Forum Post: "Destroy your credit cards now!"
Posted 13 years ago on Oct. 22, 2011, 2:30 p.m. EST by far2wrld
(53)
This content is user submitted and not an official statement
Destroy your credit cards, stop using credit cards and stop paying them just walk away, just like the mortgage mess when people just walk away from their homes.Stop being a slave to the current banking system that enslaves you in debt forever.
Credit cards and credit in general is a reason why everything cost so much. People buying things on credit helped create this mess we are in. STOP BUYING STUFF ON CREDIT!
exactly! go cash if you want something
agreed 100%
Maybe you should e-mail your comment to the goverment , maybe they will stop over spending some of our own money. The taxpayers money! Talking about buying stuff on credit!
When used wisely they really are great though.
I basically get 2% off of everything I buy. Even my car. Take that 2% every year and invest it long term. It really adds up over the years. That may not put someone in the 1% but it is all the little stuff like that allows people to retire comfortably.
yeah and the bank gets 8% fromm the retail establshment and prices go up as a result
Right, it is sort of a prisoners dilemma. What is best for one is not best for the group. I own a business in which we give a 5% discount for those who pay cash. It is a win-win for both us the small business owner and the consumer. We both save money.
But if I have to pay the exact same cost for a product whether I pay cash or credit, I am going to pay credit every time because I will save 2%, and that adds up.
Except they arent. They artificially drive demand and they are quite costly. All credit cards are costly. They are a waste of money.
For some, but those who pay their balance each month can benefit via rewards and pay no interest. Obviously they drive up the cost of goods but the individual can save money when they use their cards wisely. It is kind of a prisoner's dilemma I suppose. Those prices are going to be artificially inflated as long as people use credit cards, so if I am going to pay that inflated price no matter what, I might as well get my 2% off.
Except if a credit card company doesnt make money off you, they cancel your card.
Not true. I haven't paid a dime of interest in over 8 years. I use it for nearly every purchase I make though, both personal and for my business. Even though I don't pay any interest or fees, the merchant who I purchase from pays a fee.
I own a dental practice and we offer a 5% discount for people who pay cash. By doing so both me the small business owner and the consumer both benefit. But if I have to pay the same price whether I use cash or credit, I will always use credit because all those 2% savings truly add up over the years.
So basically you're saying you pay 18% more for something (or whatever percentage your credit card charges) so that you get 2% back. What kind of logic is that? I'm not an expert in the way of finances but that doesn't make sense. jeez! Pay cash and invest the savings yourself.
No, I pay my balance each and every month. I use my credit card for everything and have not paid them a dime of interest for probably about 8 years. So yes, I literally get 2% of off every single purchase I make.
I knew you were going to say that. There's always hidden costs.
Please explain. Every purchase I make goes into my statement and at the bottom there is a sum of the purchase, which I pay, and then 2% goes into my rewards account.
Read my comment a little further down for one. There's more out there, you just gotta do your research, that's all.
Oh I realize it costs the merchants more. I do avoid using it at small family business type places. But at bigger places and for anything expense, you bet. I am confident that the bonus I get by using the card outweighs the incremental cost increase by me using it.
Well, that just shows that you are part of this country's problem not part of the solution. We ALL pay a higher price so YOU get your small bonus. Since the overwhelming majority of people using plastic carry a balance from month to month, you are one of the few who does. You selfish fucks drive me crazy. I'm done. Too many other pages to check. I'm not going to get into a debate over the perceived "responsible use of plastics." It's an illusion.
Look man the way I look at it is I am paying that higher price either way, why not get some back? I pay plenty of taxes already, I am going to get a deal where I can.
Two short sentences and you used the word "I" five times. Not once did you say "we." That's what I'm saying. If selfish people like you would start thinking in terms of "we" instead of "I," maybe this country could get somewhere. If millions of people would stop using plastic for stupid shit like buying a candy bar and a Big Gulp (which I've seen) prices wouldn't be skyrocketing as quick. Rampant use of plastics hurts everybody. And why you think paying a 5% higher price on something to get back 2% is beyond me. That "cash back" bullshit is just the latest scam by the card companies to gouge the consumer once again and all you people fall for it.
