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going in debt for Christmas

Geo-TH,In

Geo-TH,In

Well-known Member
I hear a lot of flap on news about people that went
in debt, credit card, for Christmas.

I'm a big fan of using credit cards to make money.
Never once have I spent more money than I have to
pay it off. Never had a late fee or never paid a
credit card fee. Never had a debit card either. I
use CC for everything and make money on CC rebates.

I my sister runs her HVAC using CC. Her supplier
loves getting paid and gives her a discount. Her
Credit card gives her a rebate back. CC are a win
win for her business.

How many have a Christmas debt or is this just Fake
news?
 
GEO: I go at it different, Use cash or checks and if
I do use a card to order item I pay it right off. So ne real x-mas debt
 
We have 3 credit cards which rarely get used. Usually only to order items online. Bill comes and they get paid off quickly. Never late fees or charges either. Our only exception is vehicle financing. We recently financed a vehicle for the wife. It made more sense because if the nnalert. We kept the cash money and put it other places and using some in the near future for some remodeling projects.
 
"I'll go in the red, like a knucklehead, and I'll squander all my pay." Song is "I Yust go Nuts at Christmas." For the Norwegianically inclined, he's got a bunch more on you tube. He was a famous local entertainer in the Seattle area, died just a year or so ago, in his '90's. Even had a kid's TV show into the mid- '60's.
Stan Boreson
 
Nope, not a wise choice to spend more than you can afford to pay. The old rule if you can't pay for it, you don't need it applies and will keep a person safe. I don't use any of the cards I have all that much, but would like you describe to reap some benefit from their use. Society has turned Christmas into a materialistic affair, I don't care for any of it. Honor the day for what it really means, then be practical about your generosity to others in celebration of the real meaning. I just think it's evolved into something way beyond what it is.
 
While some of us don't go into debt for Christmas many do. Want to think it's fake go to any store starting on Black Friday until Christmas and watch the action at the tills. The number of people trying multiple CC's before finding one that isn't maxed out, or if the only have one card having to leave items behind because they don't have enough left on the card.

Plus every year about in late OCT early NOV I get letters from my back offering me personal loads to help pay for Christmas. My banker tells me that it's amazing the number of people, in this rural area who borrow anything from 500-5,000 for Christmas every year.

Heck just a few days before Christmas each year my wife and I go to a farm store that allows the MARINEs to run a "toys for tots" collection at their stores. Normally just a decorated box at the front of the stores. We normally buy something for a boy, something for a girl and a baby toy. This year young woman in front of us at the check out used 2 different credit cards telling the clerk each time "put as much as you can on this one" then paid the last little bit in cash.

Rick
 
I think it is not fake news. All you who are bragging/stating the facts concerning your debt. Think back to your 20's when you had a few young'uns in the house, car payments rent or house payments groceries utilities. Things are much different at the END of our working careers than it was at the beginning. I remember those years very vividly. There were no hobby tractors in the barn back then. That luxury came later in life. gobble
 
I use credit cards (never debit cards) for just about everything and have NEVER paid a nickels interest on any account.

Yesterday, I bought 35 gallons of gasoline at Krogers at $1.349 with my Kroger card.

Dean
 
We use our card for everything, Jocco, and we pay it every month. Reason? It gives cash back and airline points, neither of which we would get with cash or check. I've always been an advocate of free money. lol
 
We think alike. I have 3000 Kroger points to use. Gas is under $2. My truck likes gasoline. Should use my 3000 pts before end of January.
 
I could be wrong, not one to judge people but while at Walmart saw a lady in the next checkout with 3 carts piled with TV?s and other assorted items. Total bill was over $1,200 and she just didn?t look like the type who could afford to spend that kind of money. Guess I just profiled her. Glad our family doesn?t go overboard even though I can afford it.
 
