Credit cards really tear you a new one, read up !
#23
Elite Member
iTrader: (9)
Join Date: Aug 2006
Location: Concord, North Carolina
Posts: 4,160
Total Cats: 6
my credit card is all I owe right now...given, I bought my computer for school and also just paid for the torsen with it, I've got a lot more money on it than I'd like to admit...I'm hoping to get it back to zero by this fall, when school starts back.
#24
The citibank drivers edge card gives 2% back toward the purchase of any car, new or used. I've bought everything with it for about 8 years. I just always pay it off no matter what I have to do, mostly I don't spend it if I don't have it, but I know thats not always possible. Then I get a 0% interest card, like recently, until my wife gets a job. You can't trust them, but you can use them.
#25
When my wife and I had our internet business we were $125,000 in debt on 17 credit cards. 9 of them were her's even though she had not worked in 10 years(they give them to anyone). We sold the business and paid them all off.
Now I still use credit cards for everything but NEVER carry a balance. I have a State Farm credit card (1% goes towards your insurance) and a Citibank that pays 5% cash on food/gas/medical up to $300 (this means gas is $0.10 to $0.15 a gal less when I fill up). If you are responsible with them, credit cards are great tools. If you are a dumb *** (like my mother-in-law who bankrupted 2 husbands), you can get burned with them.
BTW, I can tell you that when you pay off $125K in one day your credit rating shoots to the max. A few years later it starts falling off if you don't borrow any more money. I just borrowed $47K from my 401K plan and paid off my house. Now the ONLY person I owe money to is myself. I intend to never borrow another cent for the rest of my life.
Now I still use credit cards for everything but NEVER carry a balance. I have a State Farm credit card (1% goes towards your insurance) and a Citibank that pays 5% cash on food/gas/medical up to $300 (this means gas is $0.10 to $0.15 a gal less when I fill up). If you are responsible with them, credit cards are great tools. If you are a dumb *** (like my mother-in-law who bankrupted 2 husbands), you can get burned with them.
BTW, I can tell you that when you pay off $125K in one day your credit rating shoots to the max. A few years later it starts falling off if you don't borrow any more money. I just borrowed $47K from my 401K plan and paid off my house. Now the ONLY person I owe money to is myself. I intend to never borrow another cent for the rest of my life.
Thread
Thread Starter
Forum
Replies
Last Post
bigmackloud
Miata parts for sale/trade
19
01-08-2021 11:24 AM
StratoBlue1109
Miata parts for sale/trade
21
09-30-2018 01:09 PM
stoves
Suspension, Brakes, Drivetrain
5
04-21-2016 03:00 PM
JesseTheNoob
DIY Turbo Discussion
15
09-30-2015 02:44 PM