Not sure debt free is a good thing !

Discussion in 'Bad Dog Cafe' started by 83siennateleguy, Aug 13, 2018.

  1. heltershelton

    heltershelton Tele-Afflicted

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    i havent read any other replies, but when i was about 14, my grandma told me to never own a credit card.
    i never did. i dont know what my credit score is, and i dont care. i pay for everything with cash.
    i owe nobody nothin.....its better that way.
    things go better with cash.
    too many people get caught up with crap they see on tv, or trying to compete with their neighbors.....then they get in debt up to their eyeballs.
    that aint for me.....to hell with all that.
     
  2. blowtorch

    blowtorch Telefied Ad Free Member

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    I'm a former landlord myself, so I can relate on a certain level. I never ran a credit score check on anyone, though.
    A short-term renting history was always plenty sufficient, to me
     
  3. Lost_N_Austin

    Lost_N_Austin Friend of Leo's

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    Credit Score companies give you your credit scores for free because they are "sponsored/funded" by financial institutions that use your inquiry as a conduit to try and get you to apply for their credit card.

    I have a Credit score of 826 and they still try and tell me I need another card. I never miss a payment and don't owe anybody anything except the "Chain/Box Store" where I bought gas this past week at a discount because I used their card. I'm extremely fortunate and I know it.

    Lost_N_Austin
     
  4. dan1952

    dan1952 Friend of Leo's

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    As someone who went from a perfect credit score, buying new cars, going on trips on credit cards, and generally living above my means, to paying my mortgage and my $1600/month health insurance with credit cards when times got tough, I see NO reason to have any debt. EVER. It took over 5 years to get out from under $150,000 in unsecured debt, and now, finally, with a paid for home, 3 paid for vehicles, and no collection calls, I feel free. FREE! I can live on very little, can finally bank some money, and only wish I'd known when I was young to avoid debt like the plague it is.
     
  5. telepraise

    telepraise Tele-Holic

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    Haven't read this whole thread yet but the OP's concern is that down the road he's going to need credit. I had no idea that just regularly using a credit card and paying it off systematically (what I do) could raise your score by 100 points in a few months. Because the OP is 50, he maybe thinking ahead towards retirement. A smart move once he gets his credit rating back up would be to buy rental income property, a good investment to retire on down the road, and one that definitely requires a good credit score to do well on. With the market as crazy and crooked as it is now, property is the surest bet for your investment.
     
  6. tapollok

    tapollok Tele-Holic

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    I make no judgement as to why you are no longer a "landlord "....but, a lessee's financial situation is precisely my damn business.
    It's necessary for the health of the system....macro.
     
  7. blowtorch

    blowtorch Telefied Ad Free Member

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    No it's not. All a landlord needs is the last few years' rent history. And, not sure why you are putting quotes around "landlord"
     
  8. william tele

    william tele Doctor of Teleocity Ad Free Member

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    I think I see some parallels here. By all means, an alcoholic shouldn't drink...and if you aren't disciplined enough to manage a credit card you are WAY better off living without credit. Let's just not pretend that those who CAN manage a card aren't saving money and actually making hundreds a year by using that card.:)
     
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  9. blowtorch

    blowtorch Telefied Ad Free Member

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    Sure, like the wife who tells her husband "But I SAVED you so much money when I went on that shopping spree!!" :)
     
  10. william tele

    william tele Doctor of Teleocity Ad Free Member

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    Well, around this house it all goes in the same pile. She made half of it...so she really didn't "Save" me anything...it's hers as much as mine.:D
     
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  11. blowtorch

    blowtorch Telefied Ad Free Member

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    I'm sure she doesn't let you forget that! :lol:
     
  12. william tele

    william tele Doctor of Teleocity Ad Free Member

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    I don't how to say it any plainer...we just don't bump into those kinds of 1950's sit com issues...
     
  13. Mr. Lumbergh

    Mr. Lumbergh Poster Extraordinaire

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    I have a decent credit rating, but I'd trade with you in a heartbeat.
     
  14. tapollok

    tapollok Tele-Holic

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    Blowtorch....I have always enjoyed ...and will continue to enjoy your posts in other forums...but your responses demonstrate that you don't have a deep understanding of credit and rent.
    I'm on my 3rd glass of wine ....my undignified response to 4 days of my wife's 5 sisters and family invading our house...BUT, based on this weekend, I wouldn't rent to ANY of them.:confused:
     
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  15. blowtorch

    blowtorch Telefied Ad Free Member

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    :lol: tapollock, I like you as a poster too. Not sure why you feel the need to gussy up the term landlord , but that is your business
     
    Last edited: Aug 13, 2018
  16. Nick Fanis

    Nick Fanis Poster Extraordinaire Ad Free Member

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    I have a master's degree in economics from Stern university man,I KNOW there's no money :lol:
     
  17. awasson

    awasson Poster Extraordinaire

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    Thank god for the shopping sprees. I rarely if ever shop for clothes... Guitars, tools, output tubes, speakers, electronics supplies, etc..., yes. Clothes, not so much. When my wife finds a sale, I reap the rewards in the way of new pants, shirts, socks, sweaters, etc... she’s got good taste in clothes too. I’m pretty sure no money is saved though.

    Same here. Has been for 20 years and I wouldn’t have it any other way. It seemed the natural way to handle the finances since we both work hard, we’re partners in the company and we’re in it (the marriage) for the long haul.

    We’re not perfect financially; we’ve got a mortgage on the house and a line of credit that gets used from time to time. but we pay our CC balance every month unless it’s one of those months and then we work at getting it down ASAP. No penalties is the real trick. It’s one thing to pay interest and another thing entirely to get hit with penalties. That’s where they get you.
     
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  18. Boubou

    Boubou Doctor of Teleocity

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    Its been at least 10 years that I am debt free and I couldn't be happier.
    I don't see any reason why I would borrow money for anything.
    I have no idea about my credit score and couldn't care less. I have 2 credit cards because they are practical
     
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  19. Zeonoid

    Zeonoid Tele-Holic

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    You have to realize that credit card isnt good only for paying. These are great for keeping track of you so you are basically safer for bank, police, TAX office and government in terms of control.
     
    Last edited: Aug 14, 2018
  20. Tonetele

    Tonetele Poster Extraordinaire

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    When I had a mortgage and used credit cards I had ( what we call here in Oz) a triple-A rating.
    I have been completely debt free for 5 years now and my credit rating has been downgraded,just a little, but it says something about banks and financial institutions.
     
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