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  1. #21
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    Just Me.

    Re: Should I "get a job" even if I have the option not to?

    I won’t have a credit card around me.

    I agree with others that in an emergency they can be a life safer, but realistically how often does that happen?

    In my early 20’s I got myself into shit with them. An average paying job and 10K in debt. I could barely manage the interest payments. I would use one credit card to pay off another. It was a fucking nightmare.

    A loan from my parents payed it all off, but then I was stuck paying off my parents. It hurt me financially for years, but I paid back every penny, and even added some for their loss of interest on their savings.

    But the thing was it wasn’t the big purchases like holidays or a new telly that got me, I would try to budget for them knowing that they would be a possible issue.

    No, it was the impulse buys: the new pair of jeans that didn’t cost a huge amount, or a round of cocktails in the bar, or getting in the groceries. Ah sure it’s only another few quid – compared to what I owe it’s a pittance.

    But it mounted up. It took a few years before I ran into problems, idiot that I was.

    Now I use a debit card.

    If I don’t have it in the bank, then I can’t have the product. I make sure I have a few hundred there always just in case of those emergencies.

    Simple as.

    And this is no comment on those of us that simply don’t have the ability to keep that few hundred tucked away, I truly understand because I’ve been there and could very easily be there again tomorrow.

    But if you can’t afford to save a little for a rainy day, then how the fuck are you going to be able to pay off a debt?

    Debt cripples you. If you’re on limited income how much more limited will that income be if you have to pay back a loan?

  2. #22

    Re: Should I "get a job" even if I have the option not to?

    Didn't have much issues with credit - if you couldn't buy something outright with cash - then you can't afford it so don't...
    Credit card interest rates were like 15-20%, no way in fucking hell was I gonna pay the bank to borrow cash at such an absurd rate, use it for convenience and pay the whole balance off once the statement comes in.

    Chequing accounts have a minimum balance that you need to keep in the account in order to avoid monthly payments on top of that, not sure how the banks convinced people that they have to store a minimum amount in their account just for privilege of having them store 1's and 0's on a fucking computer but that's where were at. Either way always keep your chequing above the minimum & only buy what you can afford on credit should be drilled into young-lings from an early age.

    I assume accounting at-least gave me that understanding to where I didn't blow cash on random stuff in my teens, you pay for it NOW - or you pay MORE later. Was a no-brainer, don't have much pity for people that manage to get themselves into crippling debt, maybe it's similar to an addiction or procrastination where you tell yourself you'll pay it off later , question is why - all you're doing is wasting your money and giving it to the bank, always make sure you read terms & conditions when it's financial papers.

  3. #23

    Re: Should I "get a job" even if I have the option not to?

    Quote Originally Posted by JustWannaRetireFk View Post
    Didn't have much issues with credit - if you couldn't buy something outright with cash - then you can't afford it so don't...
    Credit card interest rates were like 15-20%, no way in fucking hell was I gonna pay the bank to borrow cash at such an absurd rate, use it for convenience and pay the whole balance off once the statement comes in.

    Chequing accounts have a minimum balance that you need to keep in the account in order to avoid monthly payments on top of that, not sure how the banks convinced people that they have to store a minimum amount in their account just for privilege of having them store 1's and 0's on a fucking computer but that's where were at. Either way always keep your chequing above the minimum & only buy what you can afford on credit should be drilled into young-lings from an early age.

    I assume accounting at-least gave me that understanding to where I didn't blow cash on random stuff in my teens, you pay for it NOW - or you pay MORE later. Was a no-brainer, don't have much pity for people that manage to get themselves into crippling debt, maybe it's similar to an addiction or procrastination where you tell yourself you'll pay it off later , question is why - all you're doing is wasting your money and giving it to the bank, always make sure you read terms & conditions when it's financial papers.
    My mother is this way. She got a new credit card with low 1% interest for 6 months. So shes going shopping racking it up. Won't have the balance paid off in 6 months and then the real interest hits. These big purchases? Clothes, cookies, take out food, knick knacks. $100 at the dollar store.


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