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When did it become cool use a Credit Card/Overdraft irrisponsibly?
Comments
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I see friends waste money throughout the month of rubbish, then it comes to a week before payday and they say that they cannot afford food or petrol etc. No, you couldn't afford the stuff you bought INSTEAD of food/petrol...
Then the next month they get paid and go on about what they wanna buy, its insane!0 -
Any debt is irresponsible unless it is used for specific purposes and you have a known method of repayment that you can afford.
Not saying the unexpected can't happen."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
Our Boe seem to have decided to inflate away debt (and savings) and at the same time engineer low interest rates on any savings. Seems that the ones being rewarded are the people that have borrowed irresponsibly.
They are trying to inflate away the debt but it is not all that easy to create inflation with all the deflationary pressures (de-leveraging) bearing down on the real economy and instead all we're seeing a real reduction in living standards with no resolution of the underlying problems.0 -
They are trying to inflate away the debt but it is not all that easy to create inflation with all the deflationary pressures (de-leveraging) bearing down on the real economy and instead all we're seeing a real reduction in living standards with no resolution of the underlying problems.
Many of the most heavily indebted, are seeing quite signifcant rises in their living standards due to the ultra low interest rates.
Seems those that did not run up large debts are the fools.0 -
The OP is right about it now being seen as cool to use credit cards to spend irresponsibly.
The terminology used by people adds to this.
"I've maxed out all of my cards" (often accompanied by a laugh) rather than "I'm in serious debt".
Even "putting it on plastic" helps to take away the impression of borrowing real money on credit.
Personally, I am very old fashioned on this issue. I prefer to pay cash for most things - but do use credit cards for large purchases purely for the added consumer protection that they give.
Unlike oldvicar I prefer my "How Much?" organ to remain active, and feel that this saves me far more than any cashback credit card ever would."When the people fear the government there is tyranny, when the government fears the people there is liberty." - Thomas Jefferson0 -
Our Boe seem to have decided to inflate away debt (and savings) and at the same time engineer low interest rates on any savings. Seems that the ones being rewarded are the people that have borrowed irresponsibly.
I think they are taking the opportunity to enjoy the benefit of a little excessive inflation, but really it's all about trying to head off a depression.
Political parties have probably learned the lesson that letting inflation get out of control is a recipe for electoral disaster. Voters mostly vote with their pockets and few things are more galling to them then things they have to buy going up all the time so they feel constantly worse off. Heath and Callaghan in particular let inflation get out of control and paid a heavy price. One of Thatcher's main platforms was that she would sort it and the fact that she did is no doubt one major reason why she kept getting back in despite the many other unpopular things that she did. I don't think the BoE will be allowed to let inflation get to 5%+, and rising, for any length of time for that reason.No-one would remember the Good Samaritan if he'd only had good intentions. He had money as well.
The problem with socialism is that eventually you run out of other people's money.
Margaret Thatcher0 -
When I was growing up I used to see people pulling out their Credit Cards and something (marketing?) had brainwashed me into associating wealth and extravagence with credit cards, when ironically its the exact opposite.
I hear people bragging about using their Credit Card and Overdraft a lot these days. If you search Twitter for the words, "Overdraft" or "Credit Card", its shocking how many people seem to have the attitude that this is a cool thing to be doing. I can't be the only person who finds this quite scary?
Literally, thousands of people, all over the world, bragging about how financially illiterate they are.
When did this happen? Or perhaps a better question is why and how do we educate against it?
is this how individual wealth is now monitered on how much available credit a person has , as to savings , as theres barley any threads on here for such topic0 -
bankhater_1965 wrote: »is this how individual wealth is now monitered on how much available credit a person has , as to savings , as theres barley any threads on here for such topic
Those who brag about how much debt they are in are probably the same bunch of morons that brag about how much binge-consumed alcohol they put away and how hungover they get.
Whom the gods would destroy, they first make mad (Euripides (484 BC - 406 BC)). ... Watch out for that asteroid !No-one would remember the Good Samaritan if he'd only had good intentions. He had money as well.
The problem with socialism is that eventually you run out of other people's money.
Margaret Thatcher0 -
GeorgeHowell wrote: »Those who brag about how much debt they are in are probably the same bunch of morons that brag about how much binge-consumed alcohol they put away and how hungover they get.
Whom the gods would destroy, they first make mad (Euripides (484 BC - 406 BC)). ... Watch out for that asteroid !
haha very true0 -
It became cool when I got a credit card that offers me 5% cash back for the first three months and 2% thereafter.
I use it for everything now.
That's a cracking deal.
I got 4% for three months and now 1% on everything.
Not only do I enjoy the convenience and protection provided by my credit card, I get paid to use it. Credit cards are very useful, if you use them as payment cards.30 Year Challenge : To be 30 years older. Equity : Don't know, don't care much. Savings : That's asking for ridicule.0
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