I am amazed at all the negative talk about credit cards and debt, while so many 'authorities' are predicting a cashless society.... If debt is bad now, it would become horrendous in that situation. I pay off CC's at the end of the month... and use them as little as possible. I deal in cash for most transactions encountered daily, weekly. Yes, I carry cash. No, I do not worry... Cheers, RickO
Yes one should sell off the coins. It’s not like they are going up 10 pct per week. At best these days they are a sch c tax write off.
I think someone w lots debt could sell coins off, put a dent in the debt or pay off, and likely get coins cheaper later on. The overall trend of the market is in that direction. You can only go to same well so many times. I myself want downsize to around 60 slabs vs 200 but that’s keeping the best material.
So if u have debt prob:
Plan A total across aboard cc debt default (Nuke them): Some of them u may be able beat them out of it - state sol. Others settle 25c on dollar. Plan B liquidate the coins, plan C liquidate some portion of the coins relieve some of the pressure.
If the debt becomes such a problem you can’t make the payments / or forced to give up sugar baby - Plan A especially if u need what make off the coins to eat.
@MrEureka said:
But it’s ok to buy coins instead of paying down your mortgage, right?
You're comparing apples to oranges. Until recently, rates could be refinanced in the 3.5%-4.25% on a 30 year note and at the lower ~3.0% on a 15 year note. There is no comparison interest wise, and you could absolutely outperform that if you shopped wisely for coins. Moreover, mortgage debt does not have the catastrophic effect on your FICO score that high credit card balances would. In fact, mortgage debt is treated as "good debt" (if there is really such a thing).
@2dueces said:
27% is insane. They thought the mafia were crooks for charging 25%.
We purchased a new living room set interest free for 12 months but of course
it was on one of their credit cards. 29.9% and if you didn't pay the full balance
within a year you were charged all the balance interest which would have been around $800.
Of course I paid it off completely. So we purchased a 2nd living room set, (2 living rooms)
6 month interest free but I put $2500 down and financed $1000. Same deal but when
the balance was at $760 I looked at the terms
If I paid the minimum every month it would take 22 years to pay off $760!! 22 years. 22 years for $760.
Amazing.
It's smart of you to read the details of the offer. The furniture store was betting on the odds of you either not being clear on the details or just not considering them at all and just wanting furniture NOW and not thinking about the details.
Just a few years back the banks had to be forced by federal law to disclose this type of information on credit card statements in a fairly clear manner so a person (if they had the inclination) could consider the consequences of the poor financial decision to pay only MINIMUM payments.
I would say to get rid of the credit card(s) before selling coins.
there's only one problem......................I don't have any credit cards!!! I also don't wear any jewelry, have no tattoos and have never had a cell phone. my grown sons call me Old School.
Paying off a mortgage is a great idea since the bulk of the interest is paid within the first 10 years. For someone on year one of a $250k mortgage at 4%, you are probably paying $850 a month in just interest and about $300 towards principle. Even making extra payments improves that ratio a bit so that the bank isn't getting so much interest. With the new tax code, most won't be able to deduct mortgage interest anymore, so its a complete loss.
@MrEureka said:
But it’s ok to buy coins instead of paying down your mortgage, right?
You're comparing apples to oranges. Until recently, rates could be refinanced in the 3.5%-4.25% on a 30 year note and at the lower ~3.0% on a 15 year note. There is no comparison interest wise, and you could absolutely outperform that if you shopped wisely for coins. Moreover, mortgage debt does not have the catastrophic effect on your FICO score that high credit card balances would. In fact, mortgage debt is treated as "good debt" (if there is really such a thing).
I sure wish I could finance my coins at 3.5% a year!
But I agree, of course.
Andy Lustig
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
Using a credit card does not mean getting into credit card debt. Sure, you could overspend but as long as you spend only what you have on-hand, you'll wind up ahead with points/cash back/etc.
I haven't paid for groceries in years because I use credit card rewards points for them through gift cards.
Businesses generally don't give discounts when using cash (and in the UK at least, they now legally can't) so you're paying the extra ~3% anyway which is baked into the price. You may as well get as much back as possible.
