"Direct deposit?"

[ClaireBear]

So what you're saying is you spend your wage in the first week of the month... due to excessive outlay (credit card bills, HP, loans etc) and you're piss poor for the other three... then pay off the debt incurred in those three weeks in the first week after pay day then again... piss poor for the next three running up debt to be paid off pay day... and ROUND AND ROUND WE GO!

Thats how families work here to! But imagine if there was unexpected outlay... especially in the states... no free health care... you're screwed... so its more debt to cover that...

How about just cutting back and living within your means... so one month you can actually pay off your debt and guess what! Clean the slate permenantly!!!!!!!!

 

[Leslie]

Hopeless

 

[HomeLAN]

No, I spend within my budget and within my means. I pay for it with a CC so that I earn interest on my CASH BALANCES for the month (either through interest bearing checking, money market acct, whatever) and then pay it off at the billing cycle. That way, I get the month's earnings on my cash with no cost. It's one of the many reasons that I don't live hand-to-mouth.

You really don't get this, do you? Looks to me like we're back at "financially retarded".

 

[Professur]

So what you're saying is you spend your wage in the first week of the month... due to excessive outlay (credit card bills, HP, loans etc) and you're piss poor for the other three... then pay off the debt incurred in those three weeks in the first week after pay day then again... piss poor for the next three running up debt to be paid off pay day... and ROUND AND ROUND WE GO!

Thats how families work here to! But imagine if there was unexpected outlay... especially in the states... no free health care... you're screwed... so its more debt to cover that...

How about just cutting back and living within your means... so one month you can actually pay off your debt and guess what! Clean the slate permenantly!!!!!!!!

No, what he's saying is that he leave his money in the bank to collect interest, and used the card. He then pays off the card, before they can charge him interest. He makes a net profit of his banks interest, and the credit card company loses the interest on that amount.

It's a no fee credit account, and if the balance is paid off every month, there's no interest.

 

[ClaireBear]

So he plays the game of swapping for "new customer offer" to "new customer offer" every 6 months to retain the 0% interest... If just said that!

Now thats what I've done but not with a credit card... store cards usually give you a 20% off offer or summit if you sign up for one... if i'm buying a large item.. I sign up get the discount off.... inquire as to the soonest pay off date and pay straight away...

What I described above the "cycle of debt" was the topic of a BBC News Review before Christmas apparently almost 40% of Brit families "live" or rather "stress" in such a position!

 

[Raven]

No Claire, you only get charged interest on carried forward balances. If you pay it at the end of the month, you don't get charged any interest on it, and because you've had that money in your bank for 3 weeks longer than it would have been if payed up front you have also earned 3 weeks of your interest too, making for a net profit.

40% of people are worried about spending money they don't have, what Homey is talking about is delayed spending of money you DO have.

 

[Leslie]

So he plays the game of swapping for "new customer offer" to "new customer offer" every 6 months to retain the 0% interest... If just said that!

Now thats what I've done but not with a credit card... store cards usually give you a 20% off offer or summit if you sign up for one... if i'm buying a large item.. I sign up get the discount off.... inquire as to the soonest pay off date and pay straight away...

What I described above the "cycle of debt" was the topic of a BBC News Review before Christmas apparently almost 40% of Brit families "live" or rather "stress" in such a position!

does "dyslexia on demand" affect reading comprehension too?

 

[ClaireBear]

No Claire, you only get charged interest on carried forward balances. If you pay it at the end of the month, you don't get charged any interest on it, and because you've had that money in your bank for 3 weeks longer than it would have been if payed up front you have also earned 3 weeks of your interest too, making for a net profit.

40% of people are worried about spending money they don't have, what Homey is talking about is delayed spending of money you DO have.

Wouldn't you ALL like to be like me and my family?...

I've asked my parents about credit card charges before... they don't have a clue either... NEVER knowing or caring about the ins and outs of credit!!!!! Its great.

One day I may have to have one... but Hell...they throw them at you like peanuts to the elephants round here... CCJs, bad rating nothing is a barrier to us brits getting into more debt! Until that day.. why bother?

