New System For Ending Debt

[Cron]

New System For Ending Debt in only 2 and half minutes

YouTube - Get Out Of Debt

[Rose of Cairo]

lol funny!

[ixmatus]

It is very common sense advice...

I have never owned a credit card and will never own one - everything I buy is with money that is actually in my hands.

There are exceptions though of people who did use 'other people's money' to become extremely wealthy, but, those seem to be very few (I mean people that borrowed FROM other people, not the people that are charging the interest rates!).

[Sam988]

Yea one of the most basic yet most useful and most ignored advices. Most people are too irrational to really follow this advice.

[dmauder]

Originally Posted by ixmatus

It is very common sense advice...

I have never owned a credit card and will never own one - everything I buy is with money that is actually in my hands.

There are exceptions though of people who did use 'other people's money' to become extremely wealthy, but, those seem to be very few (I mean people that borrowed FROM other people, not the people that are charging the interest rates!).

We use a rewards credit card for all possible expenses every month. At the end of the year, we always have about $500-600 worth of points that we use to get gift cards for our kids (and others) at Christmas.

You just have to be disciplined and pay off the balance each month. Treat it the same way you would cash, a check or debit card. If the money isn't there -- you don't use the plastic.

Dave

[Brutha]

There are exceptions though of people who did use 'other people's money' to become extremely wealthy, but, those seem to be very few (I mean people that borrowed FROM other people, not the people that are charging the interest rates!).

Most people who are exceptionally wealthy used other people's money to get there.

When you found a company and need cash you go to a bank or a VC and get money.
A lot of companys also choose the way of issuing stocks or bonds to raise money.
I don't think that there is any Fortune 500 company that didn't raise money from lones or through stocks.

But that is different from personal expenses which are don't pay you money in the future.

[Ninja]

I loved it!

I can understand dmauder's way of getting rewards with his creditcard, and I think it's a good idea... as long as you make the payments!!! And there's the problem: a lot of people think they have the money to pay the bill and then oooops! it's a bit higher than expected! Then they decide to pay it off later, but then... uh oh! Interest! Now it's even more difficult to pay off and they are forced to postpone another month and... well, you get the idea. It takes dicipline to 'use the Force wisely' and a lot of people lack it. Don't use plastic unless you know what you're doing!

I don't use creditcards because I'm much too chaotic and my memory is not going to win me any awards. I might forget the bill and suddenly have to pay interest. I'd rather not risk it

I have saved some money that I stashed away on a savingsaccount as an 'emergency funds'. If something unexpected happens (my computer breaks down, my bike gets stolen, all my underwear spontaneously combusts...) and I need money FAST, I can dip into these savings and then restore them later. That way, I won't have to take out emergency loans and fall into the interest trap

[Pegasus]

I was watching the video in a quiet library and laughing out loud!

[C0282736]

HAHa. I recently wrote a blog post about that video. It's always good to smile once and a while when you're stressed about the extreme debt you're in. Good ol' SNL