stingerjg Posted June 21, 2006 Share Posted June 21, 2006 Well for the first time in over 10 years, i've paid off all of my credit debt. I think its worth the sacrifice to come to Iraq and loose a year at home. Now I just have to stay out of debt. Only 28 more years to go on the house payments. Link to comment Share on other sites More sharing options...
lynn jones Posted June 21, 2006 Share Posted June 21, 2006 wtg! Link to comment Share on other sites More sharing options...
EricW Posted June 21, 2006 Share Posted June 21, 2006 I don't have a credit card anymore. I have a debit card for my personal finances and one for business. I manage my account balances online so as to minimize my risk. I don't miss credit cards at all. Nor do I miss debt. I haven't owed anybody anything in a while now and man does it feel good. Link to comment Share on other sites More sharing options...
Chris Keen Posted June 21, 2006 Share Posted June 21, 2006 (edited) Awesome! It's a tough thing to do. I remember in 1991 when I enlisted and did the same thing. Paid off all my bills. It felt like it took forever on an E-1 pay grade, but afterwards was a great feeling. Of course it didn't take long to rack up some NEW debt after I got out ... so watch yourself mister! Edited June 21, 2006 by CHRIS KEEN Link to comment Share on other sites More sharing options...
Rob Boudrie Posted June 22, 2006 Share Posted June 22, 2006 Credit cards offer several advantages over debit cards, and are just fine if you pay in full every month (the industry has a term for those of us who pay in full every month - "deadbeat"). 1. If there is a fradulent or erroneous charge with a credit card, the default state is that you have the money. If it's a debit card, the other party has the money. In the event the resolution process does not result in an amicable solution, who would you prefer have the $$ by default [ keep the card at a bank where you do not have accounts to avoid the right of setoff ] 2. An erroneous or fradulent charge on a debit card can start a cascade of bounced checks. Sure, the bank will refund it's fees when the fraud/error is reported - but do you really think they are going to reimburse you for all the businesses which imposed bad check fees due to the shortage of funds in your account? Link to comment Share on other sites More sharing options...
EricW Posted June 22, 2006 Share Posted June 22, 2006 Rob, I had such gawdawful experiences with American Express that I'm simply ecstatic to not have a credit card of any variety any longer. If you want to have some fun sometime, get stuck for $3K+ in credit card bills (the company's, not yours) after your company lays you off. Regardless of company name on the credit card, you get stuck with all the bills. Reeeeal nice.... E Link to comment Share on other sites More sharing options...
Flatland Shooter Posted June 22, 2006 Share Posted June 22, 2006 (edited) Yeah, American Express. You pay the bill, they say you didn't. No discussion, they are ready to file it with collection agency. You contact bank and send American Express copy of the cancelled check. No discussion, they are now filing with collection agency. Pay the bill a second time and hope they get it right this time. You decide to cancel American Express card. Several months later they send you a new American Express card. You destroy card. Each year for several years, they send new cards and I continue to destroy their card. And after all this, they want to know why I do not use their card. Edited June 22, 2006 by Flatland Shooter Link to comment Share on other sites More sharing options...
SiG Lady Posted June 22, 2006 Share Posted June 22, 2006 I'm proud to be a classic credit card "deadbeat." I use my card only for auction account support and absolute emergencies--the latter of which seldom happen. And I pay on time--every time. No interest. VISA makes noooo money on the SiG Lady. Link to comment Share on other sites More sharing options...
Rob Boudrie Posted June 22, 2006 Share Posted June 22, 2006 Rob,I had such gawdawful experiences with American Express that I'm simply ecstatic to not have a credit card of any variety any longer. If you want to have some fun sometime, get stuck for $3K+ in credit card bills (the company's, not yours) after your company lays you off. Regardless of company name on the credit card, you get stuck with all the bills. Reeeeal nice.... E This is no different than any other company paid expense where you make the purchase. If you've ever checked into a "direct paid" hotel, you'll notice the registraton form contains your agreement to pay he bill if the company doesn't. The real challange is getting to the point where you pay for cars and houses in cash - that way, collection agencies have much less leverage. At that point, all you have to do is send them a "do not contact me" letter, after which only the owner of the debt or law firm filing legal action may contact you. Link to comment Share on other sites More sharing options...
EricW Posted June 22, 2006 Share Posted June 22, 2006 Yeah, American Express.You pay the bill, they say you didn't. No discussion, they are ready to file it with collection agency. You contact bank and send American Express copy of the cancelled check. No discussion, they are now filing with collection agency. Pay the bill a second time and hope they get it right this time. You decide to cancel American Express card. Several months later they send you a new American Express card. You destroy card. Each year for several years, they send new cards and I continue to destroy their card. And after all this, they want to know why I do not use their card. That is EXACTLY what I went through. Took nearly 3 years to get it resolved. Link to comment Share on other sites More sharing options...
uscbigdawg Posted June 22, 2006 Share Posted June 22, 2006 SGT, Holy crap, I think you're the last person on the planet to do a 30 year home loan. When you get home, refinance that to a 15. Your payment WILL NOT be that much more than you're paying now, and you won't be pissing away money on interest. As for the rest of it, awesome! Rich Link to comment Share on other sites More sharing options...
Front Man Posted June 22, 2006 Share Posted June 22, 2006 Stingerman; I have a new contact in OMA if you want to refi. FM SGT,Holy crap, I think you're the last person on the planet to do a 30 year home loan. When you get home, refinance that to a 15. Your payment WILL NOT be that much more than you're paying now, and you won't be pissing away money on interest. As for the rest of it, awesome! Rich Everything I am moving is 30 years. (No pre-pay penalty) There are a lot of things such as age and location to factor in. If I can get my Joyota paid for this year I should be looking at another 10 years of no monthly vehicle payments!! FM Link to comment Share on other sites More sharing options...
Middle Man Posted June 22, 2006 Share Posted June 22, 2006 Congrats, it is a great feeling. We've been more or less debt free for 5 years save the mortgage. Always paid off the credit card bills at the end of the month, so we're deadbeats to them also. If you want to look into the red heart of some serious debt, talk to a group of recent medical school grads/first year resident docs. Six figure debt from schooling, many first time homeowners, quite a few newly married, and some new parents...lots and lots of debt in the room. Then watch the room fall to an eerie silence when my wife told them she had no debt from school loans. Out of a group of 20 residents she was the only one student loan-free. Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now