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Misc 2021-22 Fall/Winter Whamby Thread

Dewpoint Dan said:
I have like $ 3000000000000 in credit card debt ? I kept getting called from India about unresolved debt and they told me to buy target gift cards for them to fix it all. I also paid the vehicle warranty people $10000000. Now I’m broke and living in my moms basement trolling. That’s my story
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Dang. Glad your honest . You will get through it !
 
J.C. said:
One of us needs to find what CC companies are making off interest charges per year, I’m sure it’s astronomical. They could care less about people like us getting points and flights with all the profit coming in from the latter and transaction fees.
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Danny boy is covering $6k of rewards himself through interest. Thanks buddy!
 
SD said:
I'm thinking about getting a HELOC tell me why i shouldn't.
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Too much money too accessible, if it's for home repairs or additions that add value to the home, not a bad idea. If it's to pay off high interest debt, not a horrible idea but have to be extremely careful as in make sure no plans to build that debt up again (ask me how I know lol)
 
smast16 said:
If you're making money off the CC companies, cool. CC companies are in the business of making money, and i'm sure they are better at math than we are.
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I worded that really badly.

I'm glad some of you think you're making money off the credit card companies, but i'm willing to bet you aren't making off with as much as you think you are. These companies are in the business of making money off you, through interest and fees. I'm sure 11 / 12 times you pay that card off before it's due, and you collect your points. But with as much as you boys are racking up a month in charges, all it takes is 1 month... 1 day late, and you've wiped out all those gains.

If you think you've done the math and found a loop hole in their scheme, I assure you, you are doing your math wrong. Credit Card companies don't loose money.

Why do you think they close your accounts if you don't use them often enough?
 
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smast16 said:
I worded that really badly.

I'm glad some of you think you're making money off the credit card companies, but i'm willing to bet you aren't making off with as much as you think you are. These companies are in the business of making money of you, through interest and fees. I'm sure 11 / 12 times you pay that card off before it's due, and you collect your points. But with as much as you boys are racking up a month in charges, all it takes is 1 month... 1 day late, and you've wiped out all those gains.

If you think you've done the math and found a loop hole in their scheme, I assure you, you are doing your math wrong. Credit Card companies don't loose money.

Why do you think they close your accounts if you don't use them often enough?
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Credit card companies assume risk by lending consumers money. They bet their chances on a certain percentage not paying their entire balances. They in a sense are gambling on the people being poor consumers. If the majority of people payed their balances every month they would probably close up shop. So because of the poor habits of so many, those who pay their balances can enjoy the benefits cost free.
 
smast16 said:
I worded that really badly.

I'm glad some of you think you're making money off the credit card companies, but i'm willing to bet you aren't making off with as much as you think you are. These companies are in the business of making money off you, through interest and fees. I'm sure 11 / 12 times you pay that card off before it's due, and you collect your points. But with as much as you boys are racking up a month in charges, all it takes is 1 month... 1 day late, and you've wiped out all those gains.

If you think you've done the math and found a loop hole in their scheme, I assure you, you are doing your math wrong. Credit Card companies don't loose money.

Why do you think they close your accounts if you don't use them often enough?
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Autopay full statement balance. Boom. Beat the system.
 
J.C. said:
Credit card companies assume risk by lending consumers money. They bet their chances on a certain percentage not paying their entire balances. They in a sense are gambling on the people being poor consumers. If the majority of people payed their balances every month they would probably close up shop. So because of the poor habits of so many, those who pay their balances can enjoy the benefits cost free.
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They also benefit from high spenders through merchant charges.
 
metwannabe said:
Too much money too accessible, if it's for home repairs or additions that add value to the home, not a bad idea. If it's to pay off high interest debt, not a horrible idea but have to be extremely careful as in make sure no plans to build that debt up again (ask me how I know lol)
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Yeah I'm going to use it to pay off my debt from my old house that I'm carrying on my Lowes & HD cards
 
SD said:
Yeah I'm going to use it to pay off my debt from my old house that I'm carrying on my Lowes & HD cards
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In that case probably not a bad idea as long as you don't fill those cards back up and increase the debt again. Paying off debt with a HELOC is good but must be followed with spending discipline..... I learned the hard way. Paid off all CC debt with a HELOC and before I knew it, had those same balances on CC again (this was many years ago), having them both paid off was like being set free from an underground jail.
 
I’m the biggest severe weenie ever, promise you that, love me the sound of hail hitting my car
 
Turns out I’m not meant to be for a beta tester for a game. I critique too much and get under peoples skin. I hate grey maps and my feedback comes across as rude and hateful.
 
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