OT: Quitting the Rat Race

[eofelis]

Plenty of my students carry huge credit card debts, too. I don't know whether it's that nobody ever taught them about compounded interest or that they just never learned any fiscal responsibility at all. Probably both.

It's important to make good choices, but not everybody has been taught how to do that, and sometimes you just don't have a lot of choices.

Way back when, in 1985, I had graduated high school and got a job. I got my first credit card from a local bank. It had a $500 credit limit. I had that card for several years and it worked out fine for me. I did carry a balance on it from time to time, but mostly paid it off every month. If I wanted to spend more than $500, it made more sense to just pay with cash (after saving up.)

I never got in the habit of going wild with a cc.

I have 2 credit cards now, with enough of a credit line to buy a new car. I'm not even sure what the interest rates are on the cards. I never looked, I don't care.

I decide if I want to buy something and check to see if I already have the money. If it all looks ok, I go ahead and get the cc out of the lockbox where it lives (I seldom carry it around with me otherwise) and go buy the gizmo. Then I pay it off when the bill comes. I use the cards for my convenience.

I think cc companies call folks like me "deadbeats." They don't make much money off of us.

[crazycanuck]

I had a cc in Canada & then NZ but i only had a $500 limit (on both)as that's all i ever wanted. Credit card from Canada was paid off & canned when we lived in japan and the NZ cc was paid off & canned when i moved to Perth. I can't be bothered to apply for another cc and am happy using eftpos.

Ian & I have one cc btwn us, it's paid off at the end of the month.

We don't have any outstanding loans etc...well actually that's a lie..the soon to be mortgage will be our main & only debt. If that's the only way for me to get a credit rating here in Australia so be it.

When i worked for The National Bank in NZ i always told ian that i was amazed about peoplé's finances....I still don't like the idea of overdrafts...I remember trying to beat the idea of interest on cc's into people's heads...F&&&&~!!!! Explaining to someone why thier cc wouldn't work any longer...and then them complaining because they were in a busy shop & were embarassed....TOUGH S**** i say...(not on the phone though...)

Even where i work now, I get to see paperwork for the area that completes financial hardship requests...

I don't mean to sound like a goodie goodie....I just hope someone out there understands what i mean.


c