Lots of people live in areas where it takes nearly all they make to keep afloat on a monthly basis so they buy Christmas on credit cards. Back when my Wife and I were young and had 4 kids we used lay-away, we paid on it for half the year so it was paid for by Christmas, no interest but I guess technically, by many measures, the experts would say we could not afford Christmas because we could not pay with excess funds all at once. I dont regret a penny of it because I wanted to give my little ones what I could, later when I made more money things were easier, if people were not willing to go in debt for what they want we would have a pi$$ poor economy.
 
The up side is its a good time of the year to watch Craigslist if you have cash to buy 1)Gifts people didn't want and are selling cheap and 2) People selling whatever
they have to pay off bills.Go in debt to buy Christmas presents? You're kidding? To quote a fellow I used to work with "I ain't got the stupid yet"(LOL)
 
Looking back those were the best years, was usually August before our LP supplier was paid off. Appreciate their (FS) carrying our account.
 
Google searches show me the following about credit card debt in the US and in Canada ...

The average U.S. household with credit card debt has an estimated $6,929 in revolving balances, or balances carried from one month to the next. Up here in Canada it is about $4900 according to another site. You'll get different stats from different search sites of course, nothing is totally reliable for accuracy. Mortgage debt is huge for many people but not included. Not sure about car and truck loans from the bank, that might not be on a credit card. The numbers are questionable I guess but one thing is a fact, there is a lot of personal debt and some will never pay it off and be debt free. Financial institutions don't thrive without handing out loans and charging interest.

The YT crowd here obviously avoids credit card debt ..... unless a lot of people are laying low on replying. I guess a guy could still owe a lot of money and not carry credit card debt right? I wonder how many of us are 100% debt free including cards, loans and mortgages?
 
Unfortunately it is not fake news driving bus you see people that can?t even get cc and ones that shouldn?t have them I over hear stories you wouldn?t believe I have one passenger that rides off and on that lost her husband last spring got on the bus 2 days before Christmas and was telling me she had 2 grandchildren to buy for yet and she had $25 dollars left to do it with and was tickled she had that much I reached in my wallet and took what I had and gave it to her she didn?t want to take it but I made her I she all kinds of situations but I can?t help them all
 
George 95% of the people with credit cards are carrying an unpaid balance. I also never have seen any Multi millionaires talking about how they got "rich" using free credit cards. I had a credit card before debit cards came out. Since then used debit card only. Do not use it that much either. Most places still take cash. I know it is shocking but they do. LOL

I think credit cards should be out lawed right after student loans. They both are using predatory lending practices. Many people with credit card debt could not borrow an equal amount from a bank/saving and loan. As they would not meet the lending standards. So it is fine for a business that charges many times those interest rates to lend these people money????

The banking deregulation that Reagan did has not turned out very good for the average American. The big banks have taken more control that they had before. Small banks are just about extinct. This happened on a smaller scale in the 1920s. Eastern banks owned large sections of land in farm and ranch country during the depression. They wanted to be able to foreclose on the land and then profit from owning it. federal banking regulations changed and stopped that from happening. Now it is back in full swing. With credit cards replacing the land loans of the past.

It is not just young consumers either. Older single farmer just ten miles east of me died six month ago. He had $75,000 of credit card debt. Farming having to sell to settle the estate.
 
There's a good chance many here (some older farmers n ranchers and conservative) are fortunate enough NOT to have to go in debt to buy Christmas presents but unfortunately many must do so and its certainly NOT fake news. I have seen where say a financially struggling single mom is forced to go in debt to buy something for one of their children and I respect her choice to do so even if I don't have to. I'm not going to judge or belittle anyone who has to make hard decisions. As I travel the US and don't what to carry thousands in cash I use credit cards all the time and often get rebates or points or even cash back in so doing I would NOT get with cash.

To each their own decisions

John T
 
I do not understand the big complaint about Debit Cards,they work just like a check book without the paper and the hassle. I carry paper money,the wife carries the plastic and the balance is on the phone.
 
If they steal the money out of your bank acct using debit card you better have a good bank or your SOL. Credit card the card is out not you.
 
