Comments on: Reasons to stop using credit and pay cash http://debtprison.net/wordpress/44/reasons-to-stop-using-credit-and-pay-cash/ Financial Advice.... with a hint of Free Market Politics Fri, 21 Nov 2008 06:33:12 +0000 http://wordpress.org/?v=2.5.1 By: Debt Prison http://debtprison.net/wordpress/44/reasons-to-stop-using-credit-and-pay-cash/#comment-5678 Debt Prison Wed, 17 Sep 2008 20:56:37 +0000 http://debtprison.net/wordpress/?p=44#comment-5678 Hey Susan, Its nice to know there are people like you still out there - sometimes it doesn't seem like it. I agree with what you said. Thanks for sharing your thoughts.... Barry Hey Susan,

Its nice to know there are people like you still out there - sometimes it doesn’t seem like it. I agree with what you said. Thanks for sharing your thoughts….

Barry

]]> By: Susan http://debtprison.net/wordpress/44/reasons-to-stop-using-credit-and-pay-cash/#comment-5677 Susan Wed, 17 Sep 2008 19:10:54 +0000 http://debtprison.net/wordpress/?p=44#comment-5677 unless 'Debt Free - Like A Pirate' returned everything he had purchased with those cards before deciding not to pay, then his (sic) ephinipy was that it's OK to be a thief. He may be 'free', but I wonder what other moral boundaries he thinks it's OK to cross? unless ‘Debt Free - Like A Pirate’ returned everything he had purchased with those cards before deciding not to pay, then his (sic) ephinipy was that it’s OK to be a thief. He may be ‘free’, but I wonder what other moral boundaries he thinks it’s OK to cross?

]]> By: Debt Prison http://debtprison.net/wordpress/44/reasons-to-stop-using-credit-and-pay-cash/#comment-5619 Debt Prison Fri, 12 Sep 2008 02:26:42 +0000 http://debtprison.net/wordpress/?p=44#comment-5619 Hey Debt Free, I don't agree with your philosophy of not repaying your debts. Although I often inform pople that they are, in fact, bankrupt and can't repay. The problem is that these vultures catch you when you are down and then really drop the bomb of fees and interest. But nontheless I still gave it my best and only owe 46,000 total and that's on everything in my life. I'll never use credit cards or credit again period. for most of us it's an illogical decision. Thanks for commenting and good luck with that pile of cash. May it bring you good fortune... your friend in student debt, Barry Hey Debt Free,

I don’t agree with your philosophy of not repaying your debts. Although I often inform pople that they are, in fact, bankrupt and can’t repay. The problem is that these vultures catch you when you are down and then really drop the bomb of fees and interest. But nontheless I still gave it my best and only owe 46,000 total and that’s on everything in my life. I’ll never use credit cards or credit again period. for most of us it’s an illogical decision. Thanks for commenting and good luck with that pile of cash. May it bring you good fortune…

your friend in student debt,

Barry

]]> By: Debt Free - Like a Pirate http://debtprison.net/wordpress/44/reasons-to-stop-using-credit-and-pay-cash/#comment-5604 Debt Free - Like a Pirate Wed, 10 Sep 2008 23:50:18 +0000 http://debtprison.net/wordpress/?p=44#comment-5604 Well I am current DEBT FREE!! Except for my $40,000+ Student Loans so that doesn't exactly make me "debt free" but that is the only debt I have and it's a 2.855% Consolidated Federal Loan. My payments on this ONE LOAN I still owe are under 200 a month and I have never once missed a payment. At one point in my life I owed about $12,000 in credit card debt... But you know what? I woke up one day, looked out from my deck and saw the beautiful sunrise and I had an ephinipy... I decided right then and there that I would NEVER EVER be using credit again in my lifetime. I CHOOSE to free myself from debt once and for all for the rest of my life. And I did it... I just said F___ It!! I'm going to be FREE!!! And I was from that moment on... I I simply STOPPED PAYING my credit cards... and since they are UNSECURED DEBT... There is nothing they can do to me... Ok, the screwed my credit rating which currently sits at a FICO of 526...HA HA... BUT I never paid them a DIME of my money from that day. I SAVED MYSELF 12,000 + the other debt I would have incured if I still gave a darn about my credit profile.. I'm NEVER going to use credit again so WHO CARES!!! I dont NEED credit. WHY?? Because I currently have $14,000 in cash sitting in front of me right now as I type this... I live on CASH ONLY. I do have 3 bank accounts, all with debit cards but I perfer to keep my money in cash except the small deposits I make to cover my bills and the amazon.com purchases I make. I LOVE being able to sit back and KNOW I own my life. I have this pile of cash in front of me and I'm Truly A FREE MAN!!! GIVE IT A TRY... You can do it. Well I am current DEBT FREE!! Except for my $40,000+ Student Loans so that doesn’t exactly make me “debt free” but that is the only debt I have and it’s a 2.855% Consolidated Federal Loan.