Learn about our world's shared history told through the first millennium of coinage: Colosseo Collection
@keets said:
I would say to get rid of the credit card(s) before selling coins.
there's only one problem......................I don't have any credit cards!!! I also don't wear any jewelry, have no tattoos and have never had a cell phone. my grown sons call me Old School.
How do you book flights, hotel rooms, and rental cars?
@ricko said:
I am amazed at all the negative talk about credit cards and debt, while so many 'authorities' are predicting a cashless society.... If debt is bad now, it would become horrendous in that situation. I pay off CC's at the end of the month... and use them as little as possible. I deal in cash for most transactions encountered daily, weekly. Yes, I carry cash. No, I do not worry... Cheers, RickO
Credit cards are great as long as you learn to manage them and not have them manage you. Of course, cash does have its place.
@gtstang said:
I use credit cards for almost everything and pay it off at the end of each month so I can get "free" stuff at the end of the year for using my card.
@MrEureka said:
But it’s ok to buy coins instead of paying down your mortgage, right?
You're comparing apples to oranges. Until recently, rates could be refinanced in the 3.5%-4.25% on a 30 year note and at the lower ~3.0% on a 15 year note. There is no comparison interest wise, and you could absolutely outperform that if you shopped wisely for coins. Moreover, mortgage debt does not have the catastrophic effect on your FICO score that high credit card balances would. In fact, mortgage debt is treated as "good debt" (if there is really such a thing).
I sure wish I could finance my coins at 3.5% a year!
But I agree, of course.
I finance all my coins at 0.0%, am I paying to much interest?
@Cougar1978 said:
At recent club meeting many discussing liquidating part or all numismatic investment pay off credit card debt some with rates as high as 27 pct.
Driving this is summer slow season and concern over the market. Many devastated by Houston Oil Crash plus age bias in job search have still not recovered.
My take / advice downsize to 60 slabs (like roster of football team). Then review.
Sorry to hear that you went down the debt rabbit hole. If you had been listening to Dave Ramsey this would have never happened. Dave will change your spending habits, and your life.
Sell every asset you have (aside from house) to pay off the debt if necessary.
Baby Step 1 – $1,000 to start an Emergency Fund
Baby Step 2 – Pay off all debt using the Debt Snowball
Baby Step 3 – 3 to 6 months of expenses in savings
Baby Step 4 – Invest 15% of household income into Roth IRAs and pre-tax retirement
Baby Step 5 – College funding for children
Baby Step 6 – Pay off home early
Baby Step 7 – Build wealth and give
DEBT FREE and LOVING IT
Baby Step 7 here
Pilgrim Clock and Gift Shop.. Expert clock repair since 1844
Credit card debt is nuts. If you've got large debt, refinance. 27% is beyond insane. That's loan sharking levels of interest.
I haven't kept a balance in over 30 years. (That's not true. Once I transposed a couple of numbers on a check, and accidentally carried a balance. PO'd me to no end. Thank goodness for online banking. ) I even pay for my cars with cash. The last time I financed a car was in the late 80's.
That said, I looove my credit cards. I use them as much as humanly possible, but pay them off every month. I've gotten thousands back in perks and actual dollars.
Credit cards aren't the problem. Buying that new iPhone (or insert new trendy device of your choice) when you're already in debt is the problem...
For some people - what if debt exceeds cash / assets? Only income besides coins meager pension plus social? Age bias torpedoes any job. Only assets were his coins, car, trailer on piece property in Arizona desert plus $45 k cash in IRA. Divorce late in life cleaned him out. He was 65 and basically broke after promising job crashed due to failure of company just as he turned 65. He planned work there another 3 years. Post 65 career he said “ I had 5 crap jobs the best one was temp position that went 5 mo, fired off 2 after a week, another after 3 weeks, and walked off one after 3 weeks after blow up - pressing me do work of dept 5 people they let go. Small cheapo co gone from 120 people to 17. Agency told me I was only qualified person take it. What a lie. Uncanny bad luck? All excess micro- management age bias hostility. Nightmares, depression, drinking, anger at establishment. When your old and grey they don’t want you. Beware! Defaulting felt so good.”