I always use my store credit cards to buy gifts. They give me reward points and discounts that are not available otherwise. Then I go home and pull up the website and transfer the money to pay off the credit card. Frequently the same day I bought the item. Depending on what I have to buy, this can mean anywhere from a couple hundred to over a thousand dollars in savings in a given year. This year the kids needed some pricey electronics for college. By taking advantage of store credit card rebates, reward points, and sales (such as black friday) I have a total savings of just over a thousand dollars this year. Higher than normal and a really nice savings no matter how you look at it. Couldn't have done it without charging the gifts BUT you have to pay it off immediately or you lose.
 
The only money I owe is the what is charged on my CC this month and I pay the balance off every month.CC for farm purchases keeps book keeping simple and I get
some back for the previous year in Jan. Its 5% back on fuel purchases which can be quite a lot for me.I've paid cash for farm equipment,tractors and vehicles about all my life which is why I have always bought used with the exception of a truck I bought new with cash back in 1999.Paying cash a lot of times by the time I had the money
I'd talked myself out of buying it or figured out a cheaper way to work things.Hard to start counting them $100 bills out(LOL)At my age (66) no way I'd ever go into debt for anything.
 
Jacksun ..... I suspect they could stall you for a while however it is unlikely. Most institutions who supply debit cards are likely to give you satisfactory results on claims. Don't necessarily expect it though if you wait six months to tell them something is wrong. Link below says much the same as other web information on the topic ...
Untitled URL Link
 
My wife and I use credit cards for just about everything. We're both retired and our social security is direct deposit, my state pension is also direct deposit, and my IRA withdrawals are also direct deposit. So it's easier to use credit card, and get rewards also. We do carry cash as we will pay for cash at places, especially restaurants where they take your credit card out of your view to use it to pay your bill. We also pay off each credit cards bill when it is due and carry no balabnce ever! For us this is a win win situation.
 
I do the same and to prevent a late charge, my CC are set up for auto pay on date they are due. Love the rebates. Use very few checks. If I need cash get it at bank.
 
Don't think I had a credit card until 1981, remember the first thing I used it on, fiberglass rear spring for my Corvette. It's on file for my Part D drug plan, gets used for motel rooms and gas on vacations but that's about it, always gets paid off. Wife ain't afraid to use hers but keeps it paid off. Call me old fashion but I always kinda liked cash.
 
well i am not a farmer---so i am 100% free of any debt except my credit card which i pay in full each month
I run about $25K a year thru it with no interest charges
 
Wow! That's a lot of fuel points.

I've never had more than 600-700 + the extra .25 for 12 months with my new Kroger MC.

Dean
 
You will never get a true poll on this from a group of old men. Sure you are all dept free cash paying saints. I doubt it.
 
Jackson: that is NOT true on debit cards. If you notify the bank within 2 business days your maximum charge is $50. If after 30 days it can be up to $500. These are the Federal rules. Most banks treat you better than those rules. I have never had a dime not refunded. I have had unauthorized charges several times over the years. The highest was over $10k.

The worst time I have had was actually a electronic check drawn out of my account. They stole a real check that was mailed. Used the routing information and electronically created a fake check for money. That took me just over 120 days to get resolved.
 
What about the guys in here that lost the farm or almost lost it? Judging others financial situation? Not in credit card debt the least but c’mon guys. You never now someone elses personal situation or reasons. Why judge??
 
(quoted from post at 15:51:52 01/01/19) You will never get a true poll on this from a group of old men. Sure you are all dept free cash paying saints. I doubt it.
Click to expand...

Hey I'll be the first to tell you that I'm not debt free but my debt is very manageable. I do pay cash. I have a debit card I only use for online buying and the rest is cash. Don't have a credit card. Got those paid off years ago. A saint? Me? Hardly!

Lot of folks on here claim to be getting all this free money. Well the credit card companies advertise all this free stuff except it ain't free. Most places everyone is paying about 2-5% more for goods to cover the cost of credit/debit transactions. You know darn well no store is going to eat that.

