Topic: Yay! No more Discover Card!

[UncleBob]

Whoo!  By the end of the day (when my payment goes through) my Discover Card will be paid off!  Whoo!  Only two more cards to go!  Yay!

You know, Nintendo... If I didn't keep spending my money on your crap, I could use that money to help pay off my credit cards.

[Ceric]

You paid your Discover off at Sears right right....

[UncleBob]

Eh?  no, I paid it online....

[nitsu niflheim]

I have 4 credit cards so I spread my stuff around.  I know when the periods start and end and use that to my advantage when I order stuff.

[BlackNMild2k1]

Quote
Originally posted by: UncleBob
Whoo!  By the end of the day (when my payment goes through) my Discover Card will be paid off!  Whoo!  Only two more cards to go!  Yay!

I share this same joy with you as of yesterday afternoon. After I forget how many years I finally paid off my Discovercard and my American express (well there is less that $50 on either so its close enough) & today I paid off John Muir.

Now I only have two more cards and Toyota to go!!!! I finally feel like I am making progress, it is such a good feeling.

[EasyCure]

i paid off my house in only a few hours!!!

but im talking about animal crossing. i don't have any credit cards because i'd be too afraid of buying every nintendo product put in front of my face.

congrats to both of you, i could probably never do what you've done

[ShyGuy]

Yeah, Paying off credit cards is great. I subscribe to the Dave Ramsey method of personal finance.

[UncleBob]

I listen to Mr. Ramsey... but I don't follow his advice as much as I should.

[BlackNMild2k1]

Quote
Originally posted by: ShyGuy
Yeah, Paying off credit cards is great. I subscribe to the Dave Ramsey method of personal finance.

What is this method of personal finance that you speak of?

[ShyGuy]

Dave Ramsey is a radio host and author, he wrote a book called Financial Peace.

Let's see if I can remember it all. basically, you go through several steps.

1.You get mad enough to do something about it.
2.You put away enough money for an emergency fund.
3.You start paying as much as possible on your highest interest rate debt, paying minimum on the other debts.
4. After you pay off one debt, you move on to the next one in priority list, and repeat step 3.
5. Eventually you get it down to the largest debt (mortage, student loan) and you put all your payment money towards it.
6. After you are debt free, you save cash to make your other purchase, rather than putting them on credit cards or taking out a loan.

[Ceric]

He gives good advice but I can't really stand the man sometimes.  He just reminds me of Televangelists to much.  If you want to get out of debt his steps are about as good as any.  It makes sound sense and it's been proven.

[matt oz]

He sounds the same as Suze Orman.  She expounds the same advice as every other financial "expert," but since she's charismatic and somewhat attractive, she gets TV shows and infomercials and Emmys and everything.  (Supposedly, she's the most powerful lesbian in New York, but I don't know if that's true).

Anyway, I only have one credit card, with a rather low credit line, and I pay off my balance in full every month.  I've never once paid any interest on anything I've bought, which is good for me, but bad for the CC company, because they don't make any money from me.  But they keep raising my limit in the hopes that I'll spend more and more.

[vudu]

They make money off of you.  When you pay for something with a credit card MC and Visa take something like 1.9% off the total.  Discover takes slightly less, if memory serves.  American Express takes more (which is why lots of stores don't take American Express).

So they make money off of you; just not as much as if you had to pay interest.

[couchmonkey]

I get money back from the CC company.  They're probably still making a profit in the end, but whatever, I love that money back card.  My only debt is my big 'ol mortgage.

Edit: Congratulations Unclebob!

[UltimatePartyBear]

They wouldn't have those cash-back programs if they didn't make money off of them.  Those programs are to encourage you to make all your purchases with the card so that they'll get more money from transaction fees.