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(CNN)   How to tackle your credit card debt now that credit card interest rates are rising. Um, stop using them?   (cnn.com) divider line
    More: Dumbass, Credit card, Monetary policy, Central bank, Debt, Interest rates, credit card balance, Interest, Federal Reserve System  
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1730 clicks; posted to Main » and Publicity » on 01 Oct 2022 at 5:38 PM (9 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



142 Comments     (+0 »)
View Voting Results: Smartest and Funniest


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2022-10-01 5:41:33 PM  
From usurious to usurious + 4% is not really a big jump.
 
2022-10-01 5:42:34 PM  
Fark user imageView Full Size
 
2022-10-01 5:49:20 PM  
Silly subby, just don't buy more than you can pay off at the end of the month. I've been doing that for as long as I have credit cards and never had problem with the interest rates.
I don't even know what my credit card interest is...
 
2022-10-01 5:53:54 PM  
Carrying CC balances is a poor person problem.
 
2022-10-01 5:54:19 PM  
I'm here to smugly inform you all that I never carry a credit card balance, and my credit score is over 800.
 
2022-10-01 5:56:51 PM  

Slackfumasta: I'm here to smugly inform you all that I never carry a credit card balance, and my credit score is over 800.


I can beat that.

I don't even own a credit card, because I don't need it. If I want to purchase something, I use a debit card. Credit cards doesn't give money back where I live.
 
2022-10-01 5:56:52 PM  

awruk!: Silly subby, just don't buy more than you can pay off at the end of the month. I've been doing that for as long as I have credit cards and never had problem with the interest rates.
I don't even know what my credit card interest is...


Not using your credit effectively is leaving free money on the table. I mean even if you are lazy about it, its 2%, and you can crack 4% without a ton of effort if you try.

That is 4% of every dollar you spend, every year, outside of any kind of loan payment.
 
2022-10-01 5:57:00 PM  
I never carry a credit card balance. I just pay one card off each month with another, and when one gets maxxed out I just steal someone else's identity and get new cards. Simple!
 
2022-10-01 5:58:26 PM  
Find a credit card with a free balance transfer and 12 month 0 percent APR; transfer your debt to it, and pay it off over 12 months.

It's also a way to get a 12-month free loan.
 
2022-10-01 5:59:58 PM  

toraque: I never carry a credit card balance. I just pay one card off each month with another, and when one gets maxxed out I just steal someone else's identity and get new cards. Simple!


This guy gets it!
 
2022-10-01 6:00:44 PM  
pfft. these are all small brain solutions. 

Create a system in which credit card debt is a requirement for higher living, get the whole country in on it over decades, get the government to wipe out your spending habits when collectively generations are incapable of repaying money given to them.

/profit
 
2022-10-01 6:01:34 PM  

toraque: I never carry a credit card balance. I just pay one card off each month with another, and when one gets maxxed out I just steal someone else's identity and get new cards. Simple!


I knew a guy back in college, who had something like 40k he was constantly juggling between 0% balance transfer offers. He managed to keep it up for like the 4 years i knew him, but was starting to run out of banks he could still get introductory offers with. He was down to like fishing for like 2 branch credit unions in the middle of nowhere that would take him on a technicality. I remember one day him pulling out a card for like the pipe fitters credit union of wisconsin or something, that he manage to join because his grandfather once worked in a brewery or some shiat.

He was a smart guy and left college with a really bright future, and i wouldn't be surprised if he somehow managed to pull it off, so like, i guess this wasn't the cautionary tale i meant it to be.
 
2022-10-01 6:04:57 PM  

awruk!: Silly subby, just don't buy more than you can pay off at the end of the month. I've been doing that for as long as I have credit cards and never had problem with the interest rates.
I don't even know what my credit card interest is...


It's uninteresting.
 
2022-10-01 6:09:32 PM  
"why don't poor people just buy more money??"

-- this thread
 
2022-10-01 6:10:59 PM  
Follow this guy's program.  It's a life saver.

Don't Buy Stuff - Saturday Night Live
Youtube R3ZJKN_5M44
 
2022-10-01 6:11:07 PM  

awruk!: Silly subby, just don't buy more than you can pay off at the end of the month. I've been doing that for as long as I have credit cards and never had problem with the interest rates.
I don't even know what my credit card interest is...


