Interesting fact.

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Interesting fact.

Postby Rosco532 » Wed Jul 07, 2010 11:50 am

I 'm in the middle of reading some banking news, and came across this stat....

) According to the credit card repayment calculator, if you owe $6000 on a credit card with a 20 percent interest rate and only pay the minimum payment each time, it will take you 54 years to pay off that credit card. During those 54 years you will pay $26,168 in interest rate charges in addition to the $6000 in principal that you are required to pay back.


Sorta puts you off using your cards....AY !!!!!!!!!!!!
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Re: Interesting fact.

Postby stevo. » Wed Jul 07, 2010 12:08 pm

I never have cash, I use my card for everything, i live on it. But i pay it off every month, so i pay no interest. I find it pretty handy. Makes it hard to do cash deals though.
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Re: Interesting fact.

Postby Rosco532 » Wed Jul 07, 2010 12:24 pm

DISCIPLINE.....Is the keyword when you use one of these things Steve.....OK for people like us who can pay it off every month....its the others that must worry at night.

We never even wanted one but found we had to so that we could buy on line....and the like (also good I.D. when you are new into this country) :cheers
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Re: Interesting fact.

Postby cokebottle » Wed Jul 07, 2010 12:31 pm

Rosco532 wrote:I 'm in the middle of reading some banking news, and came across this stat....

) According to the credit card repayment calculator, if you owe $6000 on a credit card with a 20 percent interest rate and only pay the minimum payment each time, it will take you 54 years to pay off that credit card. During those 54 years you will pay $26,168 in interest rate charges in addition to the $6000 in principal that you are required to pay back.


Sorta puts you off using your cards....AY !!!!!!!!!!!!


Tell me about it! I walked (crawled more like it) out of my last marriage 4 years ago with loan/credit/store credit card debts of about $37,000 all in my name so I had no choice but to pay it back.

So now after 4 years of consolidation loan/paying way over the min monthly I am down to owing about $17,500..... lesson? don't use credit! especially if your spouse can't control themselves :roll:

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Re: Interesting fact.

Postby Lin » Wed Jul 07, 2010 12:35 pm

Banks hey: :twisted:

I got a Visa debit card to pay stuff online with. The only time I ever had a credit card was when I was married and it was my then husband who got us into debt too! Only $3000 and it took us less than a year to pay it off.

But after I left (and he never paid me back the $3000 for his computer!), I only paid for stuff with the money I have in the bank. No cash, no purchase!
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Re: Interesting fact.

Postby GypsyLady » Wed Jul 07, 2010 1:02 pm

I don’t have a credit card at all only a debit card. As Rosco said....... if there is no discipline on your part then you are 'easy pickings' for the banks and financial institutions .
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Re: Interesting fact.

Postby Rosco532 » Wed Jul 07, 2010 1:13 pm

WOW...I'm guilty of, not getting off my A**, And going into my bank and getting me one of those cards Gypsy.....will put it on my 'Must-Do' list.
I really did mean to do it after it was brought up in a topic a few months back...but forgot.

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Re: Interesting fact.

Postby Lin » Wed Jul 07, 2010 1:16 pm

DISCIPLINE.....Is the keyword when you use one of these things

I think that's one of the reasons why I don't get one. For me it's just one less thing that I have to think about and remember to check and pay, etc. During the time when I lived from pay to pay, I used to spend till the EFTPOS machine beeped at me! I did have a budget spreadsheet for a while which got me out of the dangerzone, but now I just check my account every now and then to make sure I'm not dipping into my savings (too much) and apart from that I don't think about it.
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Re: Interesting fact.

Postby GypsyLady » Wed Jul 07, 2010 1:19 pm

Rosco532 wrote:going into my bank and getting me one of those cards Gypsy.....

Cheers


For anyone not familar with Debit cards, they are not only available at banks but also Credit Unions and Building Societies as well.
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Re: Interesting fact.

Postby Ozzycamperboy » Wed Jul 07, 2010 1:31 pm

Comes in very hany when you have your own business and some customers take months to pay :roll: . So I've lived off the credit card a fair bit. Think I've paid maybe $100 at the most in interest over the last 7 years, and I've got heaps more than that back cashing in my awards points.
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Re: Interesting fact.

Postby MDC » Wed Jul 07, 2010 2:16 pm

Another option is a charge card (eg Amex). You have to pay a charge card in full every month.

I prefer a charge card to Visa Debit cards for one simple reason - charge reversal. If I have a charge on my card I want to dispute, I call Amex and have the charge reversed and investigated. I'm sure you can do this with a Visa Debit but with the Amex you don't pay out of your pocket - with the Visa, the $$ are taken from your account and refunded if the reversal goes your way.

I've only had to do this a couple of times but it's good to know that the card company is on your side (ie: they make the merchant prove it was a valid transaction)

OK some of you are going to ask about the charge reversals, one was a Melbourne cab driver using one of those carbon machines because the eftpos wasn't working. He took the signed merchant copy and lodged it with an extra 1 in front of the amount I had previously signed. Outcome, charge was reversed on my first call to Amex, merchant couldn't prove it was valid so the reversal stayed.

Second time was for an online purchase. The retailer didn't deliver and couldn't provide consignment / proof of delivery documentation. Outcome, charge reversed.

Third time was a double transaction, some kind of glitch.
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Re: Interesting fact.

Postby GypsyLady » Wed Jul 07, 2010 2:23 pm

MDC wrote: He took the signed merchant copy and lodged it with an extra 1 in front of the amount I had previously signed.



Surely he was required to write the amount in full as well as the dollars. I never sign anything that does not have both in a situation like that.

Machine printed documentation is a different matter.
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Re: Interesting fact.

Postby Rosco532 » Wed Jul 07, 2010 2:27 pm

Bi Jingos MDC....If you are just one person and you have had that many Disputes,,,,makes one wonder how many are happening each day....and because we don't all check these things...are the retailers often getting away with it....
We have only had one that I'm aware of and that was with Avis getting double charged from her hair dresser.....Normally I wouldn't have picked it up but because she only goes every 6---8 weeks it stood out when it appeared twice.

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Re: Interesting fact.

Postby MDC » Wed Jul 07, 2010 2:33 pm

Surely he was required to write the amount in full as well as the dollars. I never sign anything that does not have both in a situation like that.

Machine printed documentation is a different matter.
[/quote]

It was one of those old carbon copy machines where I wrote the amount and signed it. He added the 1 before submitting it for processing.

The original said "Amount (in words) Twenty Dollars and 10 cents $20.10"
The edited (with different handwriting) said "Amount (in words) One hundred and Twenty Dollars and 10 cents $120.10.

The funny thing is that I'm very careful with things like this so I left no room for the extra words - the dishonest cabbie decided to write the "One hundred and" above my entry!!
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Re: Interesting fact.

Postby GypsyLady » Wed Jul 07, 2010 2:37 pm

MDC wrote:
I left no room for the extra words - the dishonest cabbie decided to write the "One hundred and" above my entry!!



That is a shocker MDC....he should have been charged
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