Kimberly said ... Perhaps the fact that most folks in the hood couldn't get a credit card even when they use they momma name is a blessing rather than a curse.
There was a story a month or two ago about a family of 7 that lives on $35K per year with no credit (except their mortgage). They buy pretty much everything used and pinch pennies on food. And if you looked at them, you wouldn't think they were paupers.
I pay bills online and only use my debit card (unless I really have no options). I'm not making any new debt for myself, but I was serious when I said I'm always broke. If you pay for everything now (as opposed to later via credit) you realize how little you really have (excuse me Jasai), how much you actually spend.
The credit crunch has not really even arrived yet. Credit card crunch is next. The housing thing is the tip of the iceberg. If you owe the bankers 100 dollars you are in trouble. If you owe the banker 1 million they are in trouble. Both sorts out there right now, and trouble is brewing.
INTELLECTUALLY AGGRESSIVE THOUGHT OF THE DAY
Perhaps the fact that most folks in the hood couldn't get a credit card even when they use they momma name is a blessing rather than a curse.
My two economic rules for the house are:
ReplyDelete1. Save at least 10% of everything we make, and
2. No credit cards.
Past that, wifey can buy whatever she wants.
Those are wise rules J.
ReplyDeleteThere was a story a month or two ago about a family of 7 that lives on $35K per year with no credit (except their mortgage). They buy pretty much everything used and pinch pennies on food. And if you looked at them, you wouldn't think they were paupers.
I switched to a CASH life a while back. Seems like I'm always broke. :-).
ReplyDeletecareful careful Robyn, you have what you say.
ReplyDeleteRobyn,
ReplyDeleteI've thought about doing that. How is it working out? How do you pay most bills?
I pay bills online and only use my debit card (unless I really have no options). I'm not making any new debt for myself, but I was serious when I said I'm always broke. If you pay for everything now (as opposed to later via credit) you realize how little you really have (excuse me Jasai), how much you actually spend.
ReplyDeletei'm just trying to keep you out of the hole in my own little remote (yet loving) way.
ReplyDeletei think it is an important practice and will serve you well.
I know Jasai. Your point above was well taken and I knew/know what you meant/mean. Thanks. Wasnt intending to be snippy above.
ReplyDeleteI was just trying to illustrate that I will have to work at changing my perception, hence "how much I spend" instead of "how little I have."
The credit crunch has not really even arrived yet.
ReplyDeleteCredit card crunch is next.
The housing thing is the tip of the iceberg.
If you owe the bankers 100 dollars you are in trouble.
If you owe the banker 1 million they are in trouble.
Both sorts out there right now, and trouble is brewing.