Debt Dumpers - 2018

If you didn't have credit card debt and were benefiting from accumulating rewards points by using credit cards, why the heck did you get rid of them? That is free money! Credit cards are not evil. They are a financial tool. Considering you own DVC, why not continue to rack up airline points by using a SW card for everyday purchases. I just don't understand the villanizing of credit cards mentality that Dave Ramsey pushes.
So, here's a quote from Dave Ramsey about that: "Anytime you’re using plastic, you have a tendency to spend more across the board—especially when you’re using a credit card."

I don't agree, simply, because I don't spend more because I can. I think it's a choice, depending on your habits. Some people can spend exactly what they want without going hog wild. Others have a card and the temptation is too much. IMO, Dave Ramsey errs on the side of the latter.

**Let me clarify: this is a recent development for me, and it certainly is not true for my DH. I look at the budget and the budget forecast for big expenditures. I don't mind buying nearly everything on CC and making weekly payments because I see it as cash payments. It's a lot of work on my side, but that's my choice.
 
So, here's a quote from Dave Ramsey about that: "Anytime you’re using plastic, you have a tendency to spend more across the board—especially when you’re using a credit card."

I don't agree, simply, because I don't spend more because I can. I think it's a choice, depending on your habits. Some people can spend exactly what they want without going hog wild. Others have a card and the temptation is too much. IMO, Dave Ramsey errs on the side of the latter.

**Let me clarify: this is a recent development for me, and it certainly is not true for my DH. I look at the budget and the budget forecast for big expenditures. I don't mind buying nearly everything on CC and making weekly payments because I see it as cash payments. It's a lot of work on my side, but that's my choice.
I use my credit cards like a debit card, so, if I don't have the money in my account at that time, I'm not buying the item. I normally pay my credit card bill every day, not once a month. It works for me. Now what DOES increase spending for me is the opening of NEW credit cards which require you to spend a certain amount by x date. I find that I DO spend more when I have this added pressure. To minimize this, I only open one card at a time, and I only open a card when I have a big bill to pay so I'm not spending frivolously to meet a minimum spending requirement. There are a few credit cards on the horizon that I want (SPG Biz), but no way can I meet the $7,000 spend requirement without overspending, so doesn't look like I'll be getting that card anytime soon.

I pay my cards daily to minimize the amount the creditor is reporting to the credit bureaus when my statement cuts. High utilization does affect your credit score.

Different strokes for different strokes, though. I don't begrudge anyone for spending their money in a way that works for them.
 
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I use my credit cards like a debit card, so, if I don't have the money in my account at that time, I'm not buying the item. I normally pay my credit card bill every day, not once a month. It works for me. Now what DOES increase spending for me is the opening of NEW credit cards which require you to spend a certain amount by x date. I find that I DO spend more when I have this added pressure. To minimize this, I only open one card at a time, and I only open a card when I have a big bill to pay so I'm not spending frivolously to meet a minimum spending requirement. There are a few credit cards on the horizon that I want (SPG Biz), but no way I can meet the $7,000 spend requirement without overspending, so doesn't look like I'll be getting that card anytime soon.

Different strokes for different strokes, though. I don't begrudge anyone for spending their money in a way that works for them.

This is pretty much how i use my credit card (except for right now with the new house, we've overspent a bit). We pretty much use our Southwest visa for everything, just because I want to rack up the airline miles. We switched from using our Costco cash back visa since I'd rather earn airline miles that we can use towards vacations. Not going to lie though, I will miss getting the cash back next year. We just used our $300 cash back at Costco over the weekend to stock up on meats.
 
This is pretty much how i use my credit card (except for right now with the new house, we've overspent a bit). We pretty much use our Southwest visa for everything, just because I want to rack up the airline miles. We switched from using our Costco cash back visa since I'd rather earn airline miles that we can use towards vacations. Not going to lie though, I will miss getting the cash back next year. We just used our $300 cash back at Costco over the weekend to stock up on meats.

To me it would depend which gives you a better cash back rate, you could use Costco travel if you still used that card. They have some great deals and usually have gift cards with purchase. Whatever works best for you.
 


We put everything on credit cards. But we don't overspend. If it isn't in the budget, then we generally don't buy it. And if I feel like it is something we need, then I find the money from somewhere else to cover the expense. YNAB makes it very easy for me to ensure that we aren't overspending. I can just check our budget right from the app before I make a purchase. No money? Then I put it back.

And since we never debt spend with our credit cards, I just pay them once per month. I pay the balance statement in full each month, but never more or less. I figure that the credit card is giving me a free 1 month loan and I get to reap the benefits of holding on to that money to earn the interest. And since we charge everything, I also get the benefit of the credit card points. As far as I am concerned, those points are free money. I haven't paid a dime of interest to Chase but I have gotten over $4000 in free travel since I got my Chase UR cards a little over a year ago.
 
This is pretty much how i use my credit card (except for right now with the new house, we've overspent a bit). We pretty much use our Southwest visa for everything, just because I want to rack up the airline miles. We switched from using our Costco cash back visa since I'd rather earn airline miles that we can use towards vacations. Not going to lie though, I will miss getting the cash back next year. We just used our $300 cash back at Costco over the weekend to stock up on meats.
I use a couple different cards depending on what I'm spending on. CFU for everyday purchases that don't code as travel, CSR for travel and dining and CF for the 5x categories. As you can see, I'm a big Chase fan..lol I'm currently working on a minimum spend for my Citi Premier, so everything is going on that card right now, however I am close to meeting the threshold and will go back "home" to Chase.
 
