Comments on: Avoiding Debt Is More Important Than Your Credit Score!

By: J. Money

J. Money — Mon, 26 Sep 2016 20:34:10 +0000

In reply to Steven Goodwin. Answer: NEVER

By: Steven Goodwin

Steven Goodwin — Sat, 24 Sep 2016 23:32:17 +0000

nope, not off base at all. I’ve never been a big fan of credit cards myself. I think it’s funny when people tell me that they are just using them for the rewards. They think that they are winning, but I just see it as them being gamed into spending more to justify the rewards. If you can make the rewards on your main monthly bills alone, ok, I can see that. But, when was the last time you heard a wealthy person explain that the reason they are so wealthy is because they got the credit card rewards?

By: J. Money

J. Money — Tue, 13 Sep 2016 19:55:08 +0000

In reply to Booboo Bear. I guess it depends on your future goals and how good/bad your credit is right now :) You def. seem to be doing better than most of the country! Esp w/ that mortgage pay off - well done.

By: J. Money

J. Money — Tue, 13 Sep 2016 19:53:12 +0000

In reply to Jen @ Saving with Spunk. Haha - Agreed :)

By: J. Money

J. Money — Tue, 13 Sep 2016 19:52:24 +0000

In reply to Booboo Bear. Interesting take...

By: Booboo Bear

Booboo Bear — Mon, 12 Sep 2016 18:18:37 +0000

In reply to Jason. There are plenty of studies that show that students who take on loans instead of working part time while in college are more likely to graduate. I realize that many students attend institutions where graduation rates are less than 50% and this can be a big risk, but I'd suggest (and I do suggest it to students that I advise) that a student who's made it through a couple of years of college with good grades in a major with reasonable job prospects consider taking on loans so that they can graduate more quickly.

By: Booboo Bear

Booboo Bear — Mon, 12 Sep 2016 18:12:35 +0000

Trailing edge boomer here. My wife and I have been debt free for about five years now. We’ve paid off all of our student loans, car loans, mortgage, and credit card debt and have a net worth (including home equity and retirement accounts) of about 7 times our annual income with 15 years until I retire. I’m finding it hard to imagine any circumstances under which we would ever need or want credit again. Is there any point in worrying about our credit scores?

By: Jen @ Saving with Spunk

Jen @ Saving with Spunk — Sun, 11 Sep 2016 21:53:24 +0000

THIS IS AWESOME! Stop targeting us, we’re just trying to get rid of our student loan debt right now ok? If we can get through that I think we’re pretty set in the “building our credit score” category.

By: J. Money

J. Money — Sat, 10 Sep 2016 20:09:52 +0000

In reply to Meghan.

Do the show hosts own credit cards?

If not, see my answer above :) You wouldn’t know where to pick them up or find the best ones if you’ve chosen not to go that route (similarly to me knowing the ins and outs of whole life insurance because I’ve decided to go with Term instead).

If they DO own credit cards, however, then yes! That is pretty bad!

By: J. Money

J. Money — Sat, 10 Sep 2016 20:02:25 +0000

In reply to Dr. Wise Money.

True true…. Not going to argue with you about the power of knowledge.

But how do you know these millennials haven’t done their own research and consciously came to the conclusion that these cards aren’t for them? From the looks of the stats, it’s pretty telling that they’re very much aware of how credit cards work and are choosing not to buy into it. Hard to fault them for that.