Comments on: Credit Cards and Guns http://cashmoneylife.com/2007/10/22/credit-cards-and-guns/ Your Money. Your Career. Your Life. Fri, 25 Jul 2008 19:33:55 +0000 http://wordpress.org/?v=abc By: credit cards are ok, like alcohol | plonkee money http://cashmoneylife.com/2007/10/22/credit-cards-and-guns/#comment-9273 credit cards are ok, like alcohol | plonkee money Thu, 19 Jun 2008 12:02:34 +0000 http://cashmoneylife.com/2007/10/22/credit-cards-and-guns/#comment-9273 [...] while ago, Patrick @ Cash Money Life wrote about how credit cards are like guns. Well, this English person doesn’t like guns in the slightest and willfully and deliberately [...] [...] while ago, Patrick @ Cash Money Life wrote about how credit cards are like guns. Well, this English person doesn’t like guns in the slightest and willfully and deliberately [...]

]]> By: Ron@TheWisdomJournal http://cashmoneylife.com/2007/10/22/credit-cards-and-guns/#comment-7337 Ron@TheWisdomJournal Sun, 20 Apr 2008 22:27:25 +0000 http://cashmoneylife.com/2007/10/22/credit-cards-and-guns/#comment-7337 Great analogy. As a little kid in the South, guns were always around. We were taught gun safety and no one I ever knew got hurt. We had many, even dozens, of guns and ammunition in the home. As a little kid, I was NEVER taught anything about credit, personal finance, debt, budgets, or anything of a financial nature. I had to learn all that on my own. I'm just glad it wasn't the other way around. ;) Great analogy.

As a little kid in the South, guns were always around. We were taught gun safety and no one I ever knew got hurt. We had many, even dozens, of guns and ammunition in the home.

As a little kid, I was NEVER taught anything about credit, personal finance, debt, budgets, or anything of a financial nature. I had to learn all that on my own.

I’m just glad it wasn’t the other way around. ;)

]]> By: Mike http://cashmoneylife.com/2007/10/22/credit-cards-and-guns/#comment-7278 Mike Fri, 18 Apr 2008 12:49:45 +0000 http://cashmoneylife.com/2007/10/22/credit-cards-and-guns/#comment-7278 I see where you are going with the post and I understand your point. I would probably go a step further and say that if used incorrectly credit cards could be liken to weapons of mass destruction (WMD). We now see the financial mushroom clouds caused by the misuse of credit cards and mortgages. I read somehwere that the next big financial problem will come from bad credit card debt...potentially worse than subprime... if that is possible. I hope not. I see where you are going with the post and I understand your point. I would probably go a step further and say that if used incorrectly credit cards could be liken to weapons of mass destruction (WMD). We now see the financial mushroom clouds caused by the misuse of credit cards and mortgages. I read somehwere that the next big financial problem will come from bad credit card debt…potentially worse than subprime… if that is possible. I hope not.

]]> By: Meet The M-Network: An Interview With Patrick From Cash Money Life. | My Two Dollars http://cashmoneylife.com/2007/10/22/credit-cards-and-guns/#comment-4933 Meet The M-Network: An Interview With Patrick From Cash Money Life. | My Two Dollars Wed, 30 Jan 2008 18:29:59 +0000 http://cashmoneylife.com/2007/10/22/credit-cards-and-guns/#comment-4933 [...] won’t be able to sustain you way of life, pay your bills, provide medical care, etc. Finally, Credit Cards and Guns. Credit cards and guns are both great tools with devastating powers of destruction if used [...] [...] won’t be able to sustain you way of life, pay your bills, provide medical care, etc. Finally, Credit Cards and Guns. Credit cards and guns are both great tools with devastating powers of destruction if used [...]

]]> By: Don’t Hate the Credit Card | My Dollar Plan http://cashmoneylife.com/2007/10/22/credit-cards-and-guns/#comment-3494 Don’t Hate the Credit Card | My Dollar Plan Mon, 07 Jan 2008 15:57:33 +0000 http://cashmoneylife.com/2007/10/22/credit-cards-and-guns/#comment-3494 [...] for disaster. But like all vices, you can’t fault the credit card. Cash Money Life compared Credit Cards and Guns linking the common denominator: [...] [...] for disaster. But like all vices, you can’t fault the credit card. Cash Money Life compared Credit Cards and Guns linking the common denominator: [...]

]]> By: Best Personal Finance Articles 4 Nov 2007 http://cashmoneylife.com/2007/10/22/credit-cards-and-guns/#comment-2232 Best Personal Finance Articles 4 Nov 2007 Sat, 03 Nov 2007 22:02:00 +0000 http://cashmoneylife.com/2007/10/22/credit-cards-and-guns/#comment-2232 [...] Credit Cards and Guns @ Cash Money Life [...] [...] Credit Cards and Guns @ Cash Money Life [...]