This was the case w Jim (not his real name). Furthermore what he made off coins at shows he needed that money to eat / maintenance for 35 yo hot girl friend (seen her 10 yr). Selling off coins not an option for him.
He went w plan A (default). Eventually a couple of them sued him (others he beat them out of it state statue of limitations). The ones that sued him he got atty negotiate 25c on dollar payoff. Even if they got judgement they could not sweep pension / social from bank acct.
He did coin shows taking cash only. Great guy “I love coins and being Dealer my own boss can hold head up no getting jerked around. Market tough but will look up soon.”
@AUandAG said:
Debt is the reasons that gov'ts collapse, people divorce, jobs are lost and people fall into drug use.
Stay away from debt at all cost.
bob
Lol do you have a source that people into debt are more likely to fall into drug use? How can they buy drugs if they're broke? Rich people can have piles of cocaine and kill people with their vehicles. If they're a celebrity they get free rehab and TV spots for PSA's.
Many of the homeless in our community will tell you stories of falling on hard times and ending up losing everything or just walking away. Drug use is rampant in this community. Not all, for sure, but many are on street drugs. Where they get the money? They beg, steal and try every method known to man (selling themselves), etc.
In this case 2 + 2 = 4. No sources needed.
Azurescens Perhaps it is in your community as well?
@keets said:
I would say to get rid of the credit card(s) before selling coins.
there's only one problem......................I don't have any credit cards!!! I also don't wear any jewelry, have no tattoos and have never had a cell phone. my grown sons call me Old School.
This is me too!!!
bob
Registry: CC lowballs (boblindstrom), bobinvegas1989@yahoo.com
Buying coins is already a financial haircut in the short term. Buying coins with credit cards is like agreeing to pay 27% interest so that you can overpay for those coins by 20%. It is like two kicks in the nads' with steel toed boots (financially speaking).
I am in that boring group that doesn't carry cc debt. Nothing to brag about or feel superior about. I think that some people get into bad debt situations because of something like a health issue or a bad relative or something else that is not someone being money stupid.
Anyway, I am a lot more interested in those passionate collectors who have the stones to take out a second mortgage to buy the special coins -- I think Pittman was one and maybe Duckor also. Of course, only if the collector gets his spouse to buy into the program of course...
"Look up, old boy, and see what you get." -William Bonney.
@keets said:
I would say to get rid of the credit card(s) before selling coins.
there's only one problem......................I don't have any credit cards!!! I also don't wear any jewelry, have no tattoos and have never had a cell phone. my grown sons call me Old School.
How do you book flights, hotel rooms, and rental cars?
If you don't have the cash to buy something DON'T BUY IT. Drive an older car and put away whatever you can till you have enough to buy a better one. Live in a single room house and put away whatever you can until you can pay for it in cash. Credit cards are an anchor around you neck while you are trying to swim the English channel. Freedom is about doing and going when and where you want to go or do. You can't do that saddled with half a million in debt, locked into a job you hate but keep because your debt is too high. I have 6 debit cards because the FDIC only insures up to a set amount and I credit card because you can't rent a car in a city outside your state without a return plane ticket or a credit card and they don't accept a debit card and when I rent , when I return the car, I pay it with my debit card. If you have coins and are carrying a credit card balance, sell everything you have to to pay off that debt, there is no percentage ratio. Every coin I have ever bought, I negotiated at least a 20% discount by paying cash except for one and I would have paid any reasonable amount for that one because I just couldn't say no, and I still paid for that one in cash.
Bob Sr CEO Fieldtechs
How can something this obvious get so many replies?
"My friends who see my collection sometimes ask what something costs. I tell them and they are in awe at my stupidity." (Baccaruda, 12/03).I find it hard to believe that he (Trump) rushed to some hotel to meet girls of loose morals, although ours are undoubtedly the best in the world. (Putin 1/17) Gone but not forgotten. IGWT, Speedy, Bear, BigE, HokieFore, John Burns, Russ, TahoeDale, Dahlonega, Astrorat, Stewart Blay, Oldhoopster, Broadstruck, Ricko, Big Moose, Cardinal.
