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again, why do people think that if this happens they are on the hook?Quote:
Originally Posted by kingoffighters
things to worry about if your wallet gets stolen:
- criminal knowing your name and address
- having access to your bank account
- possibly getting your SS# and stealing that identity
- not having money to get home
things not to worry about:
- people making unauthorized charges you won't have to pay for
also, you can have more than one card and not carry them around.
Yeah, I won't be doing any major investing right now, I'm trying to get through school without another loan at the moment. I've more or less been exiled from my family at this point and my only tie is that mutual fund my father set up for me, which is now in my name. I can cash it out whenever I want (my brother cashed his and spent it idiotically as soon as he his 18) but I have just left it there. I think I'll get the full paperwork on it and start actually reading up on low-risk investing at this point, since I can always transfer that money around, and I usually keep a backup of $800 at all times aside from my checking/immediate use savings.
Thanks burg, Rich, and co. I'm definitely considering better savings options for when that happens, it's just a matter of making it through this summer first. Come fall I'll see where I stand and make some decisions.
You are right about all the other stuff too. But you can't really control that unless you don't put any sort of ID card in your wallet. That's why I stop carrying all the extraneous CCs. I don't need to build up my credit by having an army of CCs.Quote:
Originally Posted by burgundy
And just because you don't have to pay for the unauthroized charges doesn't mean it is not a hassle.
I have so many credit cards I can make a deck out of them. The only debt I have are my dad's debt (never lending him my credit card again) and student loans. Awesome money management can be learned quickly when growing up broke.
LOL at the timing of this article.
holy shit.Quote:
Consumers have racked up more than $2.2 trillion in purchases and cash advances on major credit cards in just the last year.
My friends aren't ignorant. You're about 5 minutes old, live a comfortable middle class life, and have never been a drug addict. You don't know much about anything. I don't mean this in a shitty way, but it's amazing you would presume to know a lot about the world. I'm also not a some weary traveler, but understand that falling into a hole can happen to anyone with only a few bad decisions.Quote:
Originally Posted by Thief Silver
Fair enough, replace ignorant with making bad choices.
I've refused to drugs, and known what could be my weaknesses and avoided them. It's not like I haven't had the chances to make the same mistakes. So saying "You have never been a drug addict" is a terrible way to defend your stance.
I don't presume to know a lot, and no one said Credit cards can't be evil but a "Scam" based on your friend's bad decisions is a bit silly and foolish. And with basic research and common sense I have found out ways I want to handle my credit.
I would say though, the credit card business is unforgiving of your own mistakes though.
The reason I said drug addict is because if you've been an addict, you're intimately familiar with desperation and how things can go bad real fast.
Either way, it's good you've been able to stay safe and secure - just realize it can be very easy to fuck things up.
Dude, your friends are a bunch of fuckups. Stop making excuses on their behalf by calling credit companies a "scam."
I can see Icarusfall's point because I know a great deal of people who cannot manage credit card debt and it is ruining their lives, their relationships, and their mental well being. But the situation occurred because these people either have no financial education or chose not to pursue any financial education, not because they had a credit card. They were already consuming more than they brought in before they had access to credit. It was a matter of time before the shit hit the fan. No one put a gun to their head and forced them to incur more debt than they could handle, just as no one forced them to have a 0% or, in too many cases, a negative savings rate.
Otherwise, I'm with Burg 100%. Maintain a good credit score and you will have access to more capital. If you don't have access to capital in this life then you'd better hope everything goes absolutely right in your life financially. You don't have to use that credit but you should have access to it.