This is obviously the best advice.  The problem is most people don't realize it until after they're saddled with huge bills.  I dug myself into major credit card debt.  It took me years to dig my way out.  The realization that just to keep making minimum payments each month was the equivalent of a car payment was serious motivation.  I used the Dave Ramsey "snowball" method but it still took a while.  Once paid off, it was like getting a massive raise because I suddenly had this extra disposable income that didn't have to go to debt payment.  Thankfully I learned my lesson, even if it was the hard way, and started shoveling that into an emergency fund. 

For anyone who hasn't figured it out yet, STAYING out of debt is LOT easier than GETTING out of debt.  Ridiculously so.
 
2022-10-01 6:12:34 PM  

Slackfumasta: I'm here to smugly inform you all that I never carry a credit card balance, and my credit score is over 800.


They seem to have changed the algorithm recently. I used to be under 800, but am now above 800, and I haven't done anything. It's worth noting that Canadian scores are up to 900.
 
2022-10-01 6:14:14 PM  

Ketchuponsteak: Slackfumasta: I'm here to smugly inform you all that I never carry a credit card balance, and my credit score is over 800.

I can beat that.

I don't even own a credit card, because I don't need it. If I want to purchase something, I use a debit card. Credit cards doesn't give money back where I live.


Debit cards don't have the same consumer protections that credit cards do. 
Still, I recommend cash whenever possible.  It's a psychological thing.  It hurts more to hand over $500 in cash to buy something than it does to swap a credit or debit card for the same amount, even if you pay it off each month.  Parting with cash feels different.  So, I tend to spend less to begin with cash.
 
2022-10-01 6:15:51 PM  
Dolts. I pay for everything using bitcoin. It's full proof.
 
2022-10-01 6:16:31 PM  

HoveringFungus: pfft. these are all small brain solutions. 

Create a system in which credit card debt is a requirement for higher living, get the whole country in on it over decades, get the government to wipe out your spending habits when collectively generations are incapable of repaying money given to them.

/profit


Not sure if you are writing this in jest. However, why would the government wipe it out when everyone could just declare bankruptcy and have it wiped out that way instead?
 
2022-10-01 6:17:13 PM  

bluejeansonfire: "why don't poor people just buy more money??"

-- this thread


"And allow me to brag about how great I am with credit and money."

-- also this thread
 
2022-10-01 6:18:36 PM  

Schmerd1948: Dolts. I pay for everything using bitcoin. It's full proof.


Novice. I converted all my assets to NFTs.
 
Azz
2022-10-01 6:19:31 PM  
Hello ladies, I make 45K a year and my credit score is 620. My penis is 3.5 inches but I have fingers. I decide how you receive this total packsge. I drive a vintage classic 1989 BMW. I know right? I am a catch, obviously. The line starts over there
 
2022-10-01 6:21:01 PM  
Personal lines of credit generally have much better interest rates than typical credit cards....except you need a good credit rating to be eligible for one.
 
2022-10-01 6:21:24 PM  

Moose out front: Schmerd1948: Dolts. I pay for everything using bitcoin. It's full proof.

Novice. I converted all my assets to NFTs.


I converted all your NFT's to assets.

We can do this all day.
 
2022-10-01 6:21:33 PM  

Teddy Brosevelt: [Fark user image image 425x382]


Don't rob banks. Make fake Trump donation sites with reoccurring charges. Because that is actually legal for some reason
 
2022-10-01 6:23:00 PM  

Saturn5: Ketchuponsteak: Slackfumasta: I'm here to smugly inform you all that I never carry a credit card balance, and my credit score is over 800.

I can beat that.

I don't even own a credit card, because I don't need it. If I want to purchase something, I use a debit card. Credit cards doesn't give money back where I live.

Debit cards don't have the same consumer protections that credit cards do. 
Still, I recommend cash whenever possible.  It's a psychological thing.  It hurts more to hand over $500 in cash to buy something than it does to swap a credit or debit card for the same amount, even if you pay it off each month.  Parting with cash feels different.  So, I tend to spend less to begin with cash.


So much THIS!! And I'm an old bastard who remembers days before debit cards. (Yeah, they aren't credit cards, but it's still not real money. You tap a card and voilà, it's paid for. You don't "feel" the pain
 
2022-10-01 6:23:24 PM  

Snort: poor person problem


Pro tip-- don't be poor.
 
2022-10-01 6:23:39 PM  
As an almost universal rule, if you're carrying credit card debt you're a fool being parted from your money.

Don't put more on your card than you can pay off at the end of the billing period, or you're giving your money away.  Whatever it is you think you need right now, you can almost always wait until next month or do without.