My payments on this ONE LOAN I still owe are under 200 a month and I have never once missed a payment.

At one point in my life I owed about $12,000 in credit card debt… But you know what? I woke up one day, looked out from my deck and saw the beautiful sunrise and I had an ephinipy… I decided right then and there that I would NEVER EVER be using credit again in my lifetime.

I CHOOSE to free myself from debt once and for all for the rest of my life. And I did it… I just said F___ It!! I’m going to be FREE!!!

And I was from that moment on… I

I simply STOPPED PAYING my credit cards… and since they are UNSECURED DEBT… There is nothing they can do to me… Ok, the screwed my credit rating which currently sits at a FICO of 526…HA HA… BUT I never paid them a DIME of my money from that day. I SAVED MYSELF 12,000 + the other debt I would have incured if I still gave a darn about my credit profile..

I’m NEVER going to use credit again so WHO CARES!!! I dont NEED credit.

WHY?? Because I currently have $14,000 in cash sitting in front of me right now as I type this… I live on CASH ONLY.

I do have 3 bank accounts, all with debit cards but I perfer to keep my money in cash except the small deposits I make to cover my bills and the amazon.com purchases I make.

I LOVE being able to sit back and KNOW I own my life. I have this pile of cash in front of me and I’m Truly A FREE MAN!!!

GIVE IT A TRY… You can do it.

]]> By: Jeff http://debtprison.net/wordpress/44/reasons-to-stop-using-credit-and-pay-cash/#comment-1682 Jeff Mon, 28 Apr 2008 20:21:08 +0000 http://debtprison.net/wordpress/?p=44#comment-1682 The truth is, back in the old days if you didn't have the money to buy something you simply just didn't get it. Credit was the worst thing ever invented. Ever heard of the great depression?? Ever heard of BUYING ON THE MARGIN?????? Guess not. Buying on the margin was a great cause of the depression. It allowed the "people" to get goods without having the money. Dumbest thing ever. The truth is, back in the old days if you didn’t have the money to buy something you simply just didn’t get it. Credit was the worst thing ever invented. Ever heard of the great depression?? Ever heard of BUYING ON THE MARGIN?????? Guess not. Buying on the margin was a great cause of the depression. It allowed the “people” to get goods without having the money. Dumbest thing ever.

]]> By: Debt Prison http://debtprison.net/wordpress/44/reasons-to-stop-using-credit-and-pay-cash/#comment-937 Debt Prison Thu, 20 Mar 2008 00:32:30 +0000 http://debtprison.net/wordpress/?p=44#comment-937 Well - I'll leave it in this comment section. But as far as I'm concerned credit isn't important. You should stop using credit altogether. Pay cash or don't buy. Want a car? Pay cash. Want a house? Pay cash and build it yourself. There's far too much credit issued in this country because of the federal reserve constantly keeping the interest rates low to keep the economy booming. Borrowing more money is not the solution to our personal finances or our economy. What people (and the government) needs is discipline, and all the credit in the world gives you the opposite of discipline. Well - I’ll leave it in this comment section. But as far as I’m concerned credit isn’t important. You should stop using credit altogether. Pay cash or don’t buy. Want a car? Pay cash. Want a house? Pay cash and build it yourself. There’s far too much credit issued in this country because of the federal reserve constantly keeping the interest rates low to keep the economy booming. Borrowing more money is not the solution to our personal finances or our economy. What people (and the government) needs is discipline, and all the credit in the world gives you the opposite of discipline.