 

[HomeLAN]

No. Same main card for 5 years now. What you're describing with switching cards is called "credit farming", and it's assinine.

YOU DON'T PAY INTEREST IF YOU DON'T CARRY A BALANCE OVER TO ANOTHER BILLING CYCLE. AS LONG AS YOU PAY THE CARD IN FULL, THERE'S NO CHARGES. EFFECTIVELY, CHARGING EVERYTHING AND PAYING IN FULL EVERY MONTH IS A FREE LOAN. AS LONG AS YOU SPEND WITHIN BUDGET, YOU'RE AHEAD BY WHATEVER YOUR CASH EARNS AT THE BANK OVER THE BILLING CYCLE. IT'S FREE MONEY.

Let's take a numerical example. You and I both earn $1,000 a month. We also spend $1,000 a month (within our means). You pay in cash, and receive $1,000 in goods and services, leaving you with $0.

I use a CC, and leave the cash in the bank. At the end of the month, I pay the CC in full, for that same $1,000, but over the past 30 days, my interest bearing checking has paid me $1.50 in interest on my $1,000.

We've both spent no more than we earned, got the same $1k in goods and services. You, the cash payer, have zero left, whereas I used the free loan from the CC to leave me with $1.50. Clear now?

I won't be replying again if you don't understand that, because I think this is probably a hopeless case.

 

[ClaireBear]

does "dyslexia on demand" affect reading comprehension? too?

Does being a rampant ******* ******** ****** **** ***** *** **** ****.. make you this nasty ALL the time?

I'm not about to justify myself to you... and can someone please edit the main editor round here... I'd say that's an unecassary personal attack

 

[Starya]

Yup... Maestro has taken over our old Switch system... not only can you use it in ATM's but you can also use it to purchase items and pay for serivices in the same way you'd use a credit card.

Yup, that's how my regular bank card works.

One thing though... here most cards are now "chipped" instead of asking for a signiture... the shop assistant/waiter etc will insert your card into a little table top machine and you enter you PIN... (its often the same number you'd use to make a withdrawl from the ATM)

Where abouts are you going?

Chipped?
Here cards have magnetic stripes, is drawn through a machine thingy, and then I enter the pin. Same thing?

We've been advised to just go to an ATM and get cash though, as it's darned expensive using the card in stores out of the country. I hardly ever carry around cash here at home.

I'm going to York, by the way. It's a student trip, staying for two weeks.

 

[ClaireBear]

No. Same main card for 5 years now. What you're describing with switching cards is called "credit farming", and it's assinine.

YOU DON'T PAY INTEREST IF YOU DON'T CARRY A BALANCE OVER TO ANOTHER BILLING CYCLE. AS LONG AS YOU PAY THE CARD IN FULL, THERE'S NO CHARGES. EFFECTIVELY, CHARGING EVRYTING AND PAYING IN FULL EVERY MONTH IS A FREE LOAN. AS LONG AS YOU SPEND WITHIN BUDGET, YOU'RE AHEAD BY WHATEVER YOUR CASH EARNS AT THE BANK OVER THE BILLING CYCLE. IT'S FREE MONEY.

Let's take a numerical example. You and I both earn $1,000 a month. We also spend $1,000 a month (eithin our means). You pay in cash, and receive $1,000 in goods and services, leaving you with $0.

I use a CC, and leave the cash in the bank. At the end of the month, I pay the CC in full, for that same $1,000, but over the past 30 days, my interest bearing checking has paid me $1.50 in iterest on my $1,000.

We've both spent no more than we earned, got the same $1k in goods and services. You, the cash payer, have zero left, whereas I used the free loajn from the CC to leave me with $1.50. Clear now?

I won't be replying again if you don't understand that, because I think this is probably a hopeless case.

Ooooooh! Got ya! Its been a long day... i'm beat and the only one taking calls... doing two things at once and skimming.

But to do that with a conscience you've gotta have good savings... right?... cos if something unforseen were to crop up meaning you'd have to use the $1000 in the bank... you'd be left with that debt as you couldnt pay off the CC at the end of the month...