After the revolution, using "I' will get you an ass kicking. j/k
I'm glad Mooks used "I" because it makes it clear that he is not speaking for everyone. I, too, use my credit card that way, and until the masses do away with the credit system, I will continue to do it. Without it, I can't easily purchase things online, and I can't build any credit, because I don't have loans on anything. I pay my balance each month and never build any interest. I get 1 to 2% back on whatever I spend. I agree that credit cards are bad, and the credit system MUST be done away with, but until it does, I will continue using my card for necessary purchases.
Business should start giving discounts for those using cash. I own a dental practice and those that pay cash get a 5% discount. Many other dentists do the same. In those cases both consumer and small business owner win. Other business should do the same.
I understand what you are saying and it makes sense, in the real world though things don't always play out in an ideal fashion. If you have a choice of being on the short or the long end of the deal, why wouldn't you choose the long end?
use credit cards at corporations and cash a small independent businesses
Debt is the real problem.
Do you own a home? Have a mortgage? A car loan? Credit is wonderful; how about paying your bills on time and not incurring interest. You are the problem not the solution.
Run up your credit card balances then destroy them.
Debt is slavery. If you are $1 in net debt you are a Capital-less and should not be a Capitalist. What funnier that an unemployed Capitalist? NOTHING! lol
Yes, I agree. Please take a look at the points in this thread and comment: http://occupywallst.org/forum/ideas-for-effecting-change/
You know, most people don't understand the fundamentals of how credit cards really work. I don't think people realize the credit card issuers take money from both sides of the equation. They know their paying a premium on everything they purchase in the form of the interest they pay, but the MERCHANT also pays the card company a small percentage also, three to five percent or so. They feel it's worth it to not have to keep a lot of cash around. But I guaran-damn-tee the merchant isn't absorbing that loss. They make up for it by raising the prices. So every time you use your card you're actually paying TWO premiums, the interest and the inflated price of the product. It's one reason prices are so high, rampant overuse of credit. So those of us that pay cash for everything (I haven't had a card in years, I think they are downright evil) are also paying higher prices for YOUR card use, since, as you know, there aren't two separate prices on products. Get a clue, people, a card should ONLY be used for real emergencies.
The common American's credit card debt has been coming down since 2008. It's Washington who doesn't seem to understand they need to lower their 'credit card' debt.
duh
You could do that, but be careful about closing out your accounts as it would have a negative effect on your FICO/Credit score. If it is a credit card that you had for quite a while please know that all your credit history is gone once you close out on the account. You can do this with cards you haven't had too long, but not with your older credit cards.
Yes, cut them up or simply stop using them is okay. However, for emergency purposes it may be wise to keep one. This has become a pay as you go society, so people who still rely heavily on their credit cards are only sinking themselves in a hole. Please wean yourself off of credit cards (if possible) it really is the best thing for you.
There you go again with another fucking exuse, why we need credit , Now you call it for emergency purposes.
I am sorry, but there is no reason for that tone.
Okay, so you don't use credit cards for emergency purposes. However, most Americans would. I say ideally everyone should have 6-8 month emergency savings stashed way(of all regular monthly expenses). This is extremely hard in this economy. And let's face facts emergencies don't come announced. There are some cases where you absolutely have to use your credit card.
If you don't have the money for an emergency. Where do you think the money would come from? Do you think you would be able to get a loan from a bank? Would you family or friends give you a loan? Could you get a raise at work? Would you end up going to a loan shark or take out a payday loan (wonderful solution btw-NOT!!) Be realistic!
I'm with you Windsofchange, and there's no reason for profanity far2wrld.
I think the problem is, most people from my generation or younger (I'm 28) don't really understand or embrace the concept of having enough savings to be able to go 8-12 months without a job. An "emergency savings fund" to them means making sure you have enough on Mommy's credit card for the new iDevice in case they release it early.
