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Author: dczimmer Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308557  
Subject: Some points of interest. Date: 1/19/2000 2:34 PM
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I have been a FOOL for some time and find both alot of enjoyment and information on the message boards. For the last couple of years I focused entirely on the stock boards and have benefitted from their content. Frankly I wasn't even aware that they had boards related to other issues, such as this one. My pojnts are as follows:

I read alot of whining and complaining about the EVIL credit card companies that TRICKED so many of you into massive credit debt. Now "what am I to do????". Reality check kids - you bought more than you could afford now you suffer for it.
One, I love credit cards. I use them as a means to an end. I have held as many as 100 at one time. The difference is that I USE them I don't let them use me. Every afternoon I return from work to a full mailbox of offers. The vast majority with "teaser rate offers" They get the waste can treatment without so much as a glance. However many offer some perk. I.E. free movie, book, gift certificate, sportsbag, etc. I get em all. I follow the instructions. I make one lousy 5 dollar purchase. I pay the bill in full. I get perk item. I cancel card and request confirmation from Experion. So far all credit card issuers have complied. Result probably a couple of thousand dollars worth of "goodies" - sure alot of it is junk, still alot of it is not. I spend maybe an hour a week making sure the process is handled orderly
and thus far no problems.
Two, I hold a rebate VISA card. I have ALL of my bills on it. All of my utilities, all of my purchases, all of my payments, except for my mortgages. I get one massive statement a month. I pay the whole bleeding amount each month. Even with a lousy 1% rebate I recieve certificates woth 30 - 75$ per month - FREE.
Do I care if VISA is making no money on me - Heck no that is what credirt card chumps are for. They make some money off the retailers with all of the transactions but THAT'S IT!! I love it when they offer to lower my interest rate. I send them an e-mail to raise it to whatecver amount they like. The point is that they will NEVER recieve one PENNY of interest from me.
Three, back to those pleas for mercy / clemency. It might be fashionable to be deliquent or not to pay at all. Walking away from a mortgage in So Cal. seems to be all the rage. Just know that these people, who we might applaud and pat on the back, are making it harder and more costly for everyone else. The point is that the Credit Card companies are going to get THEIRS no matter what. If you don't pay your share it gets spread out for the rest to burden. Frankly its chickensh**t.
Instead lets get ourselves educated and educate our children. Buy what you can afford, and nothing else. Few of you are rich enough, secure enough in your finances and employment, to be making long term debt planning without taking an incredible chance.
Get a credit report and take the time to examine it. Cut up your cards, quit spending so much on so little. Get your debt consolidated and then get rid of it. This may seem blaise or naive. But, ask yourself did all of those dinners at RED LOBSTER, all of those ridiculous outfits that no longer fit or are fashionable, all of those videos and CDs that are no longer hip, all of those knick nacks that broke or were lost or were just plain ugly in your home, was ACQUIRING all of this debt easy. Hell yes it was!! GROW UP,, take personal responsibility, even if that means you're a square.
I admit the tone of this notice is terse and unforgiving. I just shake my head when I think that we are still enjoying the greatest BULL MARKET in economic history and people are missing out on it. My financial security was established by living below my means. The very hypnotic nature of credit cards is concurrent to this philosophy.
KEEP THE FAITH dczimmer
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