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Thanks Mom and Dad
#11
I'm not about to criticize how anyone deals with bad financial situations.  You have to do what you have to do.   My take on credit cards is that way too often people use them to purchase something that they feel that they have to have now whether that is true or not. More often than not budgeting and planning would have been a better choice.  The CC debt often gets them into trouble that they can never get out of. I am still a firm believer in having an emergency fund to deal with life's hiccups.  

I have a sister that racked up huge credit card debt.  Several years ago I got an LED TV for Christmas.  I called up my sister to offer her my older tube TV which was really a fine TV.  She told me that she had just bought a new LED TV because it was on sale.  She bought it on credit even though she already had a $10,000 CC debt and was paying 22% interest.  It took her 8 years before she could pay down her balance.  So because of the interest the purchase ended up costing over 3 times the original full price of the TV --- some 'big sale'...

Now let's take GoJo's situation.  What is going to happen if 1) they are not able to get a new CC after the time period, 2) if zero balance CC interest goes away, 3) if the CC companies catch on to the strategy that is being used and refuse a 0% loan, or 4) they encounter an emergency and the CC company doesn't allow a zero interest balance on anyone carrying a loan?  They would be hurting.  I personally would never let myself get into such a risky position.

However, like I said I know that people do what they have to do, but I personally think that taking on CC debt and not paying off the balance in full at the end of the month is highly risky and would be my least favorite solution.
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#12
(12-15-2017, 03:42 PM)ramblinbob Wrote: Five years ago 25K in debt, mortgage, health ins, (actually had none for two years even after a stent implant), barely making it month to month, took care of my wife who had health problems past 10-12 years. I was instilled good values too but bad luck
was worse than good learned values. But as I was selling things to get by I also was downsizing and here I am on the road full-timing with a small emergency fund, provided I don't live too long. 

So GoJo may had to borrow this. Credit cards saved me from bankruptcy but I always had low low interest and today my credit rating is quite high.

I've done this several times, last one was $8000 interest free.  Back in 2003 I bot a $12000 ford truck doing this. They would give you 3 years very low  interest, lower than the bank or dealer.
ramblinbob,  you're correct, about good credit rating. When I called the card company this last time, the lady told me I must have a go credit rating for the company leting me do this. It's a new one on me, never checked................
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#13
BTW, if I want to pay the loan off today, I could. Remember I have $6000..........
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#14
Just found out, I got another one by mail today from another card company. This one is 12 months interest free.
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#15
It’s not the interest that kills you. But people sure scream about that. What makes your life bad on credit cards is needing to pay it back, and live within your means, at the same time. Most can’t handle that.


Sent from my iPhone using Tapatalk
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#16
I agree.........I seen some use their credit cards as if it was a gift card. Oh saying, never borrow from your savings, because you'll never pay yourself back.
I am doing everything legal with the card situation. You need cash on hand in todays world. My wife's insurance has a $5000 deductible and who has that kind of cash on them, not me. Believe or not, she works for an insurance company (somethings wrong). While holding onto the cash, I can invest it.
I've had my credit card since the 1980s, so they have good records on me...
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#17
(12-16-2017, 05:48 AM)Goshawk Wrote: It’s not the interest that kills you. But people sure scream about that. What makes your life bad on credit cards is needing to pay it back, and live within your means, at the same time. Most can’t handle that.


Sent from my iPhone using Tapatalk

There is one other issue.  What is going to happen if you loose your source of income while carrying debt?  That is a risk that I wouldn't be willing to take.
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#18
(12-15-2017, 09:59 PM)gojo Wrote: BTW, if I want to pay the loan off today, I could. Remember I have $6000..........

Well, not quite. ;-)  

All you've done is transfer the debt.
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#19
I find the way the human mind works to be intriguing. We understand predictable events, but give little though to randomness. College is a narrative of the past, certainty. A degree earned me a degree didn't make me smarter. Few people can tell us what will happen next. Most of us didn't see the internet coming two years before it happened.

I see life as a random event. Of course, like fishing you have to show up prepared to catch a fish. But sometimes the fish aren't biting. Randomness has more to do with our success than our own best efforts. Predictability doesn't lead to opportunity, chaos does. It was better to buy stock in 1931 than 1929 before the big crash. Things that are predictable are easy to spot, those are the things that are fragile. Things that gain from disorder cannot be spotted until after the fact.

If evolution is true then violence (randomness) leads to beauty. Flowers are beautiful because they've been trying to attract bees for millions of years. The best at it won, their offspring is that which we admire. Although, we don't know much about randomness, it appears to cause danger to us in a discernible pattern.

Going through life in a predictable fashion, then a single unpredictable event happens. Most of us can handle a single event. But when a second or third event happens soon after our lives spiral out of control. In the Army, if an accident happened, I'd shut everything down and have a safety briefing. I would try to stop the situation from going convex. Convexity is the sloping down of a wave. Moving from predictable to unpredictable.

If you notice my username the bad part isn't because I'm not disciplined, it's because I believe in randomness.

My advice. A coin has three sides. Stay on the edge until you see how things play out. Don't follow the crowd (predictable). Embrace chaos.

If violence(chaos / randomness) leads to beauty and it beauty that I love. I hate the animal within myself. From spirituality I try to find love from within myself to love everything / everybody. I avoid vanity.

Women often sacrifice their lives, provide lots of unrecognized free labor, helping others. I love you. Thank you.
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The following 1 user says Thank You to BadSaver for this post:
dawnann7 (12-16-2017)
#20
(12-16-2017, 09:30 AM)BadSaver Wrote: My advice. A coin has three sides. Stay on the edge until you see how things play out. Don't follow the crowd (predictable). Embrace chaos.

I love this post! I've always lived on the edge and beat myself up over it for not being more "disciplined." I tell myself I take "calculated" risks. Truth is, as you say, predictability is boring. Thanks for this.
It's little I care what path I take,
And where it leads it's little I care,
But out of this house, lest my heart break,
I must go, and off somewhere! 
 ~ Edna St. Vincent Millay
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