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Thread: iPhone Owners Have Highest Credit Card Balances

  1. #41
    Livin the iPhone Life sziklassy's Avatar
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    Quote Originally Posted by CynicalDriver View Post
    I wonder if they're considering debit/bank check card balances as credit balances. That would explain a lot of the higher balances, because I would hope that the average person has at least $1,000 saved for emergencies.

    Credit cards are unhealthy and unfairly used to determine credit scores. You'd be amazed at how hard it is to get a loan when all you borrow money for is a car!! I was told by one bank that I wouldn't qualify for even a $10,000 car... "You have no credit card history, so we view that as high risk."

    WTF?!? I'm high risk? Because I choose to be responsible???

    No wonder the banks needed bailouts. Reverse logic that can only be provided by people who enter the financial career track after college with ZERO real world experience.
    You are high risk because you have no record of being good or bad. It is safer to assume that you will be bad to pay your cat payment than good for it. It has always been this way. People NOT getting a credit card for this reason are pretty stupid IMO. Get the card. USE it to establish credit. And PAY IT IN FULL every month. Really, it isn't that hard.

    It's laughable to me that people think they are more responsible just because they don't own/use a credit card. At 25 years of age, I have a credit score of over 800 with over $20k in credit (not debt). This is all while working part time and still being in school full time. I got this way by, you guessed it, using/paying off credit cards before I am charged interest.

    Couldn't agree with you more on the bailouts though, although that was more to do with allowing far too many people spend way beyond their means (mostly in real-estate) to live the "American dream" of owning your own house when all many people really could afford was renting an apartment. Economy crash and job losses also don't help the whole paying your mortgage on time...

    Quote Originally Posted by LGgeek View Post
    "iPhone owners carry higher balances" the chart shows "expense", I might have a lot more expense on my credit card ( pay it off every month) but that doesn't imply I "carry" a higher balance month to month. I can't believe these people get paid for producing this kind analysis. I wish i could get a gig like that.
    I can't believe people like you get upset over something like this. You are ONE person. So you don't fit the mold. How can you say others don't either? Not to protect the people running the survey, but just because you spend more a month and all of the sudden you feel attacked because you don't "carry" more devt doesn't mean that other iphone owners don't either...
    Last edited by sziklassy; 11-11-2010 at 08:19 AM. Reason: Automerged Doublepost
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  2. #42
    Quote Originally Posted by sziklassy View Post
    You are high risk because you have no record of being good or bad. It is safer to assume that you will be bad to pay your cat payment than good for it. It has always been this way. People NOT getting a credit card for this reason are pretty stupid IMO. Get the card. USE it to establish credit. And PAY IT IN FULL every month. Really, it isn't that hard.

    It's laughable to me that people think they are more responsible just because they don't own/use a credit card. At 25 years of age, I have a credit score of over 800 with over $20k in credit (not debt). This is all while working part time and still being in school full time. I got this way by, you guessed it, using/paying off credit cards before I am charged interest.

    Couldn't agree with you more on the bailouts though, although that was more to do with allowing far too many people spend way beyond their means (mostly in real-estate) to live the "American dream" of owning your own house when all many people really could afford was renting an apartment. Economy crash and job losses also don't help the whole paying your mortgage on time...
    I find it funny how our system can be hurting so bad when there are so many "perfect" credit users!

    I'm not stupid for not having credit cards, I'm responsible, and here's why...
    •I don't pay ATM fees
    •I don't pay annual/monthly maint.
    •I don't pay interest
    •I don't spend too much
    •I don't worry about someone else using it and costing me thousands
    •I GAIN interest on my balance in my checking account.
    •I ALSO get cash-back rewards
    •I KNOW what I can afford
    •After spending $2,300 on a new computer I DON'T pay extra

    At 25, you have a long way to go before retirement, put that money you're spending on all those hidden, and not-so-hidden fees in a retirement acct.

    My money works for me, not the other way around. Once I have the desire to spend $20,000 on something, I'll get a signature loan with 6% interest rather than 4% intro/16% actual.

    NOBODY needs a 20k limit at 25, you'd spend decades paying that off, and THAT'S why they give it to you. They're hoping you'll use it... And history has proven: eventually, 99% do use large chunks of it, if not all.

    So you can claim to be "smarter" but don't come cryin to me when you start to slip. All it takes is that first thought "I'm ok, I'll pay it back after Christmas." Wait until you're paying for kids, then tell me how "easy" it is.

    I'm not much older than you, but I got reality slapped in my face very early, and learned quickly what was really what, and how "easy" paying bills is when you're responsible for kids.
    It's not where you've been, or where you're going..
    It's where you are.
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  3. #43
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  4. #44
    Quote Originally Posted by CynicalDriver View Post
    I find it funny how our system can be hurting so bad when there are so many "perfect" credit users!

