What % do you think people buy COINS with credit cards and don't?
YaHa
Posts: 4,220 ✭
I just read on MSN news about Credit crunch is happening now and will get tighter later on.
Also since the new bankrupty law was put in law. The average amount of credit debt was $61,000 a person that people filed using chapter 7, yes $61,000.
See that's what turns my freakin stomach when these little rats that think they are more educated then others, have their expensive leases driving beamers and cool styled Mecedes. They are the ones that are going belly up and hurting the investors and banks.
Now the mortage issue is a different ball game. Many people that couldn't afford the home they bought in the first place made the mess we see now. Credit Card limits are a totally different story.
So I will probably not get any truthful answers on this thread but give me a percentage of coin collectors you think that are buying coins on credit cards and not paying them off each month after their purchase.
I would say it has to be at least 70%+.
Beware people although coin values will be solid in the years to come, many small coin collectors might be ousted because of credit card companies cutting credit limits or raising intrest rates and many people won't have the money to buy bargains or steals in the coin hobby. It looks gloomy.
Also since the new bankrupty law was put in law. The average amount of credit debt was $61,000 a person that people filed using chapter 7, yes $61,000.
See that's what turns my freakin stomach when these little rats that think they are more educated then others, have their expensive leases driving beamers and cool styled Mecedes. They are the ones that are going belly up and hurting the investors and banks.
Now the mortage issue is a different ball game. Many people that couldn't afford the home they bought in the first place made the mess we see now. Credit Card limits are a totally different story.
So I will probably not get any truthful answers on this thread but give me a percentage of coin collectors you think that are buying coins on credit cards and not paying them off each month after their purchase.
I would say it has to be at least 70%+.
Beware people although coin values will be solid in the years to come, many small coin collectors might be ousted because of credit card companies cutting credit limits or raising intrest rates and many people won't have the money to buy bargains or steals in the coin hobby. It looks gloomy.
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The gov might bailout the banks with bad credit card losses but she will still owe them 25K plus interest.
LOL
<< <i>I just read on MSN news about Credit crunch is happening now and will get tighter later on.
Also since the new bankrupty law was put in law. The average amount of credit debt was $61,000 a person that people filed using chapter 7, yes $61,000.
See that's what turns my freakin stomach when these little rats that think they are more educated then others, have their expensive leases driving beamers and cool styled Mecedes. They are the ones that are going belly up and hurting the investors and banks.
Now the mortage issue is a different ball game. Many people that couldn't afford the home they bought in the first place made the mess we see now. Credit Card limits are a totally different story.
So I will probably not get any truthful answers on this thread but give me a percentage of coin collectors you think that are buying coins on credit cards and not paying them off each month after their purchase.
I would say it has to be at least 70%+.
Beware people although coin values will be solid in the years to come, many small coin collectors might be ousted because of credit card companies cutting credit limits or raising intrest rates and many people won't have the money to buy bargains or steals in the coin hobby. It looks gloomy. >>
How is a mortgage that you can't afford any different from credit card debt acquired buying things you can't afford? Both are examples of people attempting to live beyond their means. I see no difference.
I would be shocked if 70% of coin collectors buy coins that they can't afford using credit cards. I would guess closer to 7% than 70%. I feel kind of like I'm on card sharks - "People do use credit cards a lot, but 70 seems like a high number, I'm going to have to go lower, Bob"
edited for spelling
merse
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
I never carry a balance.
Approximately 40 percent of credit card users paid their balance in full every month in 2006 (Source: Federal Reserve Bank of Philadelphia).
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Consider the family who has a serious medical emergency. They drain their savings, spend to their credit limit to deal with the care and comfort of a loved one; all upon the promise that insurance will pay. Then the insurance company drives a truck through a loophole they made in their own rules, denying any payment. Spiraling health care costs are the #1 cause of bankruptcy I believe, not purchasing BMWs.
Sure, there are folks who spend irresponsibly. Then there are folks who were literally eaten up and spat out by the system. And of course there are folks who are part of the former camp who claim the latter...the ones who are irresponsible who also blame the system. Yep, that burns me up too.
But I don't lump them all together. Each case is different. That is why these hard problems are hard.
I charge most of my purchases to my credit cards, but I also pay them off so as to avoid or minimize interest.
I honestly do not think you can blame a 'coin bubble' on easy credit. It's not that simple. Actual riches + stupidity is more likely to cause a bubble. The Nouveau Riche who are clueless. They are not likely to be players for long.
