When did you - or a friend - last flush $50.00 down the toilet?

joyfulguyFebruary 16, 2003

Here in Canada, mainline credit cards ordinarily charge 15 - 18% (mine, a no-annual-fee one, charges 18.5% on unpaid balances).

I haven't heard U.S. participants refer much to the interest rates on store-issued credit cards.

Cards issued by local stores, however, ordinarily charge 25 - 28% annual rate.

Remember the "Save Karyn" website that was discussed here a few months ago?

Karyn owed something over $20,000. at the time, if you recall. If the interest rate were 15% on her mainline credit card, her annual interest cost would be about $3,000.

If she carried the balance on store cards, at, say, 25%, her annual cost would be about $5,000.

I checked about the interest rate that my bank'd charge me on my fully secured line of credit at that time - 4%.

Carrying $20,000. on my line of credit, at 4%, would cost me $800. annually.

She might have been paying 6 to 7 times the rate that I must pay, on at least part of her debt.

Quite a difference - something near $50. per week down the tubes, isn't it?

More recently, 4.25%. I have owed nothing on it for some time (and heard nothing about a maintenance fee).

Actually, my line was only good for something over $10,000.

And later dropped to between $7,000. and $8,000., when the stock market values dropped into the tank.

Which is precisely why I never want to run a loan on my line of credit up near its maximum value.

Hope you won't get "flushed" while learning more about shrewd management of assets.

In weather like we have these days, it's just the cold wind on the cheeks that causes "flushing".

Know anybody full of hot air? We could sure use some - it's near zero degrees tonight.

jes ole joyful

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NebrJewel

Good points. In my opinion, in light of all those 0 to low interest balance transfers that are floating around out there, anyone that pays anything over 6.9% interest is very very stupid. If they want to get rid of their money so easily, I would be glad to take it off of their hands.

    Bookmark   February 16, 2003 at 1:59PM
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joyfulguy

Hi bejewelled,

Me too.

ole Ed

P.S. My shortest post yet. EB

    Bookmark   February 16, 2003 at 10:08PM
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joyfulguy

Hi again,

Call your local TV, radio, newspaper, etc. to tell them that you plan to burn a $50.00 bill on the steps of city hall next Saturday - and every Saturday after that for a year.

Hundreds of people sitting in their living rooms and watching/reading, would wonder how you could be so incredibly stupid - they would NEVER be THAT stupid!

People who are doing exactly that.

Don't do it, though - the currency that you hold is Federal property - on temporary loan to you. Destruction of Federal property is an offence that can get you into serious trouble. (Worth less each year, by the way - and due to be worth even less, soon).

Good wishes to all - keep your $50.00 bills dry - but not dry and hot enough to burn ... and don't throw them away.

joyful guy

    Bookmark   March 30, 2003 at 8:01PM
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joyfulguy

Hi again, all,

In my earlier post, the message, "People who are doing exactly that," related to many persons who smoke cigarettes.

Many burn up $50.00/week.

Especially if one adds in the gas that they use to drive to the nearest store just to buy ciggies when they run out ... who ever heard of waiting till we're off on another errand, tomorrow?

One of the toughest addictions to beat ...

... but if you're trying, or about to ...

persist.

Don't give in to that old liar Nico Demon that whispers in your ear all of the wonderful things that smoking entails.

Many recommend taking off the handcuffs - quit ... and stay quit.

Many have found a great deal of help at www.quitnet.org - from people who have quit and are coping with the aftermath. Or who've been there.

My hopes are that you'll choose to quit, succeed - and enjoy a healthy, prolonged retirement.

joyful guy

    Bookmark   June 17, 2003 at 12:03AM
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joyfulguy

Seems to me that this old, dog-eared message ...

... is still true.

Or ... is that "messages" - as there seems to be more than one topic covered, here.

Did this guy never hear of sticking to one topic topic per thread??

It's chilly here again this winter, as well.

ole joyful

    Bookmark   February 28, 2011 at 6:38PM
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cbag1

Looks like you found that person who is full of hot air. Stay warm tonight.

    Bookmark   February 28, 2011 at 10:44PM
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cynic

Credit cards in responsible hands can be a very good tool to assist in managing money. But like any tool in the hands of fools it can be dangerous.

About every 3-5 months I essentially get a free tank of gas from responsible use of a credit card. Or I can have a grocery trip, or go out to eat, probably 5 times. It's income on money I need to spend anyway so it's a benefit. It's not something where I have to buy something I can't use.

The problem for so many that have their cards run up to such crazy amounts is they could never get a low interest loan because they're so irresponsible with their money! And if they don't pay off their cards, who thinks they'll pay off the loans? So they go to the loan sharks, aka credit card companies. They watch TV and hear how they need all this stuff and it's "only a few dollars a month" on the credit card. And geez, they shouldn't have to turn off unused lights or use CFLs to cut expenses should they? Oh, no. Put on a sweater in the winter and turn the stat down a few degrees or close off unused areas? Nope. Shouldn't have to do that. Quit driving for the sake of driving? No, that's not right.

And then the smokers. I'm sick of the excuses. Everyone I know who has quit smoking agrees that you'll quit smoking one way: When you decide you *want* to quit. Period. No other time so don't make excuses. The ones who don't *want* to quit need to have an excuse. "Addicted" is a popular one. Oh yeah, it's always someone or something else's fault isn't it? I didn't get myself into the credit card bind, it's the credit card's fault. I didn't light the cigarette, it's the tobacco company's fault. I didn't get fat, it's the fast food joint's fault. Or the soft drink companies. I broke my wedding vows but it's my spouse's fault. Poor little me. Boo-hoo-hoo. The world is out to get me. Never heard of personal responsibility? But why should they? They were raised to lie, cheat, steal and blame someone else since they were "traumatized" as a child. Didn't have enough video games, cell phones and their own new car at 15. Cry me a river...

Now I certainly support anyone who decides to quit smoking, lose weight, change diet habits, improve their financial situation, etc. As long as they take responsibility, blame the right party and start the journey. When you do that, it's much easier to accomplish your goal than expecting everyone else to do it for you, or tell you how bad you have it, or whatever. You get my support but I won't coddle you. You have to do it yourself. You'll have an occasional shoulder if needed, advice if wanted too.

I won't lecture people who choose to spend their money on cigarettes, or fudge, or inflated interest, when it's their choosing. Hey, I laugh at them but I won't lecture the people who flush a fifty annually at the "cost club" stores to have the "privilege" of walking into the place and spend more for less. I think there are wiser choices but it's a personal choice. Just don't come crying to me about how "tough" you have it when you can't handle your money. I don't have much sympathy for them. And no respect for the ones who have used bankruptcy to supplement their income.

Instead of keeping up with the Jones' lifestyle, try living below your means a bit. You'll likely be amazed at your ability to pay your own way. Most people choose to live paycheck to paycheck. Your choice and my right privilege to laugh at it.

And this is the time of year I start shaking my head at the number of people whose "savings account" is the tax refund. And they spend it before they receive it and how many times does it turn out to be less than they expected?

    Bookmark   March 1, 2011 at 7:03AM
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joyfulguy

There, there, cynic ...

... tough day, was it? ...

... things'll be better tomorrow.

ole joyful

    Bookmark   March 2, 2011 at 2:58PM
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