If you do that, you'll have more disposable income because you won't be handing over a percentage to the credit card company.
 
2022-10-01 6:29:07 PM  

Ketchuponsteak: Slackfumasta: I'm here to smugly inform you all that I never carry a credit card balance, and my credit score is over 800.

I can beat that.

I don't even own a credit card, because I don't need it. If I want to purchase something, I use a debit card. Credit cards doesn't give money back where I live.


That can kind of bite you on the ass if you need to buy a vehicle or a home and don't have a credit history established like someone who pays their cards in full every month and has an 800+ score.
 
2022-10-01 6:30:17 PM  
My credit rating was recently downgraded and my available credit reduced for using almost all of my available credit each month.  Never went over, never late on payment.  Makes zero sense.
 
2022-10-01 6:30:54 PM  

Moose out front: HoveringFungus: pfft. these are all small brain solutions. 

Create a system in which credit card debt is a requirement for higher living, get the whole country in on it over decades, get the government to wipe out your spending habits when collectively generations are incapable of repaying money given to them.

/profit

Not sure if you are writing this in jest. However, why would the government wipe it out when everyone could just declare bankruptcy and have it wiped out that way instead?


Money isn't really real... so this sort of makes sense.
 
2022-10-01 6:30:55 PM  
Rates never went down in the first place dammit
 
2022-10-01 6:31:29 PM  

Ketchuponsteak: Slackfumasta: I'm here to smugly inform you all that I never carry a credit card balance, and my credit score is over 800.

I can beat that.

I don't even own a credit card, because I don't need it. If I want to purchase something, I use a debit card. Credit cards doesn't give money back where I live.


So you're fine with a thief ripping off your checking account? When I use a credit card and it gets stolen, I'm not out a penny. If I use a debit card and it gets stolen, my entire checking account is at risk.
 
2022-10-01 6:32:27 PM  

Slackfumasta: I'm here to smugly inform you all that I never carry a credit card balance, and my credit score is over 800.


Same here. Also, I've had zero interest on purchases pretty much non stop since about 2009.
 
2022-10-01 6:32:54 PM  

RoboZombie: Saturn5: Ketchuponsteak: Slackfumasta: I'm here to smugly inform you all that I never carry a credit card balance, and my credit score is over 800.

I can beat that.

I don't even own a credit card, because I don't need it. If I want to purchase something, I use a debit card. Credit cards doesn't give money back where I live.

Debit cards don't have the same consumer protections that credit cards do.
Still, I recommend cash whenever possible.  It's a psychological thing.  It hurts more to hand over $500 in cash to buy something than it does to swap a credit or debit card for the same amount, even if you pay it off each month.  Parting with cash feels different.  So, I tend to spend less to begin with cash.

So much THIS!! And I'm an old bastard who remembers days before debit cards. (Yeah, they aren't credit cards, but it's still not real money. You tap a card and voilà, it's paid for. You don't "feel" the pain


If you are paying for everything with a debit card rather than a credit card, you're just asking to get scammed - protections on credit cards are waaay better usually (depending on you country specific rules)
 
2022-10-01 6:33:29 PM  

scotchcrotch: My credit rating was recently downgraded and my available credit reduced for using almost all of my available credit each month.  Never went over, never late on payment.  Makes zero sense.


Makes perfect sense. If you're maxing out your cards, you're a higher risk for bankruptcy or default, thus your credit score goes down.

Call your credit card companies and ask them to raise your credit limits. That'll help your credit score, as long as your spending doesn't go up to match.
 
2022-10-01 6:33:51 PM  

LineNoise: toraque: I never carry a credit card balance. I just pay one card off each month with another, and when one gets maxxed out I just steal someone else's identity and get new cards. Simple!

I knew a guy back in college, who had something like 40k he was constantly juggling between 0% balance transfer offers. He managed to keep it up for like the 4 years i knew him, but was starting to run out of banks he could still get introductory offers with. He was down to like fishing for like 2 branch credit unions in the middle of nowhere that would take him on a technicality. I remember one day him pulling out a card for like the pipe fitters credit union of wisconsin or something, that he manage to join because his grandfather once worked in a brewery or some shiat.

He was a smart guy and left college with a really bright future, and i wouldn't be surprised if he somehow managed to pull it off, so like, i guess this wasn't the cautionary tale i meant it to be.


WARNING: "Like" limit exceeded.
 
