Credit Card Balances

[Rasputin_Vol]

Oh it's a nightmare. If youngsters only knew.

What do you mean by "It's" a nightmare? What is "it"?

 

[Rasputin_Vol]

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.

OK, keep talking...

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.

Continue...

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.

Is your issue with your brother or with the lending system that is allowed to issue these BS loans to unworthy people?

The system is set up to where these lenders can privatize their earnings but socialize their losses through bailouts.

Damn it... you people not only hate our fellow Americans, but you have an example here where this guy has disdain for his own FAMILY!!! Your brother is not the problem. The problem is the lenders being able to lend to him in the first place. Same goes with student loans. The issue isn't the borrower that is a Gay Latin History major... it is with the lenders. WTF is the reason for having an underwriter?

And LOL... I bet most of you clowns would be the same ones ready to defend Donald Trump in his RE loan case (rightfully), even though there were no victims and the underwriters of the loan didn't see any red flags, yet you would come down like a ton of bricks on some shaggy haired millenial or zoomer with a $50k+ student loan.

You people are no different than the people that have conditioned you... You HATE you fellow Americans.

 

[JCHateSteve]

What do you mean by "It's" a nightmare? What is "it"?

Child support court. I attend it quite regularly because of me job.

 

[tbh]

You people are no different than the people that have conditioned you... You HATE you fellow Americans.

 

[Rasputin_Vol]

Child support court. I attend it quite regularly because of me job.

So maybe the problem that should be fixed is child support court... and not the issue of educating teens on how the corrupt system works.

Why is it always on the individual to bend towards the rules rather than the rules to bend towards the people?

"Of the People. By the People. For the People"

Not...

"Of the Law. By the Law. For the Law"

 

[tbh]

So maybe the problem that should be fixed is child support court... and not the issue of educating teens on how the corrupt system works.

Why is it always on the individual to bend towards the rulkes rather than the rules to bend towards the people?

"Of the People. By the People. For the People"

Not...

"Of the Law. By the Law. For the Law"

Or...why not educate teens and the general public about how the system works, so they may then make their own choices to work on changing the system and "rulkes"? If "the People" can't be bothered to educate themselves, they're likely going to relegate themselves to endlessly b!tching to strangers on internet forums.

 

[Fun coupon VOL]

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.

MDs carry more credit card debt than you would imagine.

 

[JCHateSteve]

So maybe the problem that should be fixed is child support court... and not the issue of educating teens on how the corrupt system works.

Why is it always on the individual to bend towards the rulkes rather than the rules to bend towards the people?

"Of the People. By the People. For the People"

Not...

"Of the Law. By the Law. For the Law"

If the folks coming in paid their end of raising their kids, it wouldn't be an issue. There are 2 sides to everything.

 

[YankeeVol]

The math class I took at Austin Peay for my Bachelor's (Mathematical Thought and Practice) was the best math class I've ever had. It taught about interest rates and actual knowledge. No A squared + b squared = c squared BS.

 

[BowlBrother85]

Capital One made a killing after getting Taylor Swift to endorse for them. Now, they bought Discover...

Yep .... logged into my Discover account this morning and saw the message about Capitol One. Discover has a really good and user friendly site. I hope it's not going to change.

 

[GAVol]

The math class I took at Austin Peay for my Bachelor's (Mathematical Thought and Practice) was the best math class I've ever had. It taught about interest rates and actual knowledge. No A squared + b squared = c squared BS.

To be fair, that BS is useful if you’re ever confronted by a rogue triangle.

 

[SDV]

I got into big credit card debt several years ago and got out if it by following Dave Ramsey snowball method. I now have one cc for personal and one for biz. I use them for whatever I can now and pay them off immediately. It stresses me out to carry any balances anymore.

 

[GAVol]

I got into big credit card debt several years ago and got out if it by following Dave Ramsey snowball method. I now have one cc for personal and one for biz. I use them for whatever I can now and pay them off immediately. It stresses me out to carry any balances anymore.

I am critical of some of Dave's advice, but the snowball is a great tool for people with multiple balances. It's a little counterintuitive to payoff according to balance rather than interest rate, but the psychology of it seems to work.

 

[05_never_again]

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.

My wife's uncle, during the pandemic, refinanced into a 40 (yes you read that right) year mortgage on his house. I didn't even know they offered those.

 

[bleedorange0037]

OK, keep talking...


Continue...


Is your issue with your brother or with the lending system that is allowed to issue these BS loans to unworthy people?

The system is set up to whwere these lenders can privatize their earnings but socialize their losses thrpugh bailouts.

Damn it... you people not only hate our fellow Americans, but you have an example here where this guy has disdain for his own FAMILY!!! Your brother is not the problem. The problem is the lenders being able to leand to him in the first place. Same goes with studen loans. The issue isn't the borrower that is a Gay Latin History major... it is with the lenders. WTF is the reason for having an underwriter?

