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The Terminator
Terminator Talk
American muscle Bill me Later?
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<blockquote data-quote="CobraBob" data-source="post: 10072306" data-attributes="member: 6727"><p>Yes, that is a big key. But you'd be surprised at how many people lack in responsibility. As a society when we want something we find a way to acquire it. Waiting is a difficult option when there is a means being dangled in front of you. One of the reasons why credit cards and Bill-Me-Later financing are attractive and used so much. I have only used one of these "pay it over time with no interest" programs a couple of times in the last 10 years. I really do resist using them. That's because back in 2000 I made a decision to only have two credit cards and I absolutely always pay them in full each month. Haven't had a finance charge in over 10 years. And I won't change that. If I can't pay for it in 30 days I either live without it or save for it. I don't think American Express and MasterCard like me very much. I don't even pay for the cards. Neither have annual fees. And I even get money back on the Amex. LOL! </p><p></p><p>The larger the amount financed, the more careful you need to be with projecting your monthly payments beyond 3-6 months. As noted above, things could change (like losing your job or having to take a pay cut) where you might no longer have the money to pay the loan off. Or you might have an unexpected emergency expense (like a home repair) that pushes your neat budget out the window. Assuming you don't have a sufficient amount of liquid funds to handle it. And you absolutely don't want your credit rating tarnished.</p></blockquote><p></p>
[QUOTE="CobraBob, post: 10072306, member: 6727"] Yes, that is a big key. But you'd be surprised at how many people lack in responsibility. As a society when we want something we find a way to acquire it. Waiting is a difficult option when there is a means being dangled in front of you. One of the reasons why credit cards and Bill-Me-Later financing are attractive and used so much. I have only used one of these "pay it over time with no interest" programs a couple of times in the last 10 years. I really do resist using them. That's because back in 2000 I made a decision to only have two credit cards and I absolutely always pay them in full each month. Haven't had a finance charge in over 10 years. And I won't change that. If I can't pay for it in 30 days I either live without it or save for it. I don't think American Express and MasterCard like me very much. I don't even pay for the cards. Neither have annual fees. And I even get money back on the Amex. LOL! The larger the amount financed, the more careful you need to be with projecting your monthly payments beyond 3-6 months. As noted above, things could change (like losing your job or having to take a pay cut) where you might no longer have the money to pay the loan off. Or you might have an unexpected emergency expense (like a home repair) that pushes your neat budget out the window. Assuming you don't have a sufficient amount of liquid funds to handle it. And you absolutely don't want your credit rating tarnished. [/QUOTE]
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