What Have The Baby Boomers Done For Us?

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Kimmio said:
Logically, that would mean that if people stopped using credit cards, prices would go down. Which would drive down the cost of living.
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Think so? You don't think the banks would make their money off us some other way?
 
Kimmio said:
Pay off credit cards and cut them up. Cut them up first.
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Many people find this is the best approach to credit cards. Many others encounter no problems with credit cards, using them as a convenience and paying them off every month.

But your comments about their role in the economy are interesting to consider. I just suspect something else would come along to take their place and make money for the banks.
 
I have a credit card. I have had it for many years. I use it for almost all my purchases. I get a bill monthly and pay it. I get a small money incentive to put in my TFSA.

I too was offered a Bay card when I was young and inexperienced about living totally independently. I heard about others having problems with debt so I decided to cut it up.

I appreciate that other people are almost rabidly against credit cards and I understand their views. It just doesn't match mine. My parents had strong opinions about the evils of debt and the wisdom of staying out of it. They gave me enough examples that I made an effort to avoid getting into debt. We did take out house mortgages though - and paid them off.

It seems I used Depression era thinking all the way through my life so far. Look after the pennies - don't buy it unless you need it - waste not, want not etc. As a single, a couple and a family we didn't get rich but we always had the things we needed. We appeared to have less stress than some other people too.
 
KayTheCurler said:
I appreciate that other people are almost rabidly against credit cards and I understand their views. It just doesn't match mine. My parents had strong opinions about the evils of debt and the wisdom of staying out of it. They gave me enough examples that I made an effort to avoid getting into debt. We did take out house mortgages though - and paid them off.

It seems I used Depression era thinking all the way through my life so far. Look after the pennies - don't buy it unless you need it - waste not, want not etc. As a single, a couple and a family we didn't get rich but we always had the things we needed. We appeared to have less stress than some other people too
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We have been much the same throughout our married life and it helped that Mr. Paradox and I had similar upbringings.

Aside from a mortgage, which we paid off as soon as possible, we have had a couple of car loans but that's it. Credit cards are always paid off at the end of the month and we only have one each. Back in our working days, we took our lunches every day to work. I was astonished by how many people say they don't have time to prepare a sandwich at home.

Except for a few years when I did Home Care work and needed a second car, we have managed just fine with one vehicle.

We still live in what was euphemistically called a starter home when we bought it. 3 bedrooms & 1 bathroom. Space was tight when we had teenagers & young adults living with us. But we never felt the need to upsize and now we are fine here on our own once again.

Both of us worked in the public sector so we have been fortunate pension-wise. But our relatively frugal habits over the years have also paid off.
 
KayTheCurler said:
I appreciate that other people are almost rabidly against credit cards and I understand their views. It just doesn't match mine. My parents had strong opinions about the evils of debt and the wisdom of staying out of it. They gave me enough examples that I made an effort to avoid getting into debt. We did take out house mortgages though - and paid them off.
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Our basic rule is that debt is short term and we have a plan to pay it. Credit cards are paid monthly, no carrying a balance. Cars are bought with cash or maybe bridge financing (90 day no interest loans and that sort of thing). Mortgage was our only big debt and we paid it off quickly. Admittedly, it's more her than me. The Chinese are, culturally speaking, highly debt averse.
 
Kimmio said:
I think AOC is emboldening people in the US. I like her sassy, yet positive attitude. She is a breath of fresh air in my opinion. Canada's less bold but maybe that'll change too.
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People are emboldening AOC ... Where would AOC be without the Sunrise Movement ... but I do agree she is a breath of fresh air in the political arena ...
 
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Ritafee said:
People are emboldening AOC ... Where would AOC be without the Sunrise Movement ... but I do agree she is a breath of fresh air in the political arena ...
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??????
No,
Smells different, sure.
Not fresh air.
Socialism makes people wish they could have toilet paper.

Now Trump!
That’s some fresh hot air:)
 
Ritafee said:
Right ... debt slavery at it's finest.
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It is possible to take on debt and not be a slave to it. That happens when you take on more debt than you can handle, forcing you to commit more and more of your resources to dealing with it. When one takes on debt, there should be a reasonable idea of how it will be paid off and how one will avoid the "death spiral" of interest adding to debt adding to interest adding to ... (you get it). Compound interest can make you rich, but it can also make you poor if you're the one paying it.
 
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