Fighting the Fight for 11 Years with the big "C" - Never Ever Give Up!
Member PCGS Open Forum board 2002 - 2006 (closed end of 2006) Current board since 2006 Successful trades with many members, over the past two decades, never a bad deal.
<< <i>Yaha...you'd be surprised as to the % of consumers that pay off their cc debt every month. The last time I did a research on that it was over 50% ... I'll Google it & see if there are any new stats. >>
My wife and I pay everything we can with plastic because it's automatic withdrawal from out bank account,
at least for utilities.
We never incur interest charges and get a couple hundred a year from the CC company to boot.
JET
I collect all 20th century series except gold including those series that ended there.
OPA is your figure still around 50%
V has not done that well lately after their IPO
i have bought about half with CC the rest with checks....cc debt paid off each month
I use my Visa Check/debit card. I have 2 accts that I use for buying things like dinners, coins/paypal offshore betting acct. And have 1 major checking/savings acct for my bills and stuff like that. No chance for so bozo to steal my check card #s out of the gas pump like some people have had done in the last few weeks. It's a shame that if your bank acct gets wiped out by a thief you don't have any recourse of getting back your money because the bank says it didn't happen through their network it was stolen from an outside source like Safeway. You should sue Safeway, now this was on Glenn Beck the other night.
Furthermore I don't remember when the last time I had more than $50 cash in my wallet. I try to use my credit card like say from Bank Of America for my Tires, Dinners, and purchases that I know if something wrong I can call customer service and dispute the fraud. Again your bank won't protect you.
Thanks for sharing, I am just getting a little peed at the trustworthy ones that lose and I am one of them.
purchases in the last 12 to 18 months . Some were lots ,others single coins . Purchase amounts
were about $250 to $1000 dollars . I still owe on most of them . Some were not nessary purchases ,
others I figured I can sell for a profit , and one coin , I just had to have .
As a guess , I have paid a lot more for the coins , and if sold now , the sale would be less
than the purchase .
President, Racine Numismatic Society 2013-2014; Variety Resource Dimes; See 6/8/12 CDN for my article on Winged Liberty Dimes; Ebay
JH
Proof Buffalo Registry Set
Capped Bust Quarters Registry Set
Proof Walking Liberty Halves Registry Set
It is OK to use credit as long as you do not get in over your head. Banks used to make sure that you did not exceed 36% of your gross monthly income on debt payments to determine if you qualify for a mortgage. When they started making exceptions to these guidelines in order to allow anyone who wanted a house to buy one is where the trouble started.
Because I pay my bills on time, my cc limits keep getting raised to try to encourage me to spend more. But I don't because I know that I can't afford the payments. It helps my credit score because I have credit that I am not using, so I keep them open. Sometimes stores will offer an extra discount and 12 months no interest for taking their cc. So I sign up, save money and pay it off in the 12 months to avoid the interest (and I make payments each month even if not required to do so).
Self control and responsibility are still the key.
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<< <i>the cc companies get a slice from the merchant, about 3%,..... more with AMEX less w/debit cards. the cc money was made on people paying less than their full balance. i think many are just trying to live without and pay them down.
OPA is your figure still around 50%
V has not done that well lately after their IPO
i have bought about half with CC the rest with checks....cc debt paid
off each month >>
The latest figures I could find are for 2006.
Approximately 40 percent of credit card users paid their balance in full every month in 2006 (Source: Federal Reserve Bank of Philadelphia).
As expected, a bunch of disgustingly responsible replies!
Yet the law of averages say there must be some irresponsible credit-crazy members here, too...
It is true that the minority of those living outside of their means have made it tougher for the majority that don't.
<< <i>Keep in mind that as collectors, we are more likely to be in a fortunate financial position which allows us to not only purchase nice coins, but also possess the income stream to pay them off in full each month. The fact that so many here (myself included) charge many expenses and pay them off each month probably can't be extrapolated to represent the public at large, many of whom don't have financial position (or discipline) that would allow them to pursue a hobby like coin collecting. >>
Sounds like you know my 2 daughters!
JET
I collect all 20th century series except gold including those series that ended there.
<< <i>As expected, a bunch of disgustingly responsible replies!
Yet the law of averages say there must be some irresponsible credit-crazy members here, too...
It is true that the minority of those living outside of their means have made it tougher for the majority that don't. >>
If everybody stopped going is debt buying everything being manufactured, grown or mined,
the economy would REALLY grind to a stop. Think about it.
JET
I collect all 20th century series except gold including those series that ended there.