2022-10-01 6:33:59 PM  

Slackfumasta: I'm here to smugly inform you all that I never carry a credit card balance, and my credit score is over 800.


Share the wealth it's easy to do and I actually did this today.
If you have spare $ and have a family member you can trust who is in debt and has crap credit you can help them significantly without spending a penny.
Have them write down everything they owe and figure out how much they can realistically pay a month.  Go to a credit union and have the your relative sign up for a secured loan.  You give the bank that amount of money (20k in my case) and your relative pays as low as 1.75% interest with ANY credit rating, in my case he had under well under 500 and was banned from a few banks.
Anyway you tell that relative you want statements every month, if they don't pay it your covering the loan, taking back the security and they owe you the rest, your potential losses are limited but the boost in lower payments and improved credit score for the other person is massive. At the end your $ is returned to you, in this case the credit union releases the hold as you make payments.
Now let's assume you don't have spare $ to assist that person, you can still help.  Make them an authorized used of a credit card you use often.  You don't actually give them a card BUT your credit activity for that card now shows on their report also helping improve their score.

If you have kids I recommend doing both the day they turn 18, out them on a card and give them a 5k loan.  By the time they finish college they will have a nice credit history costing very little in interest
 
2022-10-01 6:34:15 PM  

Elzar: RoboZombie: Saturn5: Ketchuponsteak: Slackfumasta: I'm here to smugly inform you all that I never carry a credit card balance, and my credit score is over 800.

I can beat that.

I don't even own a credit card, because I don't need it. If I want to purchase something, I use a debit card. Credit cards doesn't give money back where I live.

Debit cards don't have the same consumer protections that credit cards do.
Still, I recommend cash whenever possible.  It's a psychological thing.  It hurts more to hand over $500 in cash to buy something than it does to swap a credit or debit card for the same amount, even if you pay it off each month.  Parting with cash feels different.  So, I tend to spend less to begin with cash.

So much THIS!! And I'm an old bastard who remembers days before debit cards. (Yeah, they aren't credit cards, but it's still not real money. You tap a card and voilà, it's paid for. You don't "feel" the pain

If you are paying for everything with a debit card rather than a credit card, you're just asking to get scammed - protections on credit cards are waaay better usually (depending on you country specific rules)


It's better everywhere.

Debit is your money, credit is the bank's.

Simple as that.
 
2022-10-01 6:35:10 PM  

Azz: Hello ladies, I make 45K a year and my credit score is 620. My penis is 3.5 inches but I have fingers. I decide how you receive this total packsge. I drive a vintage classic 1989 BMW. I know right? I am a catch, obviously. The line starts over there


What color is your fedora?
 
2022-10-01 6:35:12 PM  

bumfuzzled: toraque: I never carry a credit card balance. I just pay one card off each month with another, and when one gets maxxed out I just steal someone else's identity and get new cards. Simple!

This guy gets it!


yea, have been dealing with AWS for the past few weeks about such an issue.

Apparently someone opened an AWS account in my name 2 years ago. It only came to my attention this past month when I got some security notice about it. Have searched past emails, nothing about the account being setup or any confirmation at that timeline. It has had no activity on the account until this past month.

Yet, there is $3000 charged to some credit card not connected to me on the account. Now that AWS wants their money, they seem to care about who owns the account. Have gone a few rounds with their verification team trying to tell them it is a fraud account.

I want to let the account get suspended and closed, yet worried that it will some how negatively impact me. Have been less than successful in this endeavor.

I wanted to learn a bit about AWS but will have to create a new email account to open a new AWS account to get the Free Tier to learn under.

/identity theft sucks
 
2022-10-01 6:36:13 PM  
All the CC debt I accrued during my year+ vacation will be gone in 6 months. House and cars are paid for. Life IS better when you have zero debt but it's also ok to let yourself go from time to time when you need a hard reset with life.
 
2022-10-01 6:36:14 PM  

RoboZombie: Saturn5: Ketchuponsteak: Slackfumasta: I'm here to smugly inform you all that I never carry a credit card balance, and my credit score is over 800.

I can beat that.

I don't even own a credit card, because I don't need it. If I want to purchase something, I use a debit card. Credit cards doesn't give money back where I live.

Debit cards don't have the same consumer protections that credit cards do. 
Still, I recommend cash whenever possible.  It's a psychological thing.  It hurts more to hand over $500 in cash to buy something than it does to swap a credit or debit card for the same amount, even if you pay it off each month.  Parting with cash feels different.  So, I tend to spend less to begin with cash.