    I'm not stupid for not having credit cards, I'm responsible, and here's why...
    •I don't pay ATM fees
    •I don't pay annual/monthly maint.
    •I don't pay interest
    •I don't spend too much
    •I don't worry about someone else using it and costing me thousands
    •I GAIN interest on my balance in my checking account.
    •I ALSO get cash-back rewards
    •I KNOW what I can afford
    •After spending $2,300 on a new computer I DON'T pay extra

    At 25, you have a long way to go before retirement, put that money you're spending on all those hidden, and not-so-hidden fees in a retirement acct.

    My money works for me, not the other way around. Once I have the desire to spend $20,000 on something, I'll get a signature loan with 6% interest rather than 4% intro/16% actual.

    NOBODY needs a 20k limit at 25, you'd spend decades paying that off, and THAT'S why they give it to you. They're hoping you'll use it... And history has proven: eventually, 99% do use large chunks of it, if not all.

    So you can claim to be "smarter" but don't come cryin to me when you start to slip. All it takes is that first thought "I'm ok, I'll pay it back after Christmas." Wait until you're paying for kids, then tell me how "easy" it is.

    I'm not much older than you, but I got reality slapped in my face very early, and learned quickly what was really what, and how "easy" paying bills is when you're responsible for kids.
    You make it sound like you have had credit cards in the past but let it get out of control. All your reasoning's for not having credit cards are possible when you have credit cards also. I pay no hidden fees, atm fees(because i don't use one or i go to one that doesn't cost me if for some odd reason i actually need cash) My checking and savings earn me 1.345% I don't spend more than i should.

    Im a bit older than you and i have 3 kids, a 15 year old, 12 year old and one that just turned 7 today. You keep mentioning being responsible because you don't have credit cards. I have quite a few. have a balance on two cards. To me im being smart and responsible , I could have paid cash for both the tv and living room set but why do that when they will lend me their money at 0% and i can leave my money in the bank earning me interest.

    In your eyes having/using credit cards is irresponsible. In my eyes there are way too many drawbacks to using cash. If my wallet gets stolen/lost the cash in it is gone forever. If someone uses one of the cards i have recourse and it wont cost me a thing.

    Another example is you have someone come to your house to fix something and they complete the work you pay them cash they leave and then you find out well the job was either not completed or done wrong. We both would call them and complain to get them to come back and do it right or finish it. With cash you are at their will as you have no other recourse.

    Me i paid with my credit card . The next call i make is to the Credit card company and dispute the charge that will eventually turn into a chargeback to the company and i have lost nothing but the hair i pulled out and my time in dealing with the company.

    Those are just a few examples of why in my opinion credit is king and cash is sub-par. Because every penny i save using my credit cards is just another penny towards my retirement.
    Last edited by woolfman72; 11-11-2010 at 11:49 AM.

  5. #45
    No, you assume too much.

    I have never had a personal credit card, and I only used the company card because there was no reimbursement for purchases/expenses.

    That's not to say I never tried. I did try after that bank basically told me to blow it out my rear unless I had one!

    At 23 (because I didn't want one at 18 when it would have been easy) I was directed to "secured" credit cards to "start out." I'm NOT going to give them $200-$1,000. THEN pay it back when I use it (PLUS fees, maint., and charges) only to HOPE that eventually get it back, or be "upgraded" (without reimbursement) to an unsecured card.

    I have done the research, and there's always a catch or 50.

    Now, with no credit cards, I am 28; drive a Saab 9-5 with turbo fully loaded, have cool toys, AND enjoy all those things you mentioned being pluses by using my Visa Check-Card.

    I don't pay "cash" for everything, but I don't pay interest either.

    I now use a credit union, have "buyer protection," drive a Badass car, will be buying a house in three years (25% down - $60-$70k) and STILL don't have a single credit card.

    When I say I'm broke... It means I have less than $1,000 in checking. My savings isn't considered in that, because it's for more important things. I CAN afford to buy a brand new $2,300 Mac, but I WON'T if it means I have to use savings or credit.

    Computer? Save for it in the savings attached to my checking acct.
    New living room set? Signature Loan, or save for it if it's less than $4k.
    House savings? Different account.

    I'm "broke" right now, but I just got an awesome Ashley living room set for $3k.

    The kids have college accounts, and I put 8% in 401k.

    I AM responsible.
    It's not where you've been, or where you're going..
    It's where you are.
    Reflect on the past, plan for the future, mod for today.

  6. #46
    haha..i wish

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