]]> By: Credit cards don't cause misery; people do - Smart Spending http://cashmoneylife.com/2007/10/22/credit-cards-and-guns/#comment-2197 Credit cards don't cause misery; people do - Smart Spending Thu, 01 Nov 2007 20:25:23 +0000 http://cashmoneylife.com/2007/10/22/credit-cards-and-guns/#comment-2197 [...] and credit cards have things in common, writes Patrick at Cash Money Life: Both can be used to good effect, and both can produce dire [...] [...] and credit cards have things in common, writes Patrick at Cash Money Life: Both can be used to good effect, and both can produce dire [...]

]]> By: Woo Your Wife, Gift Wraps and Saturday Night Movies @ The Carnivals http://cashmoneylife.com/2007/10/22/credit-cards-and-guns/#comment-2188 Woo Your Wife, Gift Wraps and Saturday Night Movies @ The Carnivals Wed, 31 Oct 2007 15:02:08 +0000 http://cashmoneylife.com/2007/10/22/credit-cards-and-guns/#comment-2188 [...] Credit Cards and Guns @ Cash Money Life [...] [...] Credit Cards and Guns @ Cash Money Life [...]

]]> By: kitty http://cashmoneylife.com/2007/10/22/credit-cards-and-guns/#comment-2179 kitty Tue, 30 Oct 2007 14:17:03 +0000 http://cashmoneylife.com/2007/10/22/credit-cards-and-guns/#comment-2179 "Are there honestly people on the PF blogs who do not fully understand, or do not even read, the T&C of credit card offers? " But do you really need to understand full details? There is really only two things that are important about credit card use: 1) if you borrow money, you always have to pay it back - any moral and ethical person should've learned this in childhood. If you understand that you always have to repay your debts, you cannot really believe that buying on credit allows you to buy more. 2) if you don't pay your credit card bills in full and on time. you'll pay a lot more. If you really understand and follow these two basic rules, you don't care about details of the contract: if you always pay your credit card bill in full and by the due date, you never have to worry about fees or universal default or two cycle billing. By the way, I only learned about these last two things recently from a PBS program; for some reason for 20-something years I used credit cards I've never needed this information. When my parents got their first credit card their English wasn't good enough to read a newspaper, much less T&C. But because they understood these two rules above, they've never had gotten themselves in debt. By the way - we came to the US from a communist country. No legal or financial education there - this was the economy where a small salary was given to you in an envelope in cash, and you had to stand in line with cash to pay your bills. If people from a communist country with little English can understand how to use credit cards for convenience, why can't those who were born in the US? I think guns are more dangerous -- when misused they can kill. Death is final, debt is not. I'd consider alcohol or gambling a better comparison - some people can enjoy alcohol and some people shall avoid it entirely; some people can come into a casino, spend $40 for some entertainment and leave, others get in trouble. “Are there honestly people on the PF blogs who do not fully understand, or do not even read, the T&C of credit card offers? ”
But do you really need to understand full details? There is really only two things that are important about credit card use: 1) if you borrow money, you always have to pay it back - any moral and ethical person should’ve learned this in childhood. If you understand that you always have to repay your debts, you cannot really believe that buying on credit allows you to buy more. 2) if you don’t pay your credit card bills in full and on time. you’ll pay a lot more. If you really understand and follow these two basic rules, you don’t care about details of the contract: if you always pay your credit card bill in full and by the due date, you never have to worry about fees or universal default or two cycle billing. By the way, I only learned about these last two things recently from a PBS program; for some reason for 20-something years I used credit cards I’ve never needed this information. When my parents got their first credit card their English wasn’t good enough to read a newspaper, much less T&C. But because they understood these two rules above, they’ve never had gotten themselves in debt. By the way - we came to the US from a communist country. No legal or financial education there - this was the economy where a small salary was given to you in an envelope in cash, and you had to stand in line with cash to pay your bills. If people from a communist country with little English can understand how to use credit cards for convenience, why can’t those who were born in the US?

I think guns are more dangerous — when misused they can kill. Death is final, debt is not. I’d consider alcohol or gambling a better comparison - some people can enjoy alcohol and some people shall avoid it entirely; some people can come into a casino, spend $40 for some entertainment and leave, others get in trouble.

]]> By: Carnival of Personal Finance Picks and a Contest at Clever Dude Personal Finance & Money http://cashmoneylife.com/2007/10/22/credit-cards-and-guns/#comment-2177 Carnival of Personal Finance Picks and a Contest at Clever Dude Personal Finance & Money Tue, 30 Oct 2007 10:02:19 +0000 http://cashmoneylife.com/2007/10/22/credit-cards-and-guns/#comment-2177 [...] Cash Money Life had an interesting comparison of guns and credit cards. [...] [...] Cash Money Life had an interesting comparison of guns and credit cards. [...]

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