What I related about what that woman was doing to pay for stuff wasn't judging. Do I approve? Not really but it isn't my life nor my money. Do I sometimes think they are being foolish? Sure. EVERYONE JUDGES. It's human nature.

Rick
 
Yeah, once upon a time I did it.

It was close to 30 years ago, and I owed waaaay too much on credit cards.

Payed my way out of it....took forever. I learned my lesson.

Haven't payed any interest on a credit card in 20+ years.

So I try not to judge, since I've done it.

Fred
 
I have read all the replies with interest. I have operated much like most of you until this year. I did not carry any credit card debt. Just loans for used vehicles. I tried starting my on business with little income for 8 months. Four months into this my wife was diagnosed with cancer.

You are darn right I used credit cards when needed, and carried a balance when needed. I still have a small amount in them. I have given up on my own business for now and taken a job driving locally to financially recover. Did I use credit this Christmas, yes! Have I paid more than I charged, yes! Will I pay them off shortly ...yes.

Do I think it is an easy pit to fall into? You better believe it!

All debt NEEDS TO BE MANAGED!!!M

JWalker
 
(quoted from post at 16:09:35 01/01/19) I do not understand the big complaint about Debit Cards,they work just like a check book without the paper and the hassle. I carry paper money,the wife carries the plastic and the balance is on the phone.
Click to expand...

Same here. Debit card takes the place of cash. I haven't had much in the way of cash in 15 years. I don't know what people think a debit card is, but it sure isn't a credit card!

I've used credit cards, often way too much. We set things up to pay the mortgage as fast as possible. That meant not a lot of extra money. So when a kid ended up in the hospital 200 miles away, a bunch of money went on the card. When a car broke down or tractor broke or something else happened it went on the card. The important thing was that back then, the card was a 3.99% interest rate!!! With todays interest rates approaching or more than 20%, using a credit card is stupid unless you can pay it off monthly. I have never been able to do that before. I have zero CC debt now outside of Lowes. I can live with that.

I have had cards that gave me airline miles. What the heck do I need airline miles for? They are absolutely worthless to me. I wouldn't fly without my wife holding a gun to my head. I also had ones that gave me "bonus points" that I could use at places I'd never heard of, much less would ever go to. Ooooooh! I earned 5000 bonus points I can use at Disneyland! Whooptefreakin'doo! No one "makes money" with a CC.
 
Bret,

I don't know how you define "makes money" but come March I'll get a check for over $400 from using my Sam's
Club MC in 2018. I pay off the full balance every month so I don't pay any interest charge.
 
(quoted from post at 23:51:52 01/01/19) You will never get a true poll on this from a group of old men. Sure you are all dept free cash paying saints. I doubt it.
Click to expand...

I confess, saint here. No debt except mortgage; cars, truck and tractor are paid off, don't carry over CC balances (when we do use it), pay cash for most small things, write checks for larger purchases, don't use the debit card except in an ATM to get cash. Wife will absolutely refuse to use CC in a restaurant or gas station. Pension and SS payments are direct deposited (they have to be, as I understand). Have yet to have to tap our annuities or 401k accounts.

We were talking about this just tonight, comparing ourselves to some people we know. We worked at a good company and stayed with it for 40+ years, lived within our means and saved on a consistant and regular basis, increasing it as salaries got better. We were able to retire a little early and are doing fine doing what we we want to do. In contrast these others either don't work and sponge off of family or hop from job to job, not staying with anything for very long. Of course they will have little to no retirement and will be woking some menial job until they physically can't anymore. I don't feel too sorry for them since they made their choices and will have to live with them.
 
(quoted from post at 13:35:11 01/02/19) Bret,

I don't know how you define "makes money" but come March I'll get a check for over $400 from using my Sam's
Club MC in 2018. I pay off the full balance every month so I don't pay any interest charge.
Click to expand...

