by OldGuy » 29 Nov 2024, 12:58
I grew up in a cash only home. Whenever dad needed more cash for some major purchase, he would always go out to "shake a few trees" and come back with whatever amount he needed. We grew up thinking he had some hidden private forest with money hanging from trees.
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We never really knew the source until long after we were in adulthood. He owned his own business. When he needed cash in a hurry, he went to his office and took out the file of accounts with balances due. He called them and offered a huge discount if they came in right now to pay it off and they always did. It was a huge discount on multi thousand dollar balances.)
At any rate, he never had or needed a credit card and we all seem to have followed his example. I've always saved every left over penny in a cash account so when I needed something I could just pay cash. I never had to borrow money for anything; not even a mortgage to buy my homes or cars. During my working career, I felt positively broke if I didn't have at least $5000 cash in my pocket and I often had way more than that. I just never needed a credit card and still don't. I'm not about to get one at this stage of life, long after retirement.
I did eventually get a debit card connected to my checking account instead of carrying the cash so I just use that these days. That has always been enough for me. I do not have any debt.
I don't even want a credit card. Just look at the records for the average American.
Quoted: “Americans owe $986 billion on credit cards, surpassing the pre-pandemic high of $927 billion. We owe $11.92 trillion on mortgages, $1.55 trillion on vehicle loans and $1.60 trillion for student loans.” (As of 2022; it has grown by billions since)
Source:
Demographics of Debt
https://www.debt.org/faqs/americans-in- ... ographics/I grew up in a cash only home. Whenever dad needed more cash for some major purchase, he would always go out to "shake a few trees" and come back with whatever amount he needed. We grew up thinking he had some hidden private forest with money hanging from trees.
([i]We never really knew the source until long after we were in adulthood. He owned his own business. When he needed cash in a hurry, he went to his office and took out the file of accounts with balances due. He called them and offered a huge discount if they came in right now to pay it off and they always did. It was a huge discount on multi thousand dollar balances.[/i])
At any rate, he never had or needed a credit card and we all seem to have followed his example. I've always saved every left over penny in a cash account so when I needed something I could just pay cash. I never had to borrow money for anything; not even a mortgage to buy my homes or cars. During my working career, I felt positively broke if I didn't have at least $5000 cash in my pocket and I often had way more than that. I just never needed a credit card and still don't. I'm not about to get one at this stage of life, long after retirement.
I did eventually get a debit card connected to my checking account instead of carrying the cash so I just use that these days. That has always been enough for me. I do not have any debt.
I don't even want a credit card. Just look at the records for the average American.
Quoted: “Americans owe $986 billion on credit cards, surpassing the pre-pandemic high of $927 billion. We owe $11.92 trillion on mortgages, $1.55 trillion on vehicle loans and $1.60 trillion for student loans.” (As of 2022; it has grown by billions since)
Source:
Demographics of Debt
https://www.debt.org/faqs/americans-in-debt/demographics/
