Credit Card Balances

#1
G

Go aeiou

TnTrash
Joined
May 27, 2015
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#1
Average balance is over $6k.
This could be what slows down the economy. CC interest rates are wacko(20%). The only way to use a CC is to pay the balance montly.
Bankruptcies were up significantly in 2023.
 
#2
#2
Stupid is as stupid does.

There exists a whole category of businesses for people who don't understand money.
-The pawn shop charges 10% a MONTH
-The title loan place charges 20% a MONTH
-check-cashing places vary but about 10% a WEEK.
-BHPH car lots and RTO stores figure on just getting you to pay as much as you can and then they start over. Interest could be anything; you'll never pay it, whatever it is.
 
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#3
#3
Firebirdparts said:
Stupid is as stupid does.

There exists a whole category of businesses for people who don't understand money.
-The pawn shop charges 10% a MONTH
-The title loan place charges 20% a MONTH
-check-cashing places vary but about 10% a WEEK.
-BHPH car lots and RTO stores figure on just getting you to pay as much as you can and then they start over. Interest could be anything; you'll never pay it, whatever it is.
Click to expand...
Yeah, maybe there should be a required course in HS and college to teach people how to handle money. Problem might be info going in one ear and out the other.
 
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#4
#4
Go aeiou said:
Yeah, maybe there should be a required course in HS and college to teach people how to handle money. Problem might be info going in one ear and out the other.
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I think that's the problem. Kids don't care about things like interest and credit cards at 16/17 years old. Even if there was a class probably 15 out of 20 would be checked out. Part of the reason why these students loans are predatory and should be criminal.
 
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#5
#5
Go aeiou said:
Yeah, maybe there should be a required course in HS and college to teach people how to handle money. Problem might be info going in one ear and out the other.
Click to expand...

Course is required and self paced in HS but it's usually taught by the football coach who spends the class period game planning...
 
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#8
#8
BigOrangeMojo said:
Course is required and self paced in HS but it's usually taught by the football coach who spends the class period game planning...
Click to expand...
Is this true? I've always thought that a class should be mandatory with a minimum passing grade to graduate HS.
 
#9
#9
Danl said:
Is this true? I've always thought that a class should be mandatory with a minimum passing grade to graduate HS.
Click to expand...

My son graduated high school last year and the class went exactly as described....

.5 credit required.
 
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#10
#10
My son, who played football, finished the entire semester class over one weekend so he talked coach into letting him go to the gym to lift for the rest of the semester...
 
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#11
#11
hog88 said:
All teenagers should be required to spend a few days in family court listening to the cases.
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Then a few more in child support court. I hear some of the craziest stuff in there. People constantly think they know how that system works and are gobsmacked when they find out they don't have a clue.
 
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#12
#12
Firebirdparts said:
Stupid is as stupid does.

There exists a whole category of businesses for people who don't understand money.
-The pawn shop charges 10% a MONTH
-The title loan place charges 20% a MONTH
-check-cashing places vary but about 10% a WEEK.
-BHPH car lots and RTO stores figure on just getting you to pay as much as you can and then they start over. Interest could be anything; you'll never pay it, whatever it is.
Click to expand...
They exist both because people don't understand money . . . AND because many people just don't have options. I wish people were more educated about at least using installment lenders vs the Pawn, Title loan and Check Cashers. At least there's a path to pay off an installment lender.
 
#13
#13
JCHateSteve said:
Then a few more in child support court. I hear some of the craziest stuff in there. People constantly think they know how that system works and are gobsmacked when they find out they don't have a clue.
Click to expand...

Here family court is where child support cases are heard.
 
#14
#14
hog88 said:
Here family court is where child support cases are heard.
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In Tennessee they hear divorce/Custody and can set support if everyone agrees and the state isn't collecting it. If the state sets the amount or is the one taking the payments, or Families First is involved, there is a separate court that only handles child support.
 
#15
#15
JCHateSteve said:
In Tennessee they hear divorce/Custody and can set support if everyone agrees and the state isn't collecting it. If the state sets the amount or is the one taking the payments, or Families First is involved, there is a separate court that only handles child support.
Click to expand...