]]> By: Alton J. Jones http://debtprison.net/wordpress/44/reasons-to-stop-using-credit-and-pay-cash/#comment-935 Alton J. Jones Wed, 19 Mar 2008 22:07:44 +0000 http://debtprison.net/wordpress/?p=44#comment-935 My blog, How To Get Good Credit Gab, provides the opportunity to share thoughts, ideas and experiences about obtaining good credit and emphasizes the importance of building and maintaining good credit and the perils of personal financial mismanagement. Please consider adding this video you your site: http://www.youtube.com/watch?v=2fi0okku_X4 My blog, How To Get Good Credit Gab, provides the opportunity to share thoughts, ideas and experiences about obtaining good credit and emphasizes the importance of building and maintaining good credit and the perils of personal financial mismanagement.

Please consider adding this video you your site:

http://www.youtube.com/watch?v=2fi0okku_X4

]]> By: 2paupers » Blog Archive » Carnival of Living Cheaply. http://debtprison.net/wordpress/44/reasons-to-stop-using-credit-and-pay-cash/#comment-775 2paupers » Blog Archive » Carnival of Living Cheaply. Sun, 02 Mar 2008 03:56:26 +0000 http://debtprison.net/wordpress/?p=44#comment-775 [...] Bass presents Reasons to stop using credit and pay cash posted at Debt Prison, saying, “Just credit card debt alone has reached 915 billion in the [...] [...] Bass presents Reasons to stop using credit and pay cash posted at Debt Prison, saying, “Just credit card debt alone has reached 915 billion in the [...]

]]> By: Everything Finance http://debtprison.net/wordpress/44/reasons-to-stop-using-credit-and-pay-cash/#comment-704 Everything Finance Tue, 19 Feb 2008 14:56:25 +0000 http://debtprison.net/wordpress/?p=44#comment-704 <strong>Carnival of Everything Finance: #13...</strong> Welcome to the February 15, 2008 edition of Carnival of Everything Finance. We had over 130 really good articles submitted for this edition. Unfortunately I could not include all of them. Earning Money poetloverrebelspy presents Claim Your Ref..... Carnival of Everything Finance: #13…

Welcome to the February 15, 2008 edition of Carnival of Everything Finance.

We had over 130 really good articles submitted for this edition. Unfortunately I could not include all of them.
Earning Money

poetloverrebelspy presents Claim Your Ref…..

]]> By: norman http://debtprison.net/wordpress/44/reasons-to-stop-using-credit-and-pay-cash/#comment-580 norman Sat, 09 Feb 2008 04:01:27 +0000 http://debtprison.net/wordpress/?p=44#comment-580 There is much misunderstanding about the national debt. It would be better to discuss the restraints on national debt. The fiscal restraint on national debt is interest expense as a percentage of revenue. The monetary restraints on national debt are inflation and currency valuation. It is important to understand the currency is backed by US government securities. It is also important to understand that what applies to households, localities and states regarding debt does not apply to the federal government because of the currency. Apparently the relationships between debt and currency is being neglected in macroeconomic courses. There is much misunderstanding about the national debt. It would be better to discuss the restraints on national debt. The fiscal restraint on national debt is interest expense as a percentage of revenue. The monetary restraints on national debt are inflation and currency valuation. It is important to understand the currency is backed by US government securities. It is also important to understand that what applies to households, localities and states regarding debt does not apply to the federal government because of the currency. Apparently the relationships between debt and currency is being neglected in macroeconomic courses.

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