So this is something that's only advisable when you've established savings. Not someone starting out maybe?

 

[HomeLAN]

Unforseens are unforeseens. What happens if a disaster hits while you're broke and cashless?

This could actually be used part of a plan to build up that savings you're trying to get. Used correctly, consumer credit needs to be part of an overall financial plan.

 

[ClaireBear]

Yup, that's how my regular bank card works.
Chipped?
Here cards have magnetic stripes, is drawn through a machine thingy, and then I enter the pin. Same thing?

We've been advised to just go to an ATM and get cash though, as it's darned expensive using the card in stores out of the country. I hardly ever carry around cash here at home.

I'm going to York, by the way. It's a student trip, staying for two weeks.

Cards have the strip here too... Don't worry about it though... yeah... stick with good old cash too!

York! You'll love it... its a bit wet and cold and very very very damp... its just recovering from massive seasonal floods... but it happens all the time. There's a bar (known as pubs) where the silt on the floor is a feature!!

Must sees are The Minster, The Shambles, the city Walls... in fact its all good!!!

And here's a tip.. you can have some fun wih your mates with this.. in York as with most English Cathedral cities..

The Streets are known as "gates"
The gates are know as "bars"
And the bars... well theyre "pubs"

Have an amazing time!!!

 

[Luis G]

I'm with HL, I also said the same on the previous page.

I don't own one because I have no real need for it right now, i'm too lazy to go to the bank each month and I'm too stingy to pay them for having a credit card.

IF they gave me a CC for free, it'd be a different story.

 

[ClaireBear]

Unforseens are unforeseens. What happens if a disaster hits while you're broke and cashless?

This could actually be used part of a plan to build up that savings you're trying to get. Used correctly, consumer credit needs to be part of an overall financial plan.

So would this work for me?

Can I PM tomorrow with more questions?

I don't often talk about money...

Catch you later..

 

[HomeLAN]

It should, and yes you can. There are a few things to watch for, but if you;re careful, it should work. As Luis says, any type of annual fee kills the deal.

 

[Professur]

Cards have the strip here too... Don't worry about it though... yeah... stick with good old cash too!

York! You'll love it... its a bit wet and cold and very very very damp... its just recovering from massive seasonal floods... but it happens all the time. There's a bar (known as pubs) where the silt on the floor is a feature!!

Must sees are The Minster, The Shambles, the city Walls... in fact its all good!!!

And here's a tip.. you can have some fun wih your mates with this.. in York as with most English Cathedral cities..

The Streets are known as "gates"
The gates are know as "bars"
And the bars... well theyre "pubs"

Have an amazing time!!!

Have they finished digging out the ruins yet? Last time I was there, they'd just begun. And the Flying Scotsman was still at the Railway Museum.

 

[Starya]

Cards have the strip here too... Don't worry about it though... yeah... stick with good old cash too!

York! You'll love it... its a bit wet and cold and very very very damp... its just recovering from massive seasonal floods... but it happens all the time. There's a bar (known as pubs) where the silt on the floor is a feature!!

Must sees are The Minster, The Shambles, the city Walls... in fact its all good!!!

And here's a tip.. you can have some fun wih your mates with this.. in York as with most English Cathedral cities..

The Streets are known as "gates"
The gates are know as "bars"
And the bars... well theyre "pubs"

Have an amazing time!!!

Yeah, our teacher warned us to pack good shoes, as he will drag us along to all the things we "must see". He also advised us to try the grub in the local pubs, and to stay away from McD. But, unless a miracle has happened lately, they still smoke in pubs over there, huh?

We get to spend saturday evening and most of sunday in London. We will be visiting Scarborough while we are there too, and having a whole weekend to ourselves, we hope to find something interesting and educational (and cheap) to do. Would have loved to gone up to Scotland, but that'll probably cost too much.

 

[Professur]

http://www.britrail.co.uk/york_pass.htm

Heads up Starya. Might be worth a look.