And LOL... I bet most of you clowns would be the same ones ready to defend Donald Trump in his RE loan case (rightfully), even though there were no victims and the underwriters of the loan didn't see any red flags, yet you would come down like a ton of bricks on some shaggy haired millenial or zoomer with a $50k+ student loan.

You people are no different than the people that have conditioned you... You HATE you fellow Americans.

It’s not really disdain for family. My issue is almost entirely with an unregulated system that effectively legalizes loan sharks, but it’s still maddening to see a family member be so short sighted and not sit down and have a quick look over the math before signing. The terms were all laid out before him and he ultimately chose to agree to them.

Of course interest rates in excess of 30% should be illegal. After paying on the car for five years he’s still so hopelessly under water on it he’s screwed if he ever wrecks it because the insurance won’t pay him half what he owes. Then he’s just back in the same viscous cycle of financing trying to get something reliable to drive.

I agree with you about student loans too. If I had walked into a bank in the summer of 2002, fresh out of high school and looking to borrow $100k to buy a house and told them up front I had no means of paying, but if they would just give me 4-5 years without interest or payments I could figure something out, they would have rightfully laughed me out the door. But come in with that same pitch for a student loan, and the only question is “how much do you need?” In many cases, the house would have been a better investment for me, and certainly a wiser loan for the bank. At least if I don’t pay they can come take the house back. A student loan offers no security whatsoever for either party and is just a complete roll of the dice. Thank god I never took out student loans. Probably the best decision I ever made.

 

[Godfatha]

When I was younger and dumber, I got myself into bad credit card debt. It's amazing how many credit cards they throw at young 20 somethings. Now I have a couple credit cards that I zero out the balance monthly.

 

[Hunter10139]

To be fair, that BS is useful if you’re ever confronted by a rogue triangle.

Happens all the time in engineering.

 

[PKT_VOL]

We put every expense we can on credit cards. I don't think we even own a debit card.

Never carry a balance. Reap the points/cash back and credit score (although that's way overrated once you are established).

 

[gordonr24]

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.

I just had to finance a used 19 Honda Ridgeline two weeks ago for 36 mos at $255/mo with a 9% rate. I just wrapped up a 72 mo note March of 2023 with a 2015 Equinox but the timing chain was about to break and it was going to cost over $2k to fix. My naive self took the long 72 mo note when I was still in my late 20s and I didn’t know any better. Unfortunately, I had to cut my losses and trade it in and take on a short note for the Ridgeline with a crappy interest rate in the current economy. I’m attempting to overpay each month and pay it off sooner.

It’s a terrible time to have to buy a car, if you plan to finance.

 

[SDV]

We put every expense we can on credit cards. I don't think we even own a debit card.

Never carry a balance. Reap the points/cash back and credit score (although that's way overrated once you are established).

Agreed. Plus, I’ve had my debit card hacked before. At least you are safe from charges with a cc, and criminals can’t access your bank account

 

[Firebirdparts]

MDs carry more credit card debt than you would imagine.

I don't know if there's a stereotype about that or not, but it does seem like many are childlike. I'll never forget in 2008 the married MD couples calling into Dave Ramsey and saying "this year we only made $560,000 combined and we are about to lose everything. We're going to lose two of our houses and two of our airplanes and two yachts and so forth and so on.

 

[Firebirdparts]

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.

I was going down the road one day with some co-workers (we didn't have anything to talk about) and I asked "What do people think when they walk into a business for people that can't handle money" and one of my coworkers (UT Grad) said "my brother is one of them. He says 'just tell me what I can get today'". So that was why I wrote that, honestly.

 

[Go aeiou]

I was going down the road one day with some co-workers (we didn't have anything to talk about) and I asked "What do people think when they walk into a business for people that can't handle money" and one of my coworkers (UT Grad) said "my brother is one of them. He says 'just tell me what I can get today'". So that was why I wrote that, honestly.

I'm a retired CPA(since 1993?)
I worked promarily for large Corporations as a consultant. That provided 98-99% of my income.
When it came to indiviuals I told many clients to their face that they "had more dollars than sense". Some people just can't manage money. They must have a new vehicle, 2 vehicles, a pu truck, eat out, new clothes, big house, expensive vacations,......
Make a million, they'll spend $1.100,000.

 

[Firebirdparts]

Evidently there’s an organ in the body that is able to spend every nickel you make without looking closely at the math. I’ve certainly noticed that consistently through my whole life. Never have I said “hey, we should spend more money”.

Having a 401k is the only reason I am not totally destitute. Put it in there and the organ can’t get it.

 

[Vol8188]

Outlaw usury

This is the guy who said his problem with only with “Zionist”….