Scholarship table
Why I spend time on MUScoop.
Agree with Cheeks on this one. Wife and I take out cash at the beginning of every month and only use cards in emergency. Helps us stay on budget.
My wife and I pay with credit card for pretty much everything (gas, groceries, eating out, etc) and have for basically our whole adult lives (25-30 years). I rarely have $40 or more of cash in my wallet. We've also never not paid off a monthly credit card bill in that time. In fact, I have no idea what the interest rate has been on any credit card I've ever had because I've never paid any.I think of it as a badge of honor now.
This is an intelligent way to pay for those who are most comfortable with this kind of budgeting system. Also, if one is prone to forget to pay credit-card bills, as apparently is the case with chicos, one shouldn't use credit cards. The fees and interest are astronomical on most of them.However, for those without these problems, it's hard to beat the convenience of paying with credit cards. I carry less than $10 in cash and use CCs almost exclusively. In four decades as a card-carrying adult, I have never once failed to pay the bill at the end of the month. Credit cards help me budget, because at the end of the month I have a record of exactly where and how I spent our money. At the end of the year, each CC provides an annual statement on how we spent money.If any kind of fraud situation pops up, the bank associated with the credit card can advocate for the card-holder; if one pays cash, tough luck. Many CC double the length of product warranties. Many other benefits, too. Meanwhile, I get points for travel and/or cash back, depending on the card.It's one of those things in which there is no "right" or "wrong" answer, and I totally get why some use cash.And as chicos said, there are people out there who for whatever reason do not have access to credit cards.
I’m not prone to forget, I’m saying it is easier. I pay my bills each and every month, but what I hear from customers and research of customers all the time is they forgot about the bill, it was in their email, etc, etc.Note that in states like Pennsylvania and Massachusetts it is required by law to have a non credit card payment option.
Despite all of this, I *still* keep a written log in my checkbook. Which my kids think is hilarious.
You are smart and disciplined, way too many people are not. Even worse now with people getting their bills emailed to them instead of paper. Companies beg people to go to auto bill pay and credit card companies in turn do the same. Less scrutiny, people don’t pay attention as much. But good for you, as you have it down pat.... your fellow Americans not so much.
Wow, I'm very concerned for Benny. Being able to mimic Myron Medcalf's writing so closely implies an oncoming case of dementia.
So wait a second.... you’re taking the side of the people who aren’t smart and disciplined?!? Who are you and what have you done with chicos?
You realize that you are flushing a portion of that cash down the toilet every month, right?
TAMUI do know, Newsie is right on you knowing ball.
When you use a credit card to pay for things, it is essentially a free loan of one to two months. Provided you pay the card off in full, you can keep your cash in something interest bearing until you have to pay off the card.
I honestly have no idea what you are talking about.
What about factoring in credit card fees (yes, many don’t have them).At any rate, here’s the psychology of it all and why cc is good sometimes, cash good other times.https://www.psychologytoday.com/us/blog/the-science-behind-behavior/201607/does-it-matter-whether-you-pay-cash-or-credit-card
I've always kinda stared blankly at banks that talk about eliminating fees on checking accounts and credit cards. I've never paid a fee for either.
We've also never not paid off a monthly credit card bill in that time. In fact, I have no idea what the interest rate has been on any credit card I've ever had because I've never paid any.I think of it as a badge of honor now.
This topic came up at work a few weeks ago and I mentioned how I have never paid interest on a credit card. The two guys first looked at dumbfounded then it was like they were in awe. I honestly didn't realize that we were so abnormal.