No. of Recommendations: 8
I read a lot of posts complaining about high interest rates and the common problem that credit card companies won't lower them. I relate to these problems, however I have a solution.

Let's quit borrowing money. Only use credit cards for what you can afford to pay off at the end of the month. Curb your purchasing desires. I know there are some people who have balances due to unforceen circumstances, who have effectively used a credit card for emergency purposes. Of course I am not saying those people are poor managers of money. But the rest of us, myself included, have been. Why didn't we just wait until we could have paid cash? I wish I had.

If we followed this policy with more determination there would be a lot less complaints about interest rates because it would be a moot point. There are two kinds of people in this world. The kind that earns interest and the kind that pays interest. I want to be the latter kind. Anyone else want to join me?

xtn
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No. of Recommendations: 1
I just called CapOne, those ho's and they won't reduce my rate. I reduced it myself. No more charges with them. Finishing up paying Card #3 and Card #2 and #1 are already history. Couldn't drop a point or two-Get your money off someone else!

wdg :>
free, almost of the CapOne ordeal.
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No. of Recommendations: 4
Let's quit borrowing money. Only use credit cards for what you can afford to pay off at the end of the month. Curb your purchasing desires. I know there are some people who have balances due to unforceen circumstances, who have effectively used a credit card for emergency purposes. Of course I am not saying those people are poor managers of money. But the rest of us, myself included, have been. Why didn't we just wait until we could have paid cash? I wish I had.

Well, the problem that a lot of people have is that they truly don't know any better. What's more, most of the people close to them go out and run up debt on credit cards, so they think that's normal. The people who save and invest and avoid debt are in the minority in the US. That's one of the reasons that I spend time here to educate people, to show them a different way. It's like a support group setting that shows people who have never seen differently that you can live without spending everything you make.

Leviathan
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No. of Recommendations: 7
There are two kinds of people in this world. The kind that earns interest and the kind that pays interest. I want to be the latter kind. Anyone else want to join me?

Sure. In fact I already have. But before that happened, I had a lot of credit card debt due to my past mismanagement. I paid it all off somewhat quicker than I otherwise could have because I aggressively shopped for low-rate balance transfer offers.

Given that one has already made mistakes and is trying to clean up the situation, interest rate shopping is just sensible money management - just as, on the other end, when you are saving and investing you seek to maximize returns. You want to make your repayment dollars go as far as possible.

I do not see a lot of people on this board complaining that they can't get a good interest rate on new money that they want to borrow. In fact anyone who does mention such a thing pretty quickly gets a tough-love lecture about not going into debt. 99% of the people on this board posting about looking for a better interest rate are doing so in order to speed their payoff of debt. So why sound so judgemental?

EditorialWe

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I do not see a lot of people on this board complaining that they can't get a good interest rate on new money that they want to borrow. In fact anyone who does mention such a thing pretty quickly gets a tough-love lecture about not going into debt. 99% of the people on this board posting about looking for a better interest rate are doing so in order to speed their payoff of debt. So why sound so judgemental?

I tried to avoid sounding judgemental by including myself, using mild language, and allowing for circumstances outside the average. I did not imply I am better than anyone else or anything like that at all.

That being said... what is wrong with being judgemental? I admit I am judging the behavior. I judge it negativly. Don't you? Isn't that why we are seeking to avoid such behavior in the future? Because we judge it to be negative?

xtn
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Your original post implied that it had not yet occurred to anyoneon this board to stop borrowing money. Perhaps I should have said "condescending" rather than "judgemental."

EditorialWe
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Your original post implied that it had not yet occurred to anyoneon this board to stop borrowing money. Perhaps I should have said "condescending" rather than "judgemental."


No it did not. You must have infered that. I did not imply it. Or at least not intentionally. I can understand how that might have been infered. Poor presentation on my part. I in no way feel any condescention towards anyone.

I'm certain that most everyone here has considered the effects of borrowing.

If I had prefaced my post with the above statement would it have sounded better? Many people realize the effects but borrowing can be a hard habbit to break. I wanted to offer a friendly reminder and sort of join together in resolution.

I apologize if this did not come across.

xtn
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Curb your purchasing desires

Hi xtn,

I just have one question...

Do I really have to curb my purchasing desires? Can I just curb my purchasing instead.

A girl's gotta dream. :)

Seriously, you are right that only using CCs for stuff you can pay off at the end of the month is the best idea, and that reducing our borrowing is a good way to avoid worrying about interest charges.

d
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I think you managed to say just the right thing just the right way. Excellent post.

Dave
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Do I really have to curb my purchasing desires? Can I just curb my purchasing instead.

There's a reason that Buddhism teaches that desire is the root of all suffering...

--Soui
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