rodney727
Posts: 1460
Joined: 7/12/2011
From: Iowa
Status: offline
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Truth of the matter is in general most Americans do not pay off their bills monthly. Debit cards insure you don't ring up a huge bill and then can't pay it off. Every time you use your credit card every credit card company charges a fee to the retailer ....debit cards do not. I would much rather invest in a bank in my hometown than send a check to some company in a large city who could care less who I am. Like it are not checks are going away, it's a sign of the times. As far as the IRA comment... Take the money you would spend on fee's and interest rates and put it into that. It cost me nothing to have a debit card. My debit card is accepted at every single your place your credit card is. It is safer, builds the same credit rating as a credit card.
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ORIGINAL: Chickenboy
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ORIGINAL: rogo727
If having only credit cards works for you than sweet but you are in the low minority who are disaplened enough to do this.
Yes. You're right. It does take some discipline to live this way. But we've done it for years. For us (and others can do it too), debit cards are unnecessary if you exercise some self discipline.
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It's not wise to live on credit cards alone sooner or later you dig yourself into a hole in which you can't recover.
Only if you don't pay 'em off every month. If you don't, that's a fast downward spiral. But, by definition, if you pay off your cards every month, that means you have the money to do so.
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You would be better off investing in an IRA than having several credit cards.
Eh? I'm not following you here. Why does one preclude the other?
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Debit cards are like garanteed checks.... Even in Minnesota it's a standard practice when you open up a bank account.
That's right. When they gave us our debit cards, we promptly returned them and asked for ATM ONLY cards that cannot be used as a debit card. They (begrudgingly) responded to our request. We do not have any debit cards, only CC and ATM cards. See my previous comments about assumption of risks.
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And remember chase discover card and capital one sole mission in life is to make money off you. Banks encourage you to invest for the future. This ends the economic lesson.
Banks encourage you to provide them with business to help their bottom line. That can take the form of checking / savings / money market accounts, HELOCs, branded credit cards, auto loans, etc. etc. No large scale (or even corner S&L) will get anywhere by breaking even. Their mission is to make money off of you too. Just in a more diversified methodology than strictly a CC company.
Banks aren't saints. CC companies aren't sinners. They're just choices. People need to understand a little bit about finance and take charge for themselves. That's the big problem, IMO. WAY too many financial illiterates out there.
_____________________________
"I thank God that I was warring on the gridirons of the midwest and not the battlefields of Europe"
Nile Kinnick 1918-1943
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