Comments on: Are Credit Cards Weapons Of Mass Financial Destruction?

By: Is It Better To Give Randomly Or Selectively? | Financial Samurai

Is It Better To Give Randomly Or Selectively? | Financial Samurai — Sun, 04 Sep 2011 14:42:49 +0000

[...] years ago I won an $500 essay contest sponsored by Joel from Credit Card Chaser called “Are Credit Cards Weapons Of Mass Financial Destruction“, and that led to a very fruitful relationship with a ton of traffic to his site due to his [...]

By: Andrea M

Andrea M — Thu, 17 Jun 2010 18:41:26 +0000

I am new to this site and I wanted to post a comment about my experience with a debt settlement company. I just completed a program with Elite Financial and they saved me over 70% of my debts. Although I have seen my credit score suffer because of the program but that is nothing compared to the amount of stress that has been eased. I saved almost $37,000 over the last 2 years. I’d definitely recommend them to anyone that needs help.

By: Don't Have Children If You Can't Take Care Of Yourself | Financial Samurai

Don't Have Children If You Can't Take Care Of Yourself | Financial Samurai — Mon, 19 Apr 2010 12:53:17 +0000

[...] to not try in school and not realize the importance of education, then it’s best to leave the weapons of mass financial destruction out of your hands. Society shouldn’t have to bail you out in the [...]

By: Roger

Roger — Wed, 23 Dec 2009 14:10:26 +0000

Ah, another interesting post that asks lots of interesting questions. I think that if someone recognizes that using credit cards causes them to overspend, and does what they can to avoid the temptation, they aren’t weak, they’re simply cautious, like alcoholics who avoid bars. That said, the idea that nobody should ever, ever use credit seems downright misguided; there are people who can and do use credit without running into huge problems, just as there are people who drink in moderation without having a problem.

As for why people don’t want to own a card that offers them a 30 day interest-free loan, I think it goes back to the potential for overspending. I know that I spend significantly more using a credit card than I would if I were forced to rely entirely on cash. Now, much of that is spending I can’t really avoid (gasoline, food, Christmas presents for family members), but still, because I have a credit card, I don’t spend as much time trying to find a bargain or otherwise conserving my money.

I think there are many reasons people let credit card companies take advantage of them. Some have poor credit, low-paying jobs, and believe that credit cards are the only way to sustain their (possibly unsustainable) lifestyles. Others don’t realize that only paying the minimum will lead to interest charges eating them alive (and sucking the marrow out of their bones). And still others have come to that realization, but had so much in debt that the interest and other fees make it hard for them to get ahead.

Yes, this post definitely deserved to win; how did it do, since I seem to have missed the entire contest?
.-= Roger´s last blog ..Small Business 101: Are YOU Suited to be an Entrepreneur? =-.

By: Money Funk

Money Funk — Mon, 21 Dec 2009 16:06:06 +0000

@admin Wow, thanks for the offer! But the husband and I actually went a different route that saved us more money than LC. I'll blog later. :) Thank you for donating a basketball on my behalf. :) Totally great what you are doing. I think eventually I will beable to use CCs to my advantage after I kill all this debt. Being in debt and on a limited budget makes credit cards tempting. But, when the debt is paid and I have tons of money in the bank then I can make the cc's work for me. BTW, enjoy the sun. I was telling a friend I should have taken the family Christmas photo at the beach with this Cali weather. LOL .-= Money Funk´s last blog ..Menu Plan Monday =-.

By: Geek

Geek — Mon, 21 Dec 2009 03:27:28 +0000

@admin Thanks :) - my dad told me that one long ago. I'm offline a lot for the holidays! Enjoy some Nog of Egg!

By: admin

admin — Sat, 19 Dec 2009 20:30:07 +0000

@Len Penzo Thanks my fellow Californian who isn't experiencing the blizzards out west! It's kinda weird, cuz it's sunny outside and I'm about to go hiking. @Money Funk Sorry Money Funk for not winning :( Will donate a basketball on your behalf this weekend! :) Gotta cut up that card then if you never PIF. Seriously, don't let them take advantage of you! BTW, If you want to borrow money in the future, let me know and I will beat lending club's rate by 1%! Seriously, if you are committed to consolidating your debt, paying it off, or whatever, I will lend to you. We can talk about it off line if you wish!

By: Money Funk

Money Funk — Sat, 19 Dec 2009 20:16:33 +0000

I didn’t win the Amex contest??? :( LOL. Congrats. And I love your cause to spend it on :)

I am weeeaaaaakkkk! Yes, credit cards are evil to me. I’ve never PIF’d them each month. I am killing them all, but one emergency card. Death to the CC. And because I realize my weekness with credit cards, I need to do this.

It is not worth it to me to Try and be good with them so that I can benefit from the cash backs, etc…

It’s just gonna be me and my happy ole debit card. Its working In my favor so far. Think I will keep it going this way for me.