@keets said:
I would say to get rid of the credit card(s) before selling coins.
there's only one problem......................I don't have any credit cards!!! I also don't wear any jewelry, have no tattoos and have never had a cell phone. my grown sons call me Old School.
How do you book flights, hotel rooms, and rental cars?
Debit cards
Interesting. I tried that once and was told I couldn't use a debit card. There was something mentioned about insurance that covered the car that was provided by the credit card as a benefit to card holders.
It's funny how the Banks advertise "take advantage of great rates as low as 9.9% or 6.9% or whatever for the next 12 months" What?? THE RATE IS 0%. Who are you fooling?
ZERO PERCENT FOLKS!
Being fellow coin enthusiasts, I am sure most of you all know this, and make sound financial decisions.
The statistics on American debt are scary; and couple that with assets and retirement savings and you have a demographic disaster. Most numismatics I have bought can be sold with small losses at worst.
@keets said:
I would say to get rid of the credit card(s) before selling coins.
there's only one problem......................I don't have any credit cards!!! I also don't wear any jewelry, have no tattoos and have never had a cell phone. my grown sons call me Old School.
How do you book flights, hotel rooms, and rental cars?
Debit cards
Interesting. I tried that once and was told I couldn't use a debit card. There was something mentioned about insurance that covered the car that was provided by the credit card as a benefit to card holders.
My wife and I had no credit cards when we got married, and we went to honeymoon in Hawaii. Several people told us we would not be able to get hotels, cars, airline tickets, etc with just a debit card. They were wrong. I finally got my first credit card last year (Dave Ramsey would not approve) but I pay it off literally daily, lol. I get several hundred dollars a month for free in rewards with it.
There’s a difference between using a credit card responsibly and using it to pay for things that you can’t afford. I spend a few hundred thousand dollars a month on my card and get 2% back on all of it, so it’s really adds up.
Bottom line - If you can afford pay the card on time and decided to use cash/debit card instead you’re being foolish. If you’re using a credit card and can’t afford to pay it on time you’re being foolish as well.
@MACGE1 said:
There’s a difference between using a credit card responsibly and using it to pay for things that you can’t afford. I spend a few hundred thousand dollars a month on my card and get 2% back on all of it, so it’s really adds up.
Bottom line - If you can afford pay the card on time and decided to use cash/debit card instead you’re being foolish. If you’re using a credit card and can’t afford to pay it on time you’re being foolish as well.
Besides, it's a lot easier to dispute a charge with a CC than if it was on a debit card, or so I'm told.
There’s a difference between using a credit card responsibly and using it to pay for things that you can’t afford. I spend a few hundred thousand dollars a month on my card and get 2% back on all of it, so it’s really adds up.
Bottom line - If you can afford pay the card on time and decided to use cash/debit card instead you’re being foolish. If you’re using a credit card and can’t afford to pay it on time you’re being foolish as well.
I agree with you . If I was a coin dealer your the kind of collector I would want as a client !
I manage money. I earn money. I save money . I give away money. I collect money. I don’t love money . I do love the Lord God.
I will throw this out there and anyone who doesn’t do this and stays with using their debit card is costing themselves money, I use a Capital One MasterCard on EVERY PURCHASE I make, yes every purchase and earn 1.5% cash back on said every purchase, done cards offer 2% I think. I pay off the bill twice a month on my app that’s linked to my checking account. I used to be stubborn and pay cash, Debit card for everything and if needed a CC and pay it right off. Since I switched to capital one I’ve cashed out a few thousand dollars for swiping my card and taking 1 minute each time to pay it off with my app. And yes I would sell any valuables to pay off stupid high interest CC’s!
I use 2 credit cards daily one personnel and one business. They are auto paid 2 days before due and I keep no balance. I get points/cash back. I Drive an old beater car and truck I paid for in cash and will do so again I keep them 10 years and take great care of them mechanically don't care about the dents or dirt. I live in a modest condo the payment is well under rent in my market. I will have it paid off while I am still alive. My point is live within ones means. I have an 820 fico and use a tiny amount of available credit. Consolidate dept and pay off debt is the best course. Cut cable , starbucks, cook at home whatever else until your not in bondage to the bank. Sell the coins the stocks the extra junk at a yard sale , get another part time job etc pay down the high interest debt. Increase limits on the cards as you pay them down it will get your fico up and try to consolidate into a loan these can be decent APR's (many are not so read the fine fine print.)