In that particular case, Sams Club, you have to pay to join Sams so subtract that amount. I suppose you can look at getting refund as "making money", but there have to be charges, etc, involved in the card for Sams to be "paying" you. There is no way any company is going to give you $400.00 without making it up someplace else, and chances are you are paying it without seeing where it comes from. Maybe they're taking it from someone else, but they ARE getting that $400 from someplace, maybe from selling your info to marketing firms or something.
 
Guys it ain't free money. Places of business are charged between 2-5% of each card (both credit and debit) just for the transaction. SO 2-5 bucks on every 100 charged. Do you think the store, your favorite eatery, bar or that hotel you charged at the last tractor show eats that cost? Or do they mark stuff up to cover that expenditure like they do every other cost of doing business expense? So cash payers and check writers get to pay for that too. That's why even though you don't see it often some places offer a discount for a cash transaction.

Rick
 
Bret,

Yes, I pay a one-time yearly membership fee of $45 as does everyone else who shops there using the cheapest
membership fee. I get that back and more from their reduced prices.

I disagree that " chances are you are paying it without seeing where it comes from." The money I and others
get back each year comes from the interest money they earn on the unpaid monthly balances of the majority of
card holders. In their heyday Sears made more money from their revolving charge fee than they did from the
net profit on all the merchandise they sold. I think the same was true about GM and their GMAC financing
plan.
 
(quoted from post at 09:38:10 01/03/19) Bret,

Yes, I pay a one-time yearly membership fee of $45 as does everyone else who shops there using the cheapest
membership fee. I get that back and more from their reduced prices.

I disagree that " chances are you are paying it without seeing where it comes from." The money I and others
get back each year comes from the interest money they earn on the unpaid monthly balances of the majority of
card holders. In their heyday Sears made more money from their revolving charge fee than they did from the
net profit on all the merchandise they sold. I think the same was true about GM and their GMAC financing
plan.
Click to expand...

They also charge the businesses that you buy from a fee as I mentioned for every single transaction. That too is part of where they get the money to pay you those perks. Don't believe it? Go ask local retailers that accept credit and debit cards what they pay per transaction. Why do you think some places have a minimum purchase when using a card. And like any business they pass those expenses onto the customer by simply adding those expenses to goods and services. The smaller the business the more they pay. Just the way it works. Large business may pay only 2% per transaction while small places pay more.

Rick
 
OH, forgot. You can google credit card fees charged to businesses per transaction. It's not a huge industry secret.

Now if the goods and services being marked up to cover those fees you are at least in part paying to get those perks. Thing is you are taking money out of the pockets of those who pay cash or check cause they are paying for it too. The info is there, google it. Then argue with google and the companies.

Rick
 
Rick,

You haven't told me anything about businesses being charged credit card fees or businesses marking up their
prices to cover those fees that I didn't already learn a long time ago in my 79 years.

Would you be happy if I used a credit card that didn't pay me some money back at the end of the year?
 
(quoted from post at 22:43:01 01/03/19) Rick,

You haven't told me anything about businesses being charged credit card fees or businesses marking up their
prices to cover those fees that I didn't already learn a long time ago in my 79 years.

Would you be happy if I used a credit card that didn't pay me some money back at the end of the year?
Click to expand...

I really don't care about anyone using a credit/debit card. Just everyone should be aware that they ain't making nearly as much as they think they are because of hidden costs. Basically anyone who things they are beating the system is mistaken plus as with the cards? They are basically taking from their family, friends and neighbors. Really good for a bunch of folks who constantly go on about prayers and "the reason for the season". :lol: :lol:

Think about it. Give a grand kid or great grand kid some cash fora birthday or Christmas? They are going to pay the markup charged on all goods to cover those fees.

It's the way things are so I don't fret about it. I just think it's funny to listen to the folks going on about all that free money!

Rick
 
(quoted from post at 13:38:10 01/03/19) Bret,

Yes, I pay a one-time yearly membership fee of $45 as does everyone else who shops there using the cheapest
membership fee. I get that back and more from their reduced prices.

