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Wow that's odd and a fun fact I didn't know about. But, is there any reason why credit cards aren't used? Like are they looked down upon or anything due to their debts potential or something?
Yah, I will have to leave in a few. Need to get rest to feel better. Got cold. Don't want to worsen it.
Exactly. I am just curious if NL government has taken active steps with that intention. If yes, kudos!
in some countries govt cares for peoples monetary problems. in USA they just want you to be in debt as far as you can get in there.. you can get "credit card" from big retailers that can only be used in their stores. my wife with her shopping has several cards all maxed out. she was able to get some cause of my perfect credit history.. but she's very bad with money, very very very very very very very very very very very very very very bad..
TIL. There are Governments who take steps to make sure their people aren't in debt due to corporate greed. This is awesome.
Doesn't it affect her cr dit history or something if the cards are mixed out?
also some countries are not developed well enough for credit stuff. it starts with stuff like mortgage and car buying credit, cause if you don't pay they can at least take it back.. with credit cards per-say you maybe using them for food, and eating it, so they can never get back that stuff, so they don't even let you start..
And with debit cards, you know what you actually can spend instead of keeping to build a large debt over the years.
yeah it does. i use cards to pay for stuff always. but then i pay back in the next few days. it's mostly for points. and no need to carry cash. sometimes if i am not vigilant enough to pay my spent money on time, it goes into credit history, so now my credit score went from 815 down to 812 cause i have 3% of my credit "used up". hers is way below thanks to near 100% usage.. she only pays minimum payment every month. meaning she barely covers interest and doesn't even decrease her 100% usage.. it's a stupid circle.. if you manage to amass too much usage on credit - you end up just paying interest on that spending every month.. and can never recover for years...
that's why it's hard to be poor. poor people end up getting slapped with interest, fees, all kinds of tickets for stupid things, when you cannot afford to renew car registration on time or pay monthly insurance, and it all snowballs and it becomes harder and harder to get out of debt..
Let me tell you a bit about India here. There are loan apps here that gets access to your photos and contacts on phone and dif you don't pay, they hire recollection agencies that morph and abuse your photos you never consented for use, to blackmail yout into paying.
But, recently, Govt took steps to curb these apps and severely punish them.
I can relate to this as well. I am extremely cautious using my credit card nowadays
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Yah, I have heard paying the minimum due is the easiest way to build a great debt for yourself. And in most cases, credit cards are built to keep you in the dark about the debt building while you are kept in the dark.
As for repayment, I also have been following the same tactic as you. Use them for points. Pay as soona s the card is used.
exactly, but even then got hidden stuff, like if you don't setup in bank app to "refuse paying from this account if not enough funds" you may go over your limit and then get slapped with overdraft fees like used to be have 3 charges of $5 each, 1 goes under into negative say -$3, then 2 more $5s make it -$13.. this is not bad.. what's bad is 3 overdraft charges of $35 each you get for those overages.. and end up owing bank $118 or something.. my wife has this problem ALL THE TIME.. she is stupid with money.. so stupid.. i tell her JUST WAIT till you got cash in hand.. she is not waiting...
Wish every Govt. took steps to add financial literacy and fin management to school curriculum as well. Most issues would be resolved by that alone
same used to be here, if your debt is bought by collection agency (when actual creditor is tired of trying to get money from you, they sell deft for like 40c on the dollar), you are in trouble, they will call, send emails, snail mail, anything...
but if you strong enough to avoid that shit, in 7 years it is all cleaned out of your credit history and collection stops going after you as well. 7 years of hell.. i went thru it too, although i only owed $400 to TMobile that i refused to pay out of principle.. eventually i was able to start my credit anew, and now i (try) don't get in stupid situations..
I managed not to do any work today and ended up calling it a vacation day. Megathread days are the worst for productivity!
Oh, here debt doesnt get written off (very rare instances). It just keeps blotting your credit history till it's down the drain and you can't apply for any new credit.
yep. and then points i am saving till i travel, cause they are worth 50% more than if i would just exchange for money.. i now have about 180k points with CHASE (one of major banks here).. worth $1800 as cash. been saving for years since exchanging them for cash became not a life-needed move.. so when i go travel finally they'll be worth $2400 or even more, sometimes up to 75% more.. my money goes LONG WAY...
Same here though I was sick.
Almost at the bus stop. Brb
You need to spare computer next to you so you can multitask!
Though, if you're going hard in the threads, it is better to take a vacation day.
my wife shops AMAZON via my account and credit, then gives me cash. I also get 5% back with points. so then I use cash in this brick and mortar store where they also give me 5-10% back to use in that store, and since i always go there, it is very useful..
with smart thinking, you can make your money pay you back big time..
Hey are airplanes ticket cheap there? Like how much would it cost for you to fly from east to west coast? For reference a similar distance flight in India would cost around $100-150
Awesome. Good chance I'd have hit the hay when you are here
Yah so true. I have a friend who saved almost $1200 on a $10000 car which he paid for using his cashback credit card. They are great instruments if you know exactly where to use them and exactly where you shouldnt let your urge to spend cloud your financial judgement
i know.. but then there'd be no NATIONAL DEBT.. usa is like first in the world by national debt.. $38 TRILLION.. and credit card debt here is like $1.34 TRILLION, meaning average each US person owes $6500.. since many like me owe nothing, many that do owe - have that doube or triple or worse.. my wife herself owes like $15-20k..
Credit card in the past have made me spend money, sometimes mad money on items that I don't really want. I have grown out of that though an hope and pray that I never gonback to those old habits.
Yes, you are right. Debt is the foundation of the banking system. But, with basic financial management skills, kids would be brought up to understand how to spend and save. For example, I hear of people on Indian finance subreddits where they lost $10000s in the stock market just because an unqualified finfluencer told them they could make a shitload
my main guy is stalking me for food. gotta wait half hour.. if he eats too early, can feel bad..