@keets said:
I would say to get rid of the credit card(s) before selling coins.
there's only one problem......................I don't have any credit cards!!! I also don't wear any jewelry, have no tattoos and have never had a cell phone. my grown sons call me Old School.
How do you book flights, hotel rooms, and rental cars?
Debit cards
Interesting. I tried that once and was told I couldn't use a debit card. There was something mentioned about insurance that covered the car that was provided by the credit card as a benefit to card holders.
My wife and I had no credit cards when we got married, and we went to honeymoon in Hawaii. Several people told us we would not be able to get hotels, cars, airline tickets, etc with just a debit card. They were wrong. I finally got my first credit card last year (Dave Ramsey would not approve) but I pay it off literally daily, lol. I get several hundred dollars a month for free in rewards with it.
I like Dave and he does so much good for people and basically HAS to take the stance he takes but I definitely don't agree with him in two areas specifically. 1. You can safely use credit cards - he always cites studies that say people spend 15% more with credit cards compared to cash. I wouldn't be shocked if those were some seriously flawed studies, I know personally it doesn't matter how I pay I walk into a store with a list and leave with the items on the list. 2. Passing on a company match in a 401k to pay off debt instead is just wrong. Again I get why he takes the stance he does (it's easier for him to preach something black and white and leave gray areas out), you just cannot pass on free money. I wouldn't recommend it but you could even take the match, withdraw it from your 401k, pay the taxes and penalty and still be way ahead with free money to knock out the debt even faster. Passing on a match is insanity.
Agree with many posters here. Paying off credit cards every month is the only sound way to go. If you own coins of more than nominal value, and carry credit card debt, that is a mistake.
@AUandAG said:
If I ever use my CC's it's with the understanding that I have a plan to pay them off within a reasonable length of time. If I am not able to do as I think, then it's time to sell whatever is needed to pay them off in full.
Debt is the reasons that gov'ts collapse, people divorce, jobs are lost and people fall into drug use.
Stay away from debt at all cost.
For those of you receiving 1.5% to 2% cash back on your CC purchases, and paying your balance each month, great! You are scoring, while the CC companies are breaking even, while they charge the merchants that 1.5% to 2%.
I have one better, its called a "Cash Discount" and if you don't think I receive a much bigger discount than 2% on many larger purchases, think again! I always ask for a cash discount. Anyone here ever try buying a new car with a Credit Card? How about buying a rare coin? Most dealers will accept a CC, but the price sure isn't the same.
@Kenneth1830 said:
For those of you receiving 1.5% to 2% cash back on your CC purchases, and paying your balance each month, great! You are scoring, while the CC companies are breaking even, while they charge the merchants that 1.5% to 2%.
I have one better, its called a "Cash Discount" and if you don't think I receive a much bigger discount than 2% on many larger purchases, think again! I always ask for a cash discount. Anyone here ever try buying a new car with a Credit Card? How about buying a rare coin? Most dealers will accept a CC, but the price sure isn't the same.
When’s the last time you got a cash discount at a restaurant or the mall?
Good luck buying a new car with greenbacks. Money laundering?
Comments
Yep. Nothing sucks quite as much as paying for the past. Good money habits will keep people out of those situations.
...
If we were all the same, the world would be an incredibly boring place.
Tommy
But it’s ok to buy coins instead of paying down your mortgage, right?
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
I am amazed at all the negative talk about credit cards and debt, while so many 'authorities' are predicting a cashless society.... If debt is bad now, it would become horrendous in that situation. I pay off CC's at the end of the month... and use them as little as possible. I deal in cash for most transactions encountered daily, weekly. Yes, I carry cash. No, I do not worry...
Cheers, RickO
Yes one should sell off the coins. It’s not like they are going up 10 pct per week. At best these days they are a sch c tax write off.
I think someone w lots debt could sell coins off, put a dent in the debt or pay off, and likely get coins cheaper later on. The overall trend of the market is in that direction. You can only go to same well so many times. I myself want downsize to around 60 slabs vs 200 but that’s keeping the best material.
