PSA: Don't swipe recklessly for others

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The cc benefits of cash outlay if you can afford it, rewards for spend and other stuff like charge back protection make it better than cash in many ways.. if you lose $500 cash or it's stolen you really won't get it back but on a cc you have protection

The interest rates work against you. It's just a sinking cycle and an overwhelming feeling of helplessness and hopelessness to be trapped in 25% 50k debt

I was there and I got it. Don't go down that path.

Besides the losses of interest, think 5000 a year lost to interest could be getting you $300 plus in positive interest in savings or CD

The damage to your credit score is quite expensive if you need a car etc

I didn't lend out my cards, I just built a business that was variable and certain contracts collapsed etc I got out in time and was able to recover thanks to a DDF member

I used that knowledge to help my brother as well pay his cards to zero

Don't think of your recourses on 50k of cc debt. Don't ever go there.

Better to raise money in shul or door to door than to have 50k in high interest cc debt

[DaasTora]

I didn't lend out my cards, I just built a business that was variable

Just the other day a friend of mine was asking me how apr works. Is it 23 percent monthly or annually…
I literally got emotional and started yelling “don’t do that “. He started up a business on ink cards and the 12 months are coming to an end…….

[chbochur]

Just the other day a friend of mine was asking me how apr works. Is it 23 percent monthly or annually…
I literally got emotional and started yelling “don’t do that “. He started up a business on ink cards and the 12 months are coming to an end…….

Tell him to apply for a new ink and move the existing credit line to the new card and start the 12 months again.
(I know I over simplified it. Pm for more info)

[WonderingYid]

Tell him to apply for a new ink and move the existing credit line to the new card and start the 12 months again.
(I know I over simplified it. Pm for more info)

Perhaps he is just burying himself further.

[chbochur]

Perhaps he is just burying himself further.

He probably is. But that realization has to come from him or he won't get any advice and will end up burying himself plus the interest

[etech0]

question is if the additional year will be the time to dig out of this, or just kicking the can down the road

[WonderingYid]

question is if the additional year will be the time to dig out of this, or just kicking the can down the road

Correct 100%

[DaasTora]

question is if the additional year will be the time to dig out of this, or just kicking the can down the road

It might give him some time to figure stuff out though.

[TzviR]

It might give him some time to figure stuff out though.

might

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It's impossible to stay ahead of credit card interest

25% of 10k cc is 2500 a year, but since it's incured monthly you're basically $2700?

It's sad that literally the whole frum world has become luxury obsessed

And the debt is overwhelming.

For me, once free of cc debt I practice what I later learned is charlie munger advice "spend less than you earn"

You know, Somebody once asked Einstein about the greatest thing in the universe and he said "compound interest "

Imagine instead of 2500 to cc interest you added 2500 to 10k savings at 5% that's 13,125

Next year another 2500 +5% 16,406

By year 3 that's 19,851

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Year 4 23,469
Year 5 27,267
Year 6 31,255
Year 7 35,443
Year 8 39,840
Year 9 44,458
Year 10 49,305

 Year 15 77,433
 Year 20 113,331
Year 30 217,621


Think it over, is that fancy restaurant worth it

[TheAsh]

https://www.toelesharabim.com/

I have to say  that his website does a better job at warning people than Dan's does. Perhaps there is a slight toeles harabim of him doing it over others.

EDIT: THEY ADDED THE WARNING AFTER THE OFFER ENDED. WHAT LIARS.

[WonderingYid]

https://www.toelesharabim.com/

I have to say  that his website does a better job at warning people than Dan's does. Perhaps there is a slight toeles harabim of him doing it over others.

They added that warning after the offer ended.

[Mordyk]

They added that warning after the offer ended.

such sly people. i guess the same type of person that calls it L'toeles harabim can go ahead and put the warning out after the offer is over...

[TheAsh]

They added that warning after the offer ended.

WHAT!?

Such liars.

[USam]

https://www.toelesharabim.com/

I have to say  that his website does a better job at warning people than Dan's does. Perhaps there is a slight toeles harabim of him doing it over others.

EDIT: THEY ADDED THE WARNING AFTER THE OFFER ENDED. WHAT LIARS.

The toeles harabim is on the "free" $1950 for spending that you anyway do. It's not for the warning.

[Young explorer]

Now that the ink offer is done, someone came up with a new Toeles harabim...
I'm thinking you can take him to beis din since he's upcharging more then a shtus, you can buy it here for $20+/-

[lcm]

Now that the ink offer is done, someone came up with a new Toeles harabim...
I'm thinking you can take him to beis din since he's upcharging more then a shtus, you can buy it here for $20+/-

Where do you think the discount is being sourced from?

[Abebee]

Now that the ink offer is done, someone came up with a new Toeles harabim...
I'm thinking you can take him to beis din since he's upcharging more then a shtus, you can buy it here for $20+/-

I don't think its the right thread. I personally don't see anything wrong with this. When i help friends and family with Global entry/TSA precheck they are shocked to hear its only $15-$20. I can easily make a couple of bucks charging people $50 - or even $100 just by helping then sign up, explaining them the benefits and walking them through the signup process. For most of us on the forums this is second nature to us and why would you pay $75 for clear. For people that dont hang out here, its a bargain. (my 2 cents)

[TzviR]

I don't think its the right thread. I personally don't see anything wrong with this. When i help friends and family with Global entry/TSA precheck they are shocked to hear its only $15-$20. I can easily a couple of bucks charging people $50 - or even $100 just by helping then sign up, explaining them the benefits and walking them through the signup process. For most of us on the forums this is second nature to us and why would you pay $75 for clear. For people that dont hang out here, its a bargain. (my 2 cents)

+1 This is a great deal for most people!