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Discussion Forum : News and Current Events : More than 8 million drop out of credit card use

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KingJimmy
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Joined: 2003/5/8
Posts: 4419
Charlotte, NC

 Re:

Two words: Dave Ramsey.


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Jimmy H

 2010/12/2 12:22Profile
HeartSong
Member



Joined: 2006/9/13
Posts: 3147


 Re:

Sometimes I wonder how many people I miss talking to about Jesus when I pay for my gas out at the pump rather than going in and having to wait in line amongst the people. And other times I wonder how many times I miss the grace of God by whipping out my card to pay for that which He already arranged to have paid for - thereby robbing others of seeing the miracles that He is capable of bringing forth.

One day, after the LORD showed me that He wanted me to cut back on using my credit card, I decided to stop at WalMart on my way home to pick up a few things that I needed - but I did not have very much cash on me - so I had to mentally add up the cost of the items that I was purchasing. Thinking that I might have gone over, but wanting a couple of extra items, I put them in my cart knowing I could put them back if I went over. The cost was EXACTLY what I had in my purse.

Another time I did the same thing and the amount was 10 cents more than I had. Two people in line insisted on paying the 10 cents even after I told them I did not need the extra item. One of them was obviously drunk and buying whiskey, the other one clearly did not have very much money. I cried on my way home and asked the LORD to bless them both - exceedingly and abundantly.

 2010/12/2 12:55Profile









 Re:

HI A-Run,

I use a credit card for everything, including a cup of coffee. I am blessed that I do not carry a balance therefore never pay interest. At the end of the year I get pie charts and so on, breaking down where the money was spent. Yet, the most important thing is that for every $ I spend I get a mile. To date, I have had six international flights, for basically free ( sometimes you have to pay the taxes on the fare)Two of those flights were for revival conferences in Scotland and Wales. If we have to spend money on food and gas and utilities, why not get something out of it? :) I am laughing because Scotsmen like free stuff :) .........brother Frank

 2010/12/2 13:26
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 Re:

I have considered not having a credit card. It demands you to work with what money you have and as one sister said to trust the Lord more.


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SI Moderator - Greg Gordon

 2010/12/2 14:27Profile
KingJimmy
Member



Joined: 2003/5/8
Posts: 4419
Charlotte, NC

 Re:

Quote:

I use a credit card for everything, including a cup of coffee. I am blessed that I do not carry a balance therefore never pay interest. At the end of the year I get pie charts and so on, breaking down where the money was spent. Yet, the most important thing is that for every $ I spend I get a mile. To date, I have had six international flights, for basically free ( sometimes you have to pay the taxes on the fare)Two of those flights were for revival conferences in Scotland and Wales. If we have to spend money on food and gas and utilities, why not get something out of it? :) I am laughing because Scotsmen like free stuff :)



Be careful. Dave Ramsey quotes a lot of stats and research that says that even if you are getting 0% apr and all sorts of rewards, it's still not in your best interest to have a credit card. I forget the exact percentage, but, studies show that you will spend some 20% more simply by having a debit card/credit card instead of cash. Dave Ramsey would say that you probably could've bought a car in cash had you used cash instead of a debit/credit card :-)

According to research, an interesting phenomenon happens when you pay for something in cash: pain receptors in your brain fire off rather strongly. When you pay for it with plastic, they don't fire off as strongly. Therefore, you buy more.

Just some things to consider. Ramsey is a financial genius. I wish I had listened to him before I got into the trouble I got into. But, history shows that I learn through getting beat by the stupid stick better than through instruction. Either way, I'm learning!


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Jimmy H

 2010/12/2 17:32Profile









 Re:

Quote:
I am laughing because Scotsmen like free stuff :) .........brother Frank

Canadians do too! :-)

Now, you've surprised me Frank. I thought that you were so close to God that you didn't need a credit card. Today, you have just become a human being in my thinking. I mean really, I had you on the wheel in the middle of the wheel. LOL.

My Mother and my sister both pay off their credit cards each and every month, so they have nothing owing, but like you, they garner the points and air miles. I have a balance on my Visa though, and I am swiftly getting rid of that worthless card, I hope to be paid off by next summer.

 2010/12/2 17:47









 Re:

Quote:
but, studies show that you will spend some 20% more simply by having a debit card

I have a $2,000 dollar over draft protection on my debit card, which I try to keep from using. However, I can understand those figures if one uses the overdrawn protection. I don't like it because each time it's used, it cost $5 bucks. It doesn't matter if the item you paid was a buck, $5 dollars is added on. I pay a monthly rate of $12.95 for unlimited use of my debit card. Now if you don't have a chequing account I can understand that 20% loss because each time you use that card it costs about 50cents. I save more when I pay for my chequing account.

My set goal is to get completely out of debt and to do what Frank is doing, having no balance, but paying the thing off each month.

 2010/12/2 17:59
A-Run
Member



Joined: 2008/9/8
Posts: 56
India

 Re:

Thanks everyone for your thoughts.

I get to learn a lot from all over here and of course some things i have never even thought of.

Thanks Bro. Frank for your thoughts--- i think everyone likes free stuff. :)


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Arun

 2010/12/3 8:28Profile
StarofG0D
Member



Joined: 2007/10/28
Posts: 1232
United States

 Re:

Quote:
I use a credit card for everything, including a cup of coffee. I am blessed that I do not carry a balance therefore never pay interest. At the end of the year I get pie charts and so on, breaking down where the money was spent. Yet, the most important thing is that for every $ I spend I get a mile. To date, I have had six international flights, for basically free ( sometimes you have to pay the taxes on the fare)



Glad you brought this up Frank. I think I may consider incorporating this into my own spending. Though I usually only have a credit card for emergencies only. I could I'm sure safely use a credit card and still keep a balance as I do with my debit card.

Sounds like a winner to me! I could certainly use some free flights at this point in life! Though I am sure it will take a while to get to that point.


Jimmy wrote:
Quote:
Be careful. Dave Ramsey quotes a lot of stats and research that says that even if you are getting 0% apr and all sorts of rewards, it's still not in your best interest to have a credit card. I forget the exact percentage, but, studies show that you will spend some 20% more simply by having a debit card/credit card instead of cash.



I think I spend more when I have cash in my wallet rather than just using my card. When I have cash it makes me think, I have a lot of money. :)


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Michelle

 2010/12/3 8:37Profile









 Re:

Quote:
I think I spend more when I have cash in my wallet rather than just using my card. When I have cash it makes me think, I have a lot of money. :)

You and me both! The less cash I have on me the better.

 2010/12/3 9:29





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