So if u have debt prob:
Plan A total across aboard cc debt default (Nuke them): Some of them u may be able beat them out of it - state sol. Others settle 25c on dollar. Plan B liquidate the coins, plan C liquidate some portion of the coins relieve some of the pressure.
If the debt becomes such a problem you can’t make the payments / or forced to give up sugar baby - Plan A especially if u need what make off the coins to eat.
I went from over 200 slabs down to 48. Wasn’t easy......
I use credit cards for almost everything and pay it off at the end of each month so I can get "free" stuff at the end of the year for using my card.
You're comparing apples to oranges. Until recently, rates could be refinanced in the 3.5%-4.25% on a 30 year note and at the lower ~3.0% on a 15 year note. There is no comparison interest wise, and you could absolutely outperform that if you shopped wisely for coins. Moreover, mortgage debt does not have the catastrophic effect on your FICO score that high credit card balances would. In fact, mortgage debt is treated as "good debt" (if there is really such a thing).
It's smart of you to read the details of the offer. The furniture store was betting on the odds of you either not being clear on the details or just not considering them at all and just wanting furniture NOW and not thinking about the details.
Just a few years back the banks had to be forced by federal law to disclose this type of information on credit card statements in a fairly clear manner so a person (if they had the inclination) could consider the consequences of the poor financial decision to pay only MINIMUM payments.
I would say to get rid of the credit card(s) before selling coins.
there's only one problem......................I don't have any credit cards!!! I also don't wear any jewelry, have no tattoos and have never had a cell phone. my grown sons call me Old School.
Paying off a mortgage is a great idea since the bulk of the interest is paid within the first 10 years. For someone on year one of a $250k mortgage at 4%, you are probably paying $850 a month in just interest and about $300 towards principle. Even making extra payments improves that ratio a bit so that the bank isn't getting so much interest. With the new tax code, most won't be able to deduct mortgage interest anymore, so its a complete loss.
I sure wish I could finance my coins at 3.5% a year!
But I agree, of course.
Doggedly collecting coins of the Central American Republic.
Visit the Society of US Pattern Collectors at USPatterns.com.
debt free is the way to be.
Best place to buy !
Bronze Associate member
Using a credit card does not mean getting into credit card debt. Sure, you could overspend but as long as you spend only what you have on-hand, you'll wind up ahead with points/cash back/etc.
I haven't paid for groceries in years because I use credit card rewards points for them through gift cards.
Businesses generally don't give discounts when using cash (and in the UK at least, they now legally can't) so you're paying the extra ~3% anyway which is baked into the price. You may as well get as much back as possible.
How do you book flights, hotel rooms, and rental cars?
Why? The purpose is to inform/educate. Just be selective and not reveal personal info.
Credit cards are great as long as you learn to manage them and not have them manage you. Of course, cash does have its place.
/\
This!
I finance all my coins at 0.0%, am I paying to much interest?
DEBT FREE and LOVING IT
Baby Step 7 here
Menomonee Falls Wisconsin USA
http://www.pcgs.com/SetRegistr...dset.aspx?s=68269&ac=1">Musky 1861 Mint Set
Credit card debt is nuts. If you've got large debt, refinance. 27% is beyond insane. That's loan sharking levels of interest.
I haven't kept a balance in over 30 years. (That's not true. Once I transposed a couple of numbers on a check, and accidentally carried a balance. PO'd me to no end. Thank goodness for online banking.
) I even pay for my cars with cash. The last time I financed a car was in the late 80's.
That said, I looove my credit cards. I use them as much as humanly possible, but pay them off every month. I've gotten thousands back in perks and actual dollars.
Credit cards aren't the problem. Buying that new iPhone (or insert new trendy device of your choice) when you're already in debt is the problem...
