RE: This is why I don't understand why more people aren't for restructuring

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Dec 17, 2024
1:45:32pm

Powerbait DPM All-American

RE: This is why I don't understand why more people aren't for restructuring

I think it should be a variable interest rate, set at 1.25% of inflation with a cap of what it is currently at. So if inflation last year was 2% then you're rate will be 2.5%. That would incentivize people to pay the loans back rather than let them sit but not crush them.

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Powerbait DPM

Previous username: Powerbait DPM studnt
Bio page: Powerbait DPM
Joined: May 29, 2015
Last login: Dec 17, 2024
Total posts: 8,916 (7 FO)

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Messages

Author

Time

Pro tip that's obvious but not always lived: Pay off your credit cards every

gwalker

11:19am

Well TNT's philosophy is "Buy now, pay never"

TNT

11:20am

Die owing the banks millions while you have nothing.

Archaea

11:21am

That sounds like a problem for future TNT anyway.

gwalker

11:22am

Exactly. Like Jerry says staying up late is "morning guy's problem"

TNT

11:22am

It's surprising that lenders actually want to be repaid. The nerve

Archaea

11:24am

Been doing this for 20+ years. I use card for everything to get points and pay

TheSpiker

11:21am

Two lives:

Archaea

11:23am

This is why I don't understand why more people aren't for restructuring student

Sparkling Delirium

1:02pm

RE: This is why I don't understand why more people aren't for restructuring

Powerbait DPM

1:45pm

I'm not aware of any cards these days where interest doesn't begin to accrue from the date of purchase,

ChinaFan

11:28am

Huh? I don't know of any credit cards that will still charge you interest even if you

Skeptical Optimist

11:32am

I don't accrue any interest

Himni

11:32am

None of my cards charge interest unless I carry over a balance

gilbertatty

11:33am

I have never heard of this. If you have a card doing that, get a different card.

TheSpiker

11:34am

I'm not aware of any credit cards that accrue interest from the date of purchase

Manti

11:35am

Maybe it's from experience with an old card. I have mine on autopay so there is never any carry over, but I haven't

ChinaFan

11:37am

just checked, no interest or fees all year, and I earned 100,000 miles

ChinaFan

11:39am

My problem with multiple payments per month is

Archaea

11:40am

A line of credit from your bank might, but not a standard VISA, AMEX, etc.

NumbersGuy

12:09pm

Interest running, are you sure?

Archaea

11:36am

Not sure and not true

citron

11:46am

Time to get a real credit card...

my4boys

11:40am

Are you outside the US? Super curious about this. Like the others, I have never

RoboKayne

12:18pm

Update: I did some sleuthing. I think OP may be based in China. It does not

RoboKayne

12:20pm

The other thing that would not surprise me is if CC agreements are shifting

RoboKayne

12:25pm

Depends on your credit score. Credit One will charge you interest immediately

Princepete

12:22pm

That's not how cards work in the US

justAnotherCoug

12:53pm

Some pay interest and some earn it. These groups live completely different lives

11:29am

What necessities do you think are fine to go into debt for?

brazilcoug

11:33am

A place to live is one. Modest means of transportation. Education with a

gwalker

11:39am

Few things annoy me more than people without money saying they "need" a new car.

11:43am

A large car payment on an expensive car to impress your 3 neighbors is

brazilcoug

11:51am

What you live is also what your children learn, sadly and gladly.

Archaea

11:46am

I know it’s more challenging but no loans on cars or schooling is just as

brazilcoug

11:49am

Well done.

Archaea

11:50am

Eh, I think you’d be surprised at how many people have car payments and/or

brazilcoug

11:53am

If we had a guessing game, I'd wager it would be a much smaller percentage than

Archaea

11:55am

I'm sure it's less than 1% if not much less than 1%.

Powerbait DPM

12:04pm

Buying a good, used vehicle has benefitted many people.

Archaea

12:08pm

House, car(s), education and CFB season tickets.

neboutefan

11:48am

We are dealing with what you did in the past. Mostly my fault 🤦

BulldogCoug79

11:35am

You're exactly right. And there's a lot of peace on the other side.

gwalker

11:37am

I paid off my house this fall, decided I didn't want a loan out there for another 5 years as we retired 18

ChinaFan

11:43am

The CC charge for taxes is not worth in my opinion. I pay taxes from

Archaea

11:49am

Get free of the interest trap and never go back.

Archaea

11:38am

This is a very powerful quote that I share with my children on a regular

11:46am

A powerful quote.

Archaea

11:48am

RE: Pro tip that's obvious but not always lived: Pay off your credit cards every

Powerbait DPM

11:52am

Super silly SNL skit but it is true to the bone. Share with your children to

11:59am

Credit cards are great for record keeping and travel points - never carry a

Jersey hunter

2:13pm

They are lines of credit if paid off monthly.

Archaea

5:12pm

Also, security. They are great at identifying and paying for fraud.

RoboKayne

7:34pm

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