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Discussion in 'General Knife Discussion' started by needler420, Mar 4, 2019.
Since you're asking for advise here. I'd say just do it.
And, welcome to the real world. Kid.
With the exception of our house, I don't buy ANYTHING on credit.
If you have to finance a $300 knife, you can't afford a $300 knife.
Why not save that credit rating for a nice interest rate on a home or some land?
Credit is a tool.
Use the right tool for the right job.
Credit card companies are not your friend....They "Hook You" with 6 months free interest then hope you max out your limit which you will be charged interest on....This is how they make their money. They know from history that a huge percentage of their clients can't pay the balance within the time limit.
Only if you can pay it back in full at the end of the month. Talk to a credit adviser or get the the free copies of your credit report from the the three credit bureaus, do one every four months. Learn what factors affect your score as well making sure your credit history is accurate, the bureaus sometimes get it wrong and it takes correspondence to correct it. You bank may now offer your score on their online site for customers to educate themselves. I know if you get into debt and you get behind in payments, your credit score is affected. Also, watch the credit card companies, usually they will increase your rates and service fees, check out credit unions, they may have a non-variable card with rewards program. The best advice is educate yourself and do the research. Good luck, sorry to go on, but it sounded like trouble coming if you "buy on credit."
Don't start off on foot like so many do with credit. I got my first CC and bought a package of tube socks and paid it in two payments then I got myself a mattress and made 6 or 7 payments. All the while I had the money in the bank to pay for them in full but I was building credit so from the age of 18 to to the age of 54 I have had impeccable credit because I Never bought anything I didn't have the money in the bank to back it up with except for a truck, house, and a pool and that's were Good credit come in handy. That said save up the cash Then buy it on a card and make a few payments . You will be happier in the end. Just being Honest Op
Don’t buy things you can’t afford. Unless you want to, it’s your life, but the credit card companies aren’t some nice guys who give out money and want you to have a lot of things, they make money off those who cannot pay back the full amount.
Save up the money, buy the item with the credit card to get the advantages on that card, then pay back imidiatly. Save the credit for that one time you really need it
Well, I think paying cash for things and being debt free is the best way to go. Even houses.
Interest paid to banks is just lost opportunity for more knives (or cars, or whatever). When we paid of the mortgage to the house, that was a good feeling, banks don’t own you, you are free at that point.
I work a good job and live in Texas so paying off my house in my 30’s was doable. If you live in a high tax state, move.
I probably would with the understanding that I wasn't going to load up the card with other debt and then carry it from month to month. The important thing to understand about credit cards beyond the interest rate % is that once you leave a balance carry over to the next month (assuming you pay interest), all purchases are subject to interest immediately upon making the charge until the card is paid off in full per their statement period. So, your call on this as it should be....
In general, I agree with the cash payment approach for hobby items. But there are always exceptions. The reason they have "no interest" for 6 months is so that you load up the account with debt so you have to pay interest or in other words have little choice but to pay interest. They've got ya then.
One other thing.... it is important to maintain a cash reserve for yourself. You may have a transmission go out on your car or have to replace a broken HVAC system in the dead of winter or the hottest part of the summer. It's good to have some cash available should something come up.
Goes 1 day past 6 months with a balance, hit with 6 months of interest. $300 knife is now double. Dont do it, better ways exist to build credit.
Another vote for the “only if you can pay it off at the end of the month” side. Don’t start accruing credit card debt unless you’re in a dire financial situation with no other options. Hopefully this doesn’t actually need to be said, but don’t spend money on knives before you’ve got all your other bills paid.
Agreed with the pay as you go theory. We use credit cards, but I treat them like debit cards. They get paid monthly, plus I get 2% cash back on all the purchases. If you can be disciplined about it, you can make money off of them instead of the other way around.
You can use credit to your advantage, but only the zero interest lines.
I use no interest offers all the time , especially Paypal credit. But you must be able to pay off the debt before the expiration.
And I have money in a money market account to offset the debt.
No. Don't use credit at all if you can help it.
Otherwise make sure you can pay the balance in full by the end of the month. Say you get paid twice a month. Buy it at the beginning of the month and the balance off after the end.
Dont keep racking up credit that will be so hard to pay off later. If your well off this may not be an issue depending on your wage or salary.
1 - don't get financial advice off internet forums
2 - don't finance hobbies
I almost exclusively use credit cards for ordering online ... or reserving a hotel room or a few other reasons it makes it easier or is required ...
but I don't buy anything I couldn't afford to pay cash for at the time.
it can be a slippery slope for new credit card users because it's so easy to use and you don't have the cash in hand to see yourself count it out.
Do what makes ya happy as long as ur not stretched, people pay payments on hobby toys all the time... motorcycles, boats, etc.. all hobbies none are necessities
I only have one credit card, and use for some online transactions where I don’t want any kind of personal bank info compromised. But I already have the cash in hand so to speak to pay it off right away. You will appreciate your knives more if you work hard and save towards getting them.
Best thing I ever did was pay off everything I owed. Being out of debt is a wonderful feeling. Don't ever charge anything you don't have to have. Been there, done that and won't again!