For some people - what if debt exceeds cash / assets? Only income besides coins meager pension plus social? Age bias torpedoes any job. Only assets were his coins, car, trailer on piece property in Arizona desert plus $45 k cash in IRA. Divorce late in life cleaned him out. He was 65 and basically broke after promising job crashed due to failure of company just as he turned 65. He planned work there another 3 years. Post 65 career he said “ I had 5 crap jobs the best one was temp position that went 5 mo, fired off 2 after a week, another after 3 weeks, and walked off one after 3 weeks after blow up - pressing me do work of dept 5 people they let go. Small cheapo co gone from 120 people to 17. Agency told me I was only qualified person take it. What a lie. Uncanny bad luck? All excess micro- management age bias hostility. Nightmares, depression, drinking, anger at establishment. When your old and grey they don’t want you. Beware! Defaulting felt so good.”
This was the case w Jim (not his real name). Furthermore what he made off coins at shows he needed that money to eat / maintenance for 35 yo hot girl friend (seen her 10 yr). Selling off coins not an option for him.
He went w plan A (default). Eventually a couple of them sued him (others he beat them out of it state statue of limitations). The ones that sued him he got atty negotiate 25c on dollar payoff. Even if they got judgement they could not sweep pension / social from bank acct.
He did coin shows taking cash only. Great guy “I love coins and being Dealer my own boss can hold head up no getting jerked around. Market tough but will look up soon.”
Lol do you have a source that people into debt are more likely to fall into drug use? How can they buy drugs if they're broke? Rich people can have piles of cocaine and kill people with their vehicles. If they're a celebrity they get free rehab and TV spots for PSA's.
Many of the homeless in our community will tell you stories of falling on hard times and ending up losing everything or just walking away. Drug use is rampant in this community. Not all, for sure, but many are on street drugs. Where they get the money? They beg, steal and try every method known to man (selling themselves), etc.
In this case 2 + 2 = 4. No sources needed.
Azurescens Perhaps it is in your community as well?
bob
PS: here is a Gov't source if you need it: http://www.nationalhomeless.org/factsheets/addiction.pdf
This is me too!!!
bob
Buying coins is already a financial haircut in the short term. Buying coins with credit cards is like agreeing to pay 27% interest so that you can overpay for those coins by 20%. It is like two kicks in the nads' with steel toed boots (financially speaking).
I am in that boring group that doesn't carry cc debt. Nothing to brag about or feel superior about. I think that some people get into bad debt situations because of something like a health issue or a bad relative or something else that is not someone being money stupid.
Anyway, I am a lot more interested in those passionate collectors who have the stones to take out a second mortgage to buy the special coins -- I think Pittman was one and maybe Duckor also. Of course, only if the collector gets his spouse to buy into the program of course...
"Look up, old boy, and see what you get." -William Bonney.
Debit cards
If you don't have the cash to buy something DON'T BUY IT. Drive an older car and put away whatever you can till you have enough to buy a better one. Live in a single room house and put away whatever you can until you can pay for it in cash. Credit cards are an anchor around you neck while you are trying to swim the English channel. Freedom is about doing and going when and where you want to go or do. You can't do that saddled with half a million in debt, locked into a job you hate but keep because your debt is too high. I have 6 debit cards because the FDIC only insures up to a set amount and I credit card because you can't rent a car in a city outside your state without a return plane ticket or a credit card and they don't accept a debit card and when I rent , when I return the car, I pay it with my debit card. If you have coins and are carrying a credit card balance, sell everything you have to to pay off that debt, there is no percentage ratio. Every coin I have ever bought, I negotiated at least a 20% discount by paying cash except for one and I would have paid any reasonable amount for that one because I just couldn't say no, and I still paid for that one in cash.
Bob Sr CEO Fieldtechs
How can something this obvious get so many replies?
Interesting. I tried that once and was told I couldn't use a debit card. There was something mentioned about insurance that covered the car that was provided by the credit card as a benefit to card holders.
Credit Card debt is for fools, PERIOD.
It's funny how the Banks advertise "take advantage of great rates as low as 9.9% or 6.9% or whatever for the next 12 months" What?? THE RATE IS 0%. Who are you fooling?
ZERO PERCENT FOLKS!
Being fellow coin enthusiasts, I am sure most of you all know this, and make sound financial decisions.
The statistics on American debt are scary; and couple that with assets and retirement savings and you have a demographic disaster. Most numismatics I have bought can be sold with small losses at worst.