So much THIS!! And I'm an old bastard who remembers days before debit cards. (Yeah, they aren't credit cards, but it's still not real money. You tap a card and voilà, it's paid for. You don't "feel" the pain


I do, but I keep track of my balance.
 
2022-10-01 6:38:19 PM  

ctighe2353: Slackfumasta: I'm here to smugly inform you all that I never carry a credit card balance, and my credit score is over 800.

Share the wealth it's easy to do and I actually did this today.
If you have spare $ and have a family member you can trust who is in debt and has crap credit you can help them significantly without spending a penny.
Have them write down everything they owe and figure out how much they can realistically pay a month.  Go to a credit union and have the your relative sign up for a secured loan.  You give the bank that amount of money (20k in my case) and your relative pays as low as 1.75% interest with ANY credit rating, in my case he had under well under 500 and was banned from a few banks.
Anyway you tell that relative you want statements every month, if they don't pay it your covering the loan, taking back the security and they owe you the rest, your potential losses are limited but the boost in lower payments and improved credit score for the other person is massive. At the end your $ is returned to you, in this case the credit union releases the hold as you make payments.
Now let's assume you don't have spare $ to assist that person, you can still help.  Make them an authorized used of a credit card you use often.  You don't actually give them a card BUT your credit activity for that card now shows on their report also helping improve their score.

If you have kids I recommend doing both the day they turn 18, out them on a card and give them a 5k loan.  By the time they finish college they will have a nice credit history costing very little in interest


So how much would you actually lose in total if they default.  Let's say they've paid back $2K on the $20K loan and stopped paying.
 
2022-10-01 6:39:11 PM  

Saturn5: Ketchuponsteak: Slackfumasta: I'm here to smugly inform you all that I never carry a credit card balance, and my credit score is over 800.

I can beat that.

I don't even own a credit card, because I don't need it. If I want to purchase something, I use a debit card. Credit cards doesn't give money back where I live.

Debit cards don't have the same consumer protections that credit cards do.
Still, I recommend cash whenever possible.  It's a psychological thing.  It hurts more to hand over $500 in cash to buy something than it does to swap a credit or debit card for the same amount, even if you pay it off each month.  Parting with cash feels different.  So, I tend to spend less to begin with cash.


If I'm going to spend $500 (or any amount), I'd rather put it on my credit card than pay cash as I get rewards for using the card. Also, most credit cards have extended warranty protection for free with anything purchased with the card. So if I buy a TV for example, and it dies one month after the manufacturer's warranty expires, I can call my credit card company and they'll refund the purchase (as long as you show proof that the TV really is dead).

If you want to rent a car, you are required to have a credit card. Rental car companies will tell you to hit the bricks if you show a debit card. Most credit card companies offer rental car coverage, as well.
 
2022-10-01 6:39:32 PM  

Saturn5: Ketchuponsteak: Slackfumasta: I'm here to smugly inform you all that I never carry a credit card balance, and my credit score is over 800.

I can beat that.

I don't even own a credit card, because I don't need it. If I want to purchase something, I use a debit card. Credit cards doesn't give money back where I live.

Debit cards don't have the same consumer protections that credit cards do. 
Still, I recommend cash whenever possible.  It's a psychological thing.  It hurts more to hand over $500 in cash to buy something than it does to swap a credit or debit card for the same amount, even if you pay it off each month.  Parting with cash feels different.  So, I tend to spend less to begin with cash.


Consumer protection?

I live in the EU.
 
2022-10-01 6:40:48 PM  

Mad_Radhu: Ketchuponsteak: Slackfumasta: I'm here to smugly inform you all that I never carry a credit card balance, and my credit score is over 800.

I can beat that.

I don't even own a credit card, because I don't need it. If I want to purchase something, I use a debit card. Credit cards doesn't give money back where I live.

That can kind of bite you on the ass if you need to buy a vehicle or a home and don't have a credit history established like someone who pays their cards in full every month and has an 800+ score.


Not really. Credit histories isn't legal where I live.

There's only good, or bad. Nothing in between.
 
2022-10-01 6:43:26 PM  

Slackfumasta: I'm here to smugly inform you all that I never carry a credit card balance, and my credit score is over 800.


And my 600. And I am 100K in debt. And will be dead in the next year or so.
 
2022-10-01 6:43:29 PM  
FYI subs, not using a credit card won't resolve a credit card debt.

You have to put money into it.
 
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