supporttheright said:
Fuck credit cards!
35% of people with credit cards are in debt of $5000+
15% are in debt of over $20000
Both groups rarely pay it off!
When I cut up my CCs years ago, my saving account took off. I take cash with me weekly so whatever is not in my wallet I don't spend. I use to ALWAYS over spend every week of my life.
I only have a Debit Credit Card and a normal bank card today.
It's a trap just like student loans ($100k) where most won't pay them off.
Your points about credit cards seem to be a stretch of this particular topic, because the topic of using bitcoin as a form of payment touches upon bitcoin's liquidity but also figuring out whether there are going to be advantages or disadvantages to use bitcoin, especially with large purchases, and also if there might be other payment means available that are less sound money (referring to Gresham's law).
Your particular criticism of credit cards comes off as an inability to control your own spending rather than figuring out ways in which you can profit from the use of credit. Of course, bitcoin can be a way around the credit system, especially if you are able to accumulate a stack of it and the value appreciates, but even if the value does not appreciate, you might be able to use bitcoin to make purchases or to transfer money in ways that can be a bit more difficult to accomplish with cash - especially if you are crossing over borders, and also there seem to be reporting requirements (at least for some businesses) when they transact more than certain amounts of cash - $10k, I believe.
Surely, there are a lot of criticisms of credit cards and the whole credit system, yet if you have built up credit, there are a lot of ways that you could profit from such built up of credit, to the extent that you are creative and are able to manage your spending, so you don't end up paying more cc fees than you had intended based on an inability to make full payments. Actually, most guys realize that many of the fees can be avoided with timely payments, but surely credit cards can engage in trapping customers into paying fees that they had not realized would be there (aka hidden fees).
Another decent criticism of credit cards is the loss of privacy, and cash is going to tend to bring more privacy.
I tend to agree with what seems to be your point about the bubble nature of the increased cost of education that seems to have come from the way that student credit is made available, but I also have a tendency to value education, so embarking on credit to become more educated could play out differently for younger guys who are making those choices, and may depend on options that the guy has (speculating on whether education and what kind might be helpful to him).... but also seems to be deviating from the original thread topic, no?