My wife and I had no credit cards when we got married, and we went to honeymoon in Hawaii. Several people told us we would not be able to get hotels, cars, airline tickets, etc with just a debit card. They were wrong. I finally got my first credit card last year (Dave Ramsey would not approve) but I pay it off literally daily, lol. I get several hundred dollars a month for free in rewards with it.
There’s a difference between using a credit card responsibly and using it to pay for things that you can’t afford. I spend a few hundred thousand dollars a month on my card and get 2% back on all of it, so it’s really adds up.
Bottom line - If you can afford pay the card on time and decided to use cash/debit card instead you’re being foolish. If you’re using a credit card and can’t afford to pay it on time you’re being foolish as well.
Besides, it's a lot easier to dispute a charge with a CC than if it was on a debit card, or so I'm told.
I> @MACGE1 said:
I agree with you . If I was a coin dealer your the kind of collector I would want as a client !
I give away money. I collect money.
I don’t love money . I do love the Lord God.
I will throw this out there and anyone who doesn’t do this and stays with using their debit card is costing themselves money, I use a Capital One MasterCard on EVERY PURCHASE I make, yes every purchase and earn 1.5% cash back on said every purchase, done cards offer 2% I think. I pay off the bill twice a month on my app that’s linked to my checking account. I used to be stubborn and pay cash, Debit card for everything and if needed a CC and pay it right off. Since I switched to capital one I’ve cashed out a few thousand dollars for swiping my card and taking 1 minute each time to pay it off with my app. And yes I would sell any valuables to pay off stupid high interest CC’s!
I use 2 credit cards daily one personnel and one business. They are auto paid 2 days before due and I keep no balance. I get points/cash back. I Drive an old beater car and truck I paid for in cash and will do so again I keep them 10 years and take great care of them mechanically don't care about the dents or dirt. I live in a modest condo the payment is well under rent in my market. I will have it paid off while I am still alive. My point is live within ones means. I have an 820 fico and use a tiny amount of available credit. Consolidate dept and pay off debt is the best course. Cut cable , starbucks, cook at home whatever else until your not in bondage to the bank. Sell the coins the stocks the extra junk at a yard sale , get another part time job etc pay down the high interest debt. Increase limits on the cards as you pay them down it will get your fico up and try to consolidate into a loan these can be decent APR's (many are not so read the fine fine print.)
My Bank of America CC reward points are rolled into a Merrill-Lynch brokerage account for which I get a 10% match.
I like Dave and he does so much good for people and basically HAS to take the stance he takes but I definitely don't agree with him in two areas specifically. 1. You can safely use credit cards - he always cites studies that say people spend 15% more with credit cards compared to cash. I wouldn't be shocked if those were some seriously flawed studies, I know personally it doesn't matter how I pay I walk into a store with a list and leave with the items on the list. 2. Passing on a company match in a 401k to pay off debt instead is just wrong. Again I get why he takes the stance he does (it's easier for him to preach something black and white and leave gray areas out), you just cannot pass on free money. I wouldn't recommend it but you could even take the match, withdraw it from your 401k, pay the taxes and penalty and still be way ahead with free money to knock out the debt even faster. Passing on a match is insanity.
Agree with many posters here. Paying off credit cards every month is the only sound way to go. If you own coins of more than nominal value, and carry credit card debt, that is a mistake.
I fully agree, AUandAG. Debt=slavery.
For those of you receiving 1.5% to 2% cash back on your CC purchases, and paying your balance each month, great! You are scoring, while the CC companies are breaking even, while they charge the merchants that 1.5% to 2%.
I have one better, its called a "Cash Discount" and if you don't think I receive a much bigger discount than 2% on many larger purchases, think again! I always ask for a cash discount. Anyone here ever try buying a new car with a Credit Card? How about buying a rare coin? Most dealers will accept a CC, but the price sure isn't the same.
When’s the last time you got a cash discount at a restaurant or the mall?
Good luck buying a new car with greenbacks. Money laundering?
I don't bother asking for cash discounts at restaurants. Just big ticket items where the cash discount is substantial.
The 1.5% CC Cash back on a $50 restaurant bill is only 75 cents, and we are not talking about three 1921 Standing Liberty Quarters.
Cash is still King!