosnian Sajo]

About the "important tip" I mentioned:


You can earn a signup bonus on the same card more than once as long as you no longer have the card and it's been 24 months since your last bonus posted to your account. However, it's important to keep in mind that Chase does limit the number of new Chase credit cards you can sign up for within each 24-month period.

That's why I mentioned to go find all the offers you can, in order to make it a rotational type of thing. Yes it might take you 10-20 minutes to sign up for the card and another 10-20 minutes once you decide to deactivate it, but in my opinion it's worth it (especially if you work in an office where you have plenty of down time...you can get this stuff done at work so you aren't bothered by it on your own time).


I personally don't do it that aggressively only because I've recently come to the realization of this strategy, but I damn well might start to because why not? It's not a HUGE life changing amount of money you can make, but its extra money you get for nothing more than spending what you will spend regardless is it through credit/debit/cash. At the moment I currently use the chase ink preferred and a discover card to get benefits.

[Jasper]

I hear where you guys come from , but it just seems like you are doing more leg work to keep up with what is happening with your money.

If you can do it , I guess good for you.
I came from old school (I am 61 retired for 4 years now)
Originally I thought retirement was all based on pension and S.S.

But mid-way through my career , 401k came about and that meant less funds at end of retirement than I expected.
Why do I say that ? When 401k came out a financial president of a company said employee's should NOT have a problem doing this / he was asked if he maintains his 401k plan , his answer was fvck no.
My point is knowing the market is not an easy thing to secure a retirement.
I gambled with my accounts and let them ride , and was doing very well.
When Bush came on board the economy went in the toilet and I was to slow to pull out / lost about 85k and 80k in real estate ... but let it keep riding.
Obama pulled me out , and I retired.
I know we are in a new era / but I'm old school / out of dept.

I know the world is trying to go 100% electronic / but I still don't trust it.

[Bosnian Sajo]

More leg work? Imo, itd more work to write out a check and mail it than to have direct deposit take care of your Bills for you lol.


I respect it though sir, didnt realize you were 61. Sorry for any disrespect earlier. :cheers:

I completely understand just being used to doing things a certain way. But take a look at some of those links i posted, the bonuses may help you especially in retirement...you can get a free trip/vacay out of it.

[PWB15]

Man, aggressively pay this off. Don't pay the minimum as others stated. One easy way is don't go out and eat so much but cook and home, saves a ton of money. Bring your own food to work as well. I don't know your finances, but you should be looking to pay 200-300/month to kill it off.

How can I pay it off if I plan to date?

[Cleverness]

@Bosnian Sajo

United card bonus + Sapphire bonus = enough points for round trip United Polaris to Asia (Japan, Korea, China, etc)

:rockon:

[sundizz]

If you are living life even remotely thinking about credit card points you

[Uncle Drew]

The thread title sounds like something Michael Scott would say.

[Uncle Drew]

https://media.giphy.com/media/fcEQaKl4KTtrq/giphy.gif
I didn't say it, I declared it.

[Hawker]

If you are living life even remotely thinking about credit card points you’re a failure at using credit.

Keep 2-3 cards and keep high limits. Pay it off in full every month. That’s it. Don’t be one of those clowns rotating cards, bonus offers, sign ups to get 1-2k of “value” a year. Your life is more valuable than that. Might as well go sign up for Uber and drive it as a side gig if hustling for pennies is that important to you.

I have a 800+ credit score and use one card primarily and have 3 others kept open due to length of history and ridiculously high credit limits. All my cards have over a 20k credit limit.

And all that is meaningless unless you also have the discipline to stay debt free. I ended up 24 with $30k in credit card debt. It took some serious sacrifice to get myself back to $0. It was psychologically the hardest thing I ever had to do. I was a smart well educated well spoken guy that people came to for advice and I felt such guilt and shame over how my finances looked. Didn’t share my situation wit anyone and just made sacrifices (lived with roommates, didn’t go on vacations, etc) and paid it off. That day I got it to $0 was a more accomplished feeling than anything else I’ve ever done.

Now I feel like a whole new world is open to me. I plan to continue living well within my means and stacking money everyday. Doesn’t mean I don’t enjoy life - I got cable, pets, go on vacas, have a car etc. May up my salary significantly in the next few weeks. Waiting on an offer for a 135k + bonuses + equity job. I don’t even like/love what I do but feel blesssd to have a way to save money. Will happily grind at it another 7-10 years until I have 500k-1M at least saved up.

Man that's a crazy amount of credit card debt. What were you spending this on?

Maybe this is because I was raised with financially aware parents but we have to control the culture of credit card debt in the world. Shit needs to be taught in public schools if parents are failing to pass on that knowledge.

I lived with people who asked me to pay ~$100 for random payments or were in their mid thirties with tons of debt with absolutely nothing to show for it. Just people "keeping up with the joneses" when the joneses are all broke as ****.

Being unemployed for a year was one of the best things that happened to me, made me pay a lot more attention to prices instead of just grabbing shit without even looking.

This thread reminds me I need to get a credit card for the country I'm in. Currently only with a credit union.

[sundizz]

Man that's a crazy amount of credit card debt. What were you spending this on?

Maybe this is because I was raised with financially aware parents but we have to control the culture of credit card debt in the world. Shit needs to be taught in public schools if parents are failing to pass on that knowledge.

I lived with people who asked me to pay ~$100 for random payments or were in their mid thirties with tons of debt with absolutely nothing to show for it. Just people "keeping up with the joneses" when the joneses are all broke as ****.

Being unemployed for a year was one of the best things that happened to me, made me pay a lot more attention to prices instead of just grabbing shit without even looking.

This thread reminds me I need to get a credit card for the country I'm in. Currently only with a credit union.

It was almost exclusively experiences so I don’t regret it much. I never bought shoes, clothes, etc. I went out 3-4 nights a week, to Vegas often, spring breaks, etc. Only other expense was my car, car insurance, etc. So between food, partying, travel, vacations, and my car over 5 years it ended up about 30k on credit cards. In retrospect it actually wasn’t that much - only about $500 a month of expenses I put on cards. I really thought I’d graduate and get a job that pays 60k and easily pay it off within a year. From 21 to 24 it was mostly treadmilling and moving the debt around from card to card since I couldn’t pay it off very quickly (since I was still not sacrificing going out etc).

At 24 I moved out of the US and got a job that gave me free lunch and provided free housing. I consolidated a lot of the credit card debt into a 5 year loan and paid $700 off a month. So about $9k of interest on $30k of debt.

Edit: Learned a valuable lesson though about myself through all this. Lot of people talk about debt and leverage etc. I hate that feeling of owing money - makes me feel like a slave to my circumstances / job etc. I always pay full balance now and generally am patient and will hold off on major purchases (eg a house until I can really easily afford it)

[Bosnian Sajo]

[QUOTE=sundizz]If you are living life even remotely thinking about credit card points you

[Bosnian Sajo]

When I signed up for that chase card it took literally 30 minutes at the branch and a 20 minute drive round trip to the branch and back home...that's it. Got my card in the mail the following week.


I'm glad that you're making 135k plus and for you this is just pennies, but most of us dont make half of that. So free airline tickets is pretty dope to us.