Smartest comment of the century
You got money, want to invest? Pay off your credit cards first, there is no investment that pays 18 percent.
(1 vote)
Warren Buffett on Loans
Smartest comment of the century
You got money, want to invest? Pay off your credit cards first, there is no investment that pays 18 percent.
Comments
(Long Spike)
Never paid any interest on any of my credit cards.
(Old Spike)
You are from holland, i am from belgium, me neither... i have a prepaid mastercard i pay 30 euro a year just to have the card, and if i need to pay with credit card i upload money to it with my banking app and pay with the mastercard, which is not a real credit card since you can't go minus, it is your own money.
But most credit card companies allow you to go thousands minus, like a loan and charge you 18 percent; can't pay? no problem they just keep adding 18 percent to the total owed, in the long run you have more interest on interest charged then the actual amount you borrowed with the card.
They are just one step away from being a company that breaks fingers or busts your kneecaps. actually you are better off borrowing from the mob, you can talk to the mob and they don't clean out your house.
And the fact that maybe you have never payed interest is because it may/was held off your annual interest rate you get from the bank every year. You may have payed it but never noticed it. Or else you have a card that only uses money you have in your bank account.That seems to be the new trend, but you should see on your bank statements that you pay 2.50 euro a month just to have the card, or at least that is how it is with me.
(Long Spike)
You should try a UK card. Total money spent on card is transferred to card company on the due date by direct debit. NO annual or monthly fee for the cards. Card company makes their money from a percentage of the transactions.
(Old Spike)
There is big entitlement mindset now. People believe they deserve expensive things, they deserve a certain lifestyle. Then they move to a neighbourhood they can just afford and all the jones have nice cars and nice stuff and then they need to get that too.
(Old Spike)
Give a kid a gun and they will shoot it, is it the kids fault? No it is the provider that is at fault, those card plans should be illegal.
The government is there to protect ppl from their own stupidity and not be sucked dry by large corporations.
The government allows it, not seeing the damage they do to their own economy.
With other words the protector needs a protector...
(Old Spike)
I get your point but people need to be financially responsible. Otherwise, they will always be victims. It's a mindset. Were you taught fiscal responsibility in school? Not me. Not university. Nothing... In the US everyone has access to a gun but not everyone is killing people.
(Old Spike)
The government should then at least teach children to handle money and warn em about the pitfalls, i think it is their duty, same with drug prevention.
(Old Spike)
Are you suggesting the government is aware of fiscal responsibility? :)
(Old Spike)
:) they just don't care