A Quote by Richard Thaler
Is there a market for somebody selling a credit card that helps people pay down their balances? I think the question is yes. But it would have to be sold by a bank that's really willing to invest in being a trusted partner with its consumers, because they will make less money on each consumer.
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There's also consumer debt, the credit card debt that burdens many of the working families in America. Yes, we talk about national debt, and we're paying a lot down. But you're fixing to hear me tell you part of the remedy for people who have got a lot of credit card debt is to make sure people get some of their own money back.
I don't use a debit card. The safest thing is a credit card because you're using the bank's money. If someone accesses your information, they are stealing the bank's money, not yours.
This is the worst time to miss a bill. Pay down any large credit card or other large revolving accounts if you can, because high balances will hurt your credit rating. And avoid opening any other accounts before the loan you're pursuing is closed.
I try to use my debit card rather than a credit card, but I will use a credit card for big purchases because I bank with Coutts and I get points.
The current U.S. and Eurozone depression isn't because of China. It's because of domestic debt deflation. Commodity prices and consumer spending are falling, mainly because consumers have to pay most of their wages to the FIRE sector for rent or mortgage payments, student loans, bank and credit card debt, plus over 15 percent FICA wage withholding for Social Security and Medicare actually, to enable the government to cut taxes on the higher income brackets, as well income and sales taxes.
Perhaps you are thinking: 'But a tank costs several million dollars, not including floor mats. I don't have that kind of money.' Don't be silly. You're a consumer, right? You have credit cards, right? Perhaps you are thinking: 'Yes, but how am I going to pay the credit-card company?' Don't be silly. You have a tank, right?
But credit card debt is unsecured debt, which means if you get in trouble and cannot pay off your credit card, you can discharge it in bankruptcy. What are they going do to you? If you're in a financial position to just methodically pay off both credit card and student loans, pay them all.
Absolutely pay off credit card debt. If you're not getting a match in your 401(k) and you've got credit card debt, you've got to get yourself out of credit card debt. When you get out of credit card debt, your credit score goes up and interest starts to go down.
I have always advocated doing everything possible to pay off credit card balances; it's good financial management and the ticket to a strong FICO credit score.
We think of prices as simply the notation of how much we must pay for things. But the price system accomplishes far more than that. Hundreds of millions of people buying and selling, and abstaining from buying and selling, generate a system of signals - prices to producers and consumers about relative scarcities and demand. Through this system, consumers can convey to producers their subjective priorities and entrepreneurs can invest accordingly.
There is no reason products and services could not be swapped directly by consumers and producers through a system of direct exchange – essentially a massive barter economy. All it requires is some commonly used unit of account and adequate computing power to make sure all transactions could be settled immediately. People would pay each other electronically, without the payment being routed through anything that we would currently recognize as a bank. Central banks in their present form would no longer exist – nor would money.
To bring down your credit card balances, write down the benefits of reducing your debt. No more gnawing feeling that you're throwing money away, perhaps. More money flowing to other financial objectives. Then consult the list when you have doubts.
If you have a choice between buying something and paying down your credit card, pay down your credit card.
The minute a Wall Street firm purchases your debt, your bank no longer has it on its financial statement, which then allows the bank to look for more credit card customers. That's one reason why you get so many credit card offers.
I always tell people there's only one trick to writing: You have to write something that people are willing to pay money to read. It doesn't have to be very good, necessarily, but somebody, somewhere, has got to be willing to pay money for it.
I trust online banking. You know why? Because if somebody hacks into my account and defrauds my credit card company, or my online bank account, guess who takes the loss? The bank, not me.
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