I disagree that " chances are you are paying it without seeing where it comes from." The money I and others
get back each year comes from the interest money they earn on the unpaid monthly balances of the majority of
card holders. In their heyday Sears made more money from their revolving charge fee than they did from the
net profit on all the merchandise they sold. I think the same was true about GM and their GMAC financing
plan.
Click to expand...

If you want to consider the extra you are charged as "free money" when a little of it is returned to you, then I won't try to change your mind. But no business gives away "free money" and remains in business. Someone else is paying for it if you aren't personally. I guess it's in your perspective.

We tried Sams, I thought it was more like $85 a year. There were some decent prices, but a lot of it was more expensive than Wally World. Some good, some bad, a lot farther away. Didn't work out for us.
 
Bret and Rick,

We all pay "the extra" that's built in to the price of goods and services to make up for the discount CC companies charge all sellers. This is true whether buyers pay with cash, check, debit card, credit card that doesn't offer rebates, or credit card that does offer rebates.

I prefer to use a credit card that does offer a rebate. It doesn't cost me anything to use it other than the cost of the goods or services I buy. The annual membership fee for Sam's Club has nothing to do with how I or anyone else pays in their stores or anywhere else. There's no way that anyone who uses a credit card that offers rebates is "hurting" anyone else. If you believe otherwise please explain exactly how, not some vague generalities.

All I said was I'm going to get a check for over $400 for using my my Sam's Club credit card in 2018. I never said or thought I was "making money", getting "free money", or "beating the system."

Pete
 
(quoted from post at 13:31:52 01/04/19) Bret and Rick,

We all pay "the extra" that's built in to the price of goods and services to make up for the discount CC companies charge all sellers. This is true whether buyers pay with cash, check, debit card, credit card that doesn't offer rebates, or credit card that does offer rebates.

I prefer to use a credit card that does offer a rebate. It doesn't cost me anything to use it other than the cost of the goods or services I buy. The annual membership fee for Sam's Club has nothing to do with how I or anyone else pays in their stores or anywhere else. There's no way that anyone who uses a credit card that offers rebates is "hurting" anyone else. If you believe otherwise please explain exactly how, not some vague generalities.

All I said was I'm going to get a check for over $400 for using my my Sam's Club credit card in 2018. I never said or thought I was "making money", getting "free money", or "beating the system."

Pete
Click to expand...

Pete no said that you said that. All I said was that everyone pays more for goods because of cards.

Now how much did you charge on that card to get 400?

Rick
 
Rick,

Before I got a Sam's Club CC about 3 years ago I only had a debit card and another CC that I rarely used.
I paid cash or used my debit card and paid recurring bills like utilities, heating oil, insurance etc.
with a check. I now pay for just about everything with the Sam's Club CC including the recurring bills.

I don't know how much I charged on the card to earn the $400. The point is I use it responsibly and pay
off the balance every month. If I did know how much I charged I wouldn't tell you or anyone else because
that's my business.

Take care and Happy New Year,

Pete
 
(quoted from post at 17:31:52 01/04/19) Bret and Rick,
I never said or thought I was "making money", getting "free money", or "beating the system."

Pete
Click to expand...


"Pete in MD wrote:
(quoted from post at 13:35:11 01/02/19) Bret,

I don't know how you define "makes money" but come March I'll get a check for over $400 from using my Sam's
Club MC in 2018. I pay off the full balance every month so I don't pay any interest charge."


Well Pete, to my ear, that sure like you're saying you're making money. If I misunderstood your intent, I apologize. This issue reminds me of my Canadian friends who can't wrap their minds around their "free" healthcare not being free. Someone is paying for whatever someone gets at no direct charge. Your rebate, "free" healthcare, whatever. I'm glad you benefit, but the whole system is a lie. That's what gets my goat.
 
Bret,

The topic of this whole post was some people getting in credit card debt at Christmas time. All I said was I
will be getting some money back from a credit card company that offers rebates.

I don't understand why anyone would choose to use a credit card that does not offer rebates.
 
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