I hardly know anyone my age that has a credit card open SOLELY in case they lose their job, get into an accident, etc & need to have $$ available for basic needs immediately. I'll charge little things here and there just to keep activity on the account but that's about it.
You sound like a very sensible person Jbell. I have always been very conservative about using my credit cards. Back in the hey day where everyone was putting everything on their credit card, I was constantly teased for being a "simpleton" and not doing the same. The sad fact is that now most of my friends are in over their head with credit card debt. So, I am really not a fan of credit cards to begin with. It is one of the quickest ways to becoming a debt slave.
Saving money seems like such a foreign concept to many Americans because they were brought up to believe that all you have to do is put everything on plastic and pay it down little by little.. Also, like you said today's young adults(and even older ones who never learned) need to understand what a true emergency is in the first place. I wished everyone tuned into Suze Orman or David Ramsey and get themselves educated on how to handle their finances better. We need to stop making the credit card companies rich. It's people like you and me that they despise, they are really out for people who use their credit cards very liberally and only pay off the minimum monthly balance. They make a fortune off of these guys. America needs to wake up and stop being so foolish with their finances.
Oh man, I love watching Suze shoot people down on their purchases. What are some of those people thinking?!?!
We need to be careful if & when it comes time for real changes to happen from this movement. Fiscal responsibility in your personal life should neither be skirted nor handed over to the government to take care of...
Yes, I agree that people need to take financial responsibility. People have got to stop lying to themselves and face the music. I love The Suze Orman's show, and especially that segment "Can you afford it?" I always find myself saying the same thing you do, "Just what are these people thinking???!!!" Some of these people are really lost in la-la land. As I said before America needs to way up and stop being so foolish with their finances. Hopefully, this will happen sooner than later.
You are telling people not to pay their bills for goods they have purchased? Banks own the homes when people walk. you giving those flat panel tellies back? theivery is theivery.
VOTE!
Well first I am going to run up the limit buying myself lots of stuff. Then I will stick it to those banks for trying to pull one over on me. They think I don't deserve that stuff, I sure as hell did.
when people walk away from their homes, the're homeless. And have lower credit which makes it harder to get a house again. What you shouldn't have done was taken another loan out on the 40,000 dollars of equity and bought 40" rims for your brand new F350 that gets 5 mpg. Lots of stupid people had lots of stupid ideas and that's why we're in this mess.
I don't believe you. Cite one stat.
what stat? When people walk away from their home loans, their credit score goes down... hence it's harder for them to get a loan next time. A lot of people took the equity out of their homes when the prices were inflated so that they could buy 4-wheelers, and boats and cars. I didn't even put any stats in that post... try to keep up ok?
Those were your good points. You concluded with "Lots of stupid people had lots of stupid ideas and that's why we're in this mess." I strongly disagree that we're in this mess because a group of slaves got hot-rods. It was the bankers that literally created financial products that did not exist in any tangible form. The idiots with second mortgages are nothing compared to the insanely intelligent rocket and computer scientists running Wall St for the 1%. That's blaming the ants for the picnic. They are only ants.
Lots of stupid people DID have lots of stupid ideas. Getting a mortgage for a $400,000.00 house and using food stamps as proof of income to get the loan is stupid. It's stupid on the banks part, for offering the loan, and it's stupid on the buyers part for taking the loan. The govt was the one pushing the banks to loan money to people for "the American dream" when not everyone deserves a house. If you can't afford a house, you shouldn't be able to buy one. Plain and simple. When your house is artificially going up in value and you take out a 2nd loan wiping out all of that equity, that's also stupid. Don't forget, the 1% includes Congress, Obama, and the Fed and Treasury. Where's the protesters for the other people that got us into this mess?
Best advice I have seen on the forum. With the exception of the stop paying part. I couldnt agree with that one since personal financial responsibility is what is really needed