To me it would depend which gives you a better cash back rate, you could use Costco travel if you still used that card. They have some great deals and usually have gift cards with purchase. Whatever works best for you.

Totally! I still peruse the costco travel site, but it doesn't really apply to most of our vacations. Granted I could have used them for our upcoming cruise, but I think I got a better rate through carnival and their past guest offers. It definitely does depend though on what credit card is offering the best incentive.
 


I think once I get our debt down, I'll look more actively as to which CC to switch to for points/cashback. For now, it's just paying down and utilizing the cards I have. But it's nice to know that's going to be next year! :yay:
 
We use EveryDollar and that has been great for us to get a "live feed." I am not sure if we ever will got back to CCs, right now we are focused on paying our loans off. The debt snowball is working really well for us at the moment. Just so happens are largest loan is a 0% car loan, but I still want to pay that off.

I agree, different strokes for different folks. Whatever works for you, just as long as we support each other. I have come to believe that finances are like a diet. Everyone has their thing that works for them.
 
Are you headed down the shore this summer? We're doing Ocean City, MD instead of Ocean City, NJ :).

No. Dh isn't really a beach person (gasp! I almost debated to myself 24 yrs ago if I should still marry him due to this. lol)
Also I can't stand the traffic on weekends and my work only gives 1 week off in summer which is usually some place far away from NJ. My parents have a house off of Barnegat Bay. No beach very close but they like fishing & boating so we visit there a few times each summer and take day trips to Island Beach State Park. It's a short drive & perfect for when you just need a quickie beach day. :beach: :drinking1:lovestruc
Cruising works well for us because it gives me beach time that I crave and dh gets more entertainment than "just sitting on the beach which is like watching paint dry.":crazy: :rolleyes1

My brother LOVES OC, MD. Have a great time!
 
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No. Dh isn't really a beach person (gasp! I almost debated to myself 24 yrs ago if I should still marry him due to this. lol)
Also I can't stand the traffic on weekends and my work only gives 1 week off in summer which is usually some place far away from NJ. My parents have a house off of Barnegat Bay. No beach very close but they like fishing & boating so we visit there a few times each summer and take day trips to Island Beach State Park. It's a short drive & perfect for when you just need a quickie beach day. :beach: :drinking1:lovestruc
Cruising works well for us because it gives me beach time that I crave and dh gets more entertainment than "just sitting on the beach which is like watching paint dry.":crazy: :rolleyes1

My brother LOVES OC, MD. Have a great time!
Small world. I work inToms River. Barnegat is so close.
 
:offtopic::offtopic::offtopic::offtopic:

3 hours until I get off work and head out for Spring Break '18.

Taking mom to see Flower and Garden. I am excited and ready to go, but still have to wait 3 hours.

Can we tell I'm not being very productive today at work?

A trip to WDW is never off topic here! :) My friends are coming back today and said they've had really nice weather. Hope you have a great trip, give us some details when you get back!
 
One more full week of work and then we're off to Banff. I need to exchange some US Dollars for Canadian dollars and not sure how to go about it to get the best exchange rate. Wondering if I should just wait until we arrive and use a forex bureau in the airport or if I should change the money in the US. I'd like some local money for tips etc. We are on a tight schedule and arrive in Calgary around 6pm so not sure if any banks will be open when we arrive at our downtown hotel (Fairmont Palliser). Upon reading up on the issue, I see the best exchange rate one would get would be to use their US debit card to use an ATM. I hadn't planned to bring my debit card, though. Just my CSR and Platinum due to no forex fees. I'm going to cross-post this in the "I love credit card threads" also. Anyone have any feedback on what I should do?
 
One more full week of work and then we're off to Banff. I need to exchange some US Dollars for Canadian dollars and not sure how to go about it to get the best exchange rate. Wondering if I should just wait until we arrive and use a forex bureau in the airport or if I should change the money in the US. I'd like some local money for tips etc. We are on a tight schedule and arrive in Calgary around 6pm so not sure if any banks will be open when we arrive at our downtown hotel (Fairmont Palliser). Upon reading up on the issue, I see the best exchange rate one would get would be to use their US debit card to use an ATM. I hadn't planned to bring my debit card, though. Just my CSR and Platinum due to no forex fees. I'm going to cross-post this in the "I love credit card threads" also. Anyone have any feedback on what I should do?
The exchange places in the airport are the worst deal. If you need cash I recommend either getting some from your bank or using an ATM in Canada.
 
One more full week of work and then we're off to Banff. I need to exchange some US Dollars for Canadian dollars and not sure how to go about it to get the best exchange rate. Wondering if I should just wait until we arrive and use a forex bureau in the airport or if I should change the money in the US. I'd like some local money for tips etc. We are on a tight schedule and arrive in Calgary around 6pm so not sure if any banks will be open when we arrive at our downtown hotel (Fairmont Palliser). Upon reading up on the issue, I see the best exchange rate one would get would be to use their US debit card to use an ATM. I hadn't planned to bring my debit card, though. Just my CSR and Platinum due to no forex fees. I'm going to cross-post this in the "I love credit card threads" also. Anyone have any feedback on what I should do?

Do you need cash for anything specific? If not, I'd probably just use your CSR. Though I understand you might want to keep a couple dollars on you just in case.
 
The exchange places in the airport are the worst deal. If you need cash I recommend either getting some from your bank or using an ATM in Canada.
Thanks for the feedback. I guess I will check with Chase or PNC to see who has the best rates.
 

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