Ah, I've had to go to child support hearings for employees but thankfully never been through it myself. I thought it was all the same.

Either case, it scared the chit out of me.
 
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#17
#17
GAVol said:
They exist both because people don't understand money . . . AND because many people just don't have options. I wish people were more educated about at least using installment lenders vs the Pawn, Title loan and Check Cashers. At least there's a path to pay off an installment lender.
Click to expand...
North Carolina drops the ball on many, many things, BUT payday loans are not legal, with their 400% and above APRs.

 
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#19
#19
Go aeiou said:
Yeah, maybe there should be a required course in HS and college to teach people how to handle money. Problem might be info going in one ear and out the other.
Click to expand...
That should be happening for sure. However, if you have experience with people like this in your family, you've seen that for some it's not about education. They don't really change even by learning the hard way for a long time. It's just a really durable condition. I guess some people are so bad at math that they really can't help it, but others are just really really short-sighted.
 
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#20
#20
Firebirdparts said:
That should be happening for sure. However, if you have experience with people like this in your family, you've seen that for some it's not about education. They don't really change even by learning the hard way for a long time. It's just a really durable condition. I guess some people are so bad at math that they really can't help it, but others are just really really short-sighted.
Click to expand...
This is how my brother is, and it’s maddening listen to him talk about his financial decisions sometimes. He originally financed a new car at some extortionate interest rate, and was trying to lower his car payment a year or so ago. Through some sort of refinancing, he managed to get the monthly payment down from $600 to about $400, but extended the loan for two years longer than the original term. Even the quickest math showed he’d cost himself several thousand dollars in the long run. When it’s all said and done I think he’s going to end up having paid $40k+ for a car with a sticker price between $15k-$20k.
 
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#21
#21
bleedorange0037 said:
This is how my brother is, and it’s maddening listen to him talk about his financial decisions sometimes. He originally financed a new car at some extortionate interest rate, and was trying to lower his car payment a year or so ago. Through some sort of refinancing, he managed to get the monthly payment down from $600 to about $400, but extended the loan for two years longer than the original term. Even the quickest math showed he’d cost himself several thousand dollars in the long run. When it’s all said and done I think he’s going to end up having paid $40k+ for a car with a sticker price between $15k-$20k.
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It's an awful time to be buying a car. People buy $50k+ vehicles and finance them 7 or 8 years at 12 or 15 percent and they justify it "well I need something reliable to get to work." No they don't need a brand new F150 to drive to work and back. All it is a status symbol. I drive an old Acura that I paid 14k for almost 10 years ago. Any time I think of taking on a loan like that it churns my stomach.
 
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#22
#22
K-town Vol Fan said:
It's an awful time to be buying a car. People buy $50k+ vehicles and finance them 7 or 8 years at 12 or 15 percent and they justify it "well I need something reliable to get to work." No they don't need a brand new F150 to drive to work and back. All it is a status symbol. I drive an old Acura that I paid 14k for almost 10 years ago. Any time I think of taking on a loan like that it churns my stomach.
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The thing is, he bought this car about five years ago when it was a GREAT time to buy a car, and he’s still going to end up paying that much. I was thinking about a new car early last year, and then the dealership told me even with top-tier credit the best interest rate I could hope for was 7%. Hard pass. I’ll happily keep riding around in my paid for Jetta that I was irritated to have paid 2% interest on when I bought it in 2016.
 
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#23
#23
Firebirdparts said:
Stupid is as stupid does.

There exists a whole category of businesses for people who don't understand money.
-The pawn shop charges 10% a MONTH
-The title loan place charges 20% a MONTH
-check-cashing places vary but about 10% a WEEK.
-BHPH car lots and RTO stores figure on just getting you to pay as much as you can and then they start over. Interest could be anything; you'll never pay it, whatever it is.
Click to expand...
Outlaw usury
 
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#25
#25
JCHateSteve said:
Then a few more in child support court. I hear some of the craziest stuff in there. People constantly think they know how that system works and are gobsmacked when they find out they don't have a clue.
Click to expand...
Outlaw family court, child support and alimony...
 
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