Then why did you add to your credit card debt to visit a girlfriend in another state? That's not avoiding debt.
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Enough of Dave Ramsey I am turning to John MacArthur on a theology of finances!
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Then why did you add to your credit card debt to visit a girlfriend in another state? That's not avoiding debt.
Amen. And if you can't afford it, don't buy it. Eat rice and beans instead of meat. Use thrift stores for clothing. Get a second and/or third job to pay off debt as quickly as possible so that you can be free.
I agree we should get out of debt, and work toward that, but not sacrificing ones family and time by overly working towards that. That approach by Ramsey in getting 2 additional jobs if needed to get out of debt quicker turns you into a true slave to the lender while serving the dollar.
Then the better idea is don't put yourself into that debt that would require that.
For the most part, very true.
But sometimes, for a season, we need to do what we can to make ends meet. I've been looking into some seasonal work for the holidays to be able to boost our income a little. We're doing OK but it would be nice to build up our emergency fund. I would only work in the evenings since I homeschool during the day but it would be a second job for me.
That's understandable. I was referring to Ramsey's approach in getting additional part time jobs to get out of debt quicker and to pay it down faster. Nobody should sacrifice their family for debt. If it takes longer to pay it down and you pay more in interest charges, that is a lesson learned, but I don't see the wisdom in not seeing your family for a couple years just to shave off some time in debt.
Yes, that is my #1 rule; Don't spend money you don't have. As you said in an earlier post, I recently bought a 2007 vehicle in nearly perfect condition with only 55,000 miles on it cash. I haven't had a car payment since the 80's. I do not carry credit cards, I carry only a single debit card that can be used when I need id like renting a car or buying online, but I can of course only spend what is in my account.
The best way to stay out of debt is not to go into debt in the first place. That is not always possible, such as medical emergencies, but what can be avoided should be avoided.
The only reason to have a credit card is to establish a good credit rating. You should only charge a small amount that you can easily pay off and then pay it off immediately. I have had to do this since my husband left and all the cards were in his name. I'm 54 and starting over. I have one credit card and pay it off as soon as I get the bill. I use it only to establish my own credit rating. But you have to use a lot of self control and if you're not able, then by all means do not get a credit card!
When you need credit, such as to buy a home, the bank will look at this. You actually lose credit points if you have no history of debt. Stupid? Yeah! But that's the system.
I does NOT excuse being in debt though.
When you need credit, such as to buy a home, the bank will look at this. You actually lose credit points if you have no history of debt. Stupid? Yeah! But that's the system.
I does NOT excuse being in debt though.
When I have listened to him he only suggests that when people have acquired enough debt that they can only afford to pay the minimum on everything which will keep them in debt forever. For those people who have done that they may need to work extra for a time.
thisnumbersdisconnected
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This will probably end soon, if what I read in the financial newsletters is true, but my wife and I have a card with an excellent rewards program. We put everything on our card, other than mortgage and car payments, and pay it off at the end of the month. As a result, we earn about 150,000 reward points a year, and we will be going to Colorado for a week -- airline tickets, car rental (a Mustang convertible!), and bed-and-breakfast paid for with those reward points.
Technically, it's debt. But it is zeroed out every month. As for the mortgage and car payments, I will not discuss whether going into debt for those things is "biblical." I see nothing in the Bible that forbids reasonable debt. We are no where near the maximum allowed by our credit rating, and we have no intention of going anywhere near that maximum. We live comfortably, make good livings, and have no worries that God is displeased with us due to our credit line. We offer no apologies, and we don't need programming we pay for to tell us how to manage our finances. As someone else said, the Bible gives us adequate guidance.
Technically, it's debt. But it is zeroed out every month. As for the mortgage and car payments, I will not discuss whether going into debt for those things is "biblical." I see nothing in the Bible that forbids reasonable debt. We are no where near the maximum allowed by our credit rating, and we have no intention of going anywhere near that maximum. We live comfortably, make good livings, and have no worries that God is displeased with us due to our credit line. We offer no apologies, and we don't need programming we pay for to tell us how to manage our finances. As someone else said, the Bible gives us adequate guidance.
Actually, I don't believe that charging and paying off the bill each month will increase your credit at all. You need to CARRY some debt to do that. An easy way to do that is to pay off all but $5 of the bill and then pay the remainder on the next bill - but you must not add any more charges to the bill in that month or else you will be charged interest on the new charges.
Yes, it is ironic, I have no debt whatsoever, but I also have no credit history. I don't have "bad" credit, I have "no" credit.
That really doesn't bother me though, I have managed to survive many years without borrowing any money for any reason. I am perfectly fine with this. :thumbsup:
Then when you loose your job & have difficulty finding another? Do you also loose your house? Or your husband, the bread winner leaves you holding the bag?
These are just examples of the difficulties facing folks today (you dont have to really answer them) due to a cruddy economy etc.
Im just spouting!
What they look at is if the card gets used frequently. If it lays dormant for a long time with no activity it counts against you. This is what my bank told me when applying for home loans. We had a couple of card that we hadn't used in a year or more and it took points off our rating. Maybe it differs depending on the lending institution.
At the time we had no debt (except present home loan) and had no trouble getting another loan because our score was still high, but it really irritated me! It counts against you to have no debt!
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Years back before I became a pastor I installed elevators. I blew my back out on the job and my wife was pregnant. I made plenty of money and had some in reserve. But it only lasts so long. We owed on everything and lost it all when I could no longer go back to work. Credit did not fix things it created the problem.
Where is the LIKE button???? :laugh:
The shop I worked at for 15 years closed their doors and moved to China and Brazil 8 years ago. It was one of the biggest employers in our town with over 600 employees. Because the job was outsourced, I was eligible to collect unemployment for 2 full years. A lot of folks I worked with took advantage of this and collected the full time. I did not want to collect and went on a diligent search. It took me awhile, but I was able to get a good job. I was without work for 4 weeks altogether.
I had sent out so many resumes that I got about a dozen job offers in the next two years. I stayed where I was and am still there.
I know it can be difficult, the only advice I can give a person is just keep applying for as many jobs as possible.
It is like the old saying we had back when I was a salesman;
If you throw enough spaghetti against the wall, some of it is bound to stick! :laugh:
EXACTLY... That also would get in the way of my evangelism an no way in the world that is gonna happen.
Since you are so financially well off perhaps you could donate to someone whom is unemployed at this time so he could get out of debt.
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