Posted on 02/06/2024 9:45:08 AM PST by ChicagoConservative27
Approximately 20 million Americans owe the IRS. That’s in addition to any other debt load they carry. Unless a person is able to pay the IRS off in a lump sum, it is almost impossible to get out from under IRS debt even with a payment arrangement. That’s because the IRS continues to add interest and penalties that often can double or even triple the original principle. Interest and penalties continue to be added even if you have a payment arrangement.
I use a credit card every time I buy anything. I pay the bill multiple times per month. I get a Costco rebate of 400 bucks and Apple Cash 25 bucks a month. I pay my utilities and car insurance with a credit card. If I start carrying a balance to the point where I pay interest I will get rid of the card.
When the AMX card # was stolen the first time there was a $1 charge in Bangkok. Then it was backed out a minute later. Then about an hour later a $59 charge in Australia and a $35 charge in New Zealand.
Apparently the $1 charge to test whether the number is good.
I had used it a day before at the local Thai restaurant. Somebody there probably sold the number to their cousin back home. I called the owner and told her. Never heard another word. I also stopped going there.
The only other time I got an email alert and text from AMX was when I charged my BullFrog hot tub. It went through, but my wife and I got multiple alerts
I’m sure my girls did their part. They live for shopping.
I helped, but I pay it off every month.
Yep. A more sinister effect of Bidenflation. You finally see that the auto payments that were quickly reducing the balance now don’t cover the minimum payment. Republicans should be shouting this everywhere.
Credit card companies are getting filthy rich.
Would it destroy them if they lowered the interest rates?
Maybe but most likely they can’t get bank accounts. That’s why there are so many check cashing places. If you owe any bank money delinquent they all block you. Racket.
I know they are a bit of a progressive company which I don't like, but they are extremely good at what they do. And they do it well.
To be fair, they have overhead costs like any other business. And a customer can shop around for better interest rates. Local loan sharks are probably cheaper, because of stronger penalty enforcement than credit card companies.
No one is forcing people to ignore the fine print on a contract.
It's not hard to finger out.
My father-in-law owned an apartment building, and saw the same thing. Brother-in-law went and collected cash from the Hispanic tenants. Never any problem, they came up with the money. Father-in-law worked hard as a cook, then as a grocer, and my wife and her siblings chipped in so he could buy the apartment building. The rents allowed him to retire the grocery. After he passed, mom-in-law sold the building and had an easy retirement. They were used to doing as much as possible on a cash basis, and stayed away from interest loans.
“I can buy a house with it if I choose.”
You must have an incredible credit limit
One of my kids cleaned up his credit card debt so he and his wife could buy a house. Now they’re in the house, but the CC debt came back. DIL doesn’t seem to know how to stop spending money they don’t have. If they don’t get their act together, I know exactly how this story will end, sadly.
It’s not credit. Amex is a charge card. Just don’t ever fail to pay the charge. It’s like a 30 day charge capability based on your asset level and payment history and level of assets
ADP has the best numbers
Very interesting, I had to go look it up. I have an Amex but I never realized it was different than credit cards. I use them all the same, for their 1, 2, or 3% cash back.
I was offered a 20k VISA by a company called Upgrade with an interest rate of 15.9. At the time my credit was fair at best so I accepted it. I also got a personal loan from them of 7k to replace my homes a/c at 7% interest. I paid it off as scheduled 36 months. The VISA is also set up for 36 month payoff for all charges and does not allow a small minimum payment that takes forever to pay off. It has been a blessing and I am now debt free for the first time in over 40 years and have an 811 credit rating after 5 years switching my credit needs to Upgrade VISA.
I’m measured about cash back offers. I prefer the savings benefit of not spending money. Call me a tight-ass.
Imagine putting aircraft fuel-ups on a credit card? 400 gallons of avgas at $5.00 a gallon! A few trips in a month can easily top $15K. One does not put that on layaway! You throw in hotels and meals and you have some Hugh and series bills.
Don't ever finance any expense or purchase of planes, boats, fuel, or maintenance on a line of credit. Too easy to destroy yourself.
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