You Know What Really Grinds My Gears....The Sequel!

[pylon]

Originally Posted by moon

Of course they do.

Credit Card companies aren't running off the yearly fees of their premium cards.

I would imagine most people that have credit cards have carry a balance or at least have carried a balance for more than one month.

You would be shocked at how well Canadians manage debt. I believe the industry stat is about 2/3's of Canadians pay their credit card bill in full every month. And I don't doubt that stat. As I would say about 2/3's of the credit reports I pull have zero balances on their credit cards.

[saillias]

Originally Posted by Red John

What does it matter what the CC interest rate is? Do people actually carry balances on credit cards?

I thought like this too, then I got a mortage and my condo board makes bi-annual demands for $500 "special assessment fees" which tend to throw off your budget.

[pylon]

Gabriel Iglesias is not funny and it really grinds my gears. He has made Funny 1060 unlistenable.

[Mr.Coffee]

Originally Posted by Red John

What does it matter what the CC interest rate is? Do people actually carry balances on credit cards?

lol

[Regular_John]

Originally Posted by pylon

You would be shocked at how well Canadians manage debt. I believe the industry stat is about 2/3's of Canadians pay their credit card bill in full every month. And I don't doubt that stat. As I would say about 2/3's of the credit reports I pull have zero balances on their credit cards.

I'm actually really surprised to hear it's that good, the "doom & gloom" from places like the Globe & Mail suggest it's much worse than that. But glad to hear some one who's actually checking credit reports regularly is seeing an upside.

[Red John]

To carry a balance for an extra month here and there is one thing.

But if you are constantly carrying balances and making minimum payments each month wouldn't you just consolidate or take out a LOC or personal loan?

[moon]

Originally Posted by pylon

You would be shocked at how well Canadians manage debt. I believe the industry stat is about 2/3's of Canadians pay their credit card bill in full every month. And I don't doubt that stat. As I would say about 2/3's of the credit reports I pull have zero balances on their credit cards.

Originally Posted by jaydorn

I'm actually really surprised to hear it's that good, the "doom & gloom" from places like the Globe & Mail suggest it's much worse than that. But glad to hear some one who's actually checking credit reports regularly is seeing an upside.

I agree with jaydorn I am surprised if it is that high a number as I heard the same reports about how bad Canadians were about amassing debt.

I would think that you get a pretty biased view of people's finances because you see people a. that can even think about the idea of buying a new car and b. people that can afford to buy a new car.

I think a lot of people with credit card debt wouldn't even think about going to a car dealership.

[Ark2]

Originally Posted by jaydorn

I'm actually really surprised to hear it's that good, the "doom & gloom" from places like the Globe & Mail suggest it's much worse than that. But glad to hear some one who's actually checking credit reports regularly is seeing an upside.

I sincerely doubt that 2/3 is an accurate figure. Canadians have reached a record high non-mortgage debt and it is staggering how few people have even $5,000 in the bank.

[moon]

Originally Posted by Red John

To carry a balance for an extra month here and there is one thing.

But if you are constantly carrying balances and making minimum payments each month wouldn't you just consolidate or take out a LOC or personal loan?

Perhaps people have those already as well?

But my guess is for most people carrying a credit card balance is easy since you don't have to do anything at all but not pay the balance off.

[pylon]

http://www.cba.ca/en/media-room/50-b...3-credit-cards

Fast facts

A credit card is a convenient and flexible payment tool for both consumers and retailers.
Credit cards provide interest-free credit from the time of purchase to the end of the billing period.
Since more than 64% of Canadians pay their credit card balance in full each month, the interest rate for two-thirds of credit card users is zero.
For those who choose to carry a balance:
Credit cards offer access to unsecured credit (no collateral required).
There are more than 70 low interest rate cards on the market and over 40 of those cards have an interest rate of under 12%

I know there is a bit of a skew there. For example, and I do this myself. I pay off the balance every month no matter what, if I am short to cover them, I will use my HELOC so if interest accrues, it is only 3.5%. But I always try and pay that off the next month whenever possible. And I know a ton of people do the same. Why wouldn't you?

[stampsx2]

Originally Posted by saillias

I thought like this too, then I got a mortage and my condo board makes bi-annual demands for $500 "special assessment fees" which tend to throw off your budget.

Second biggest reason i wouldn't get a condo. First reason, the dog down the hall that hasn't stopped barking since you left for work.

[DownInFlames]

Originally Posted by stampsx2

Second biggest reason i wouldn't get a condo. First reason, the dog down the hall that hasn't stopped barking since you left for work.

First off, most special assessments are for work that should be outlined in the reserve fund study, which all condo owners should read (but usually don't). Sometimes assessments are for emergency repairs, which also happen to homeowners. Just ask the guy whose hot water tank went out Christmas Eve about that.

[stampsx2]

Originally Posted by DownInFlames

First off, most special assessments are for work that should be outlined in the reserve fund study, which all condo owners should read (but usually don't). Sometimes assessments are for emergency repairs, which also happen to homeowners. Just ask the guy whose hot water tank went out Christmas Eve about that.

A condo board member decided they wanted their windows washed on the fifth floor. Too high for a ladder. Everybody in the building had to pay up to get all the windows washed by a hired contractor with special equipment.

Sorry, there's not enough accountability on condo boards and them handling money. At least with your own place, you decide the amount of the expense and when's the best time to do it. Some repairs i can even do on my own, but not in a condo.

I get it, some people like not cutting grass, or not shoveling snow. Parkades to me are the best thing about condo's, but the lack of accountability is a turn off.

Go to any condo, look at the bulletin board and see what repairs are being covered next.

[stampsx2]

Question for condo supporters:

How do you know that condo board members have a good record of handling finances. Is anybody allowed in, maybe someone with really bad credit card debt or someone that has recently filed for bankruptcy?

Serious question. Shouldn't there be some sort of past history shown before a board member gets elected to handle everyone's funds?

[DownInFlames]

You know why many condo boards come across as unaccountable? Because the owners can't be bothered to take them to account. People who like living in condos like the relative lack of responsibility, maybe a little too much.

I can totally accept you wanting to live in a house, and I'm not trying to convince you otherwise. But as a condo board president who has put in countless unpaid hours of work to make my building a better place to live I get a little defensive when people attack condo boards.

[stampsx2]

Originally Posted by DownInFlames

You know why many condo boards come across as unaccountable? Because the owners can't be bothered to take them to account. People who like living in condos like the relative lack of responsibility, maybe a little too much.

I can totally accept you wanting to live in a house, and I'm not trying to convince you otherwise. But as a condo board president who has put in countless unpaid hours of work to make my building a better place to live I get a little defensive when people attack condo boards.

Your condo members are one of the lucky ones. Don't get me wrong, nothing wrong with living in a well run condo when the board is on top of their game.

[MoneyGuy]

...that fans cheer for another country because none of their NHL team's prospects play for Canada.

Cheer for your team's prospects but...

Go, Canada!

[Regular_John]

Futurshop's insistance that you say "No" to the extended warranty three times before they let you finish your purchase with them.

No, I don't want the extended 9 year warranty, why? Because if you continue pushing such shenanigans on your customers I can assure you won't even be in business in 9 years time, let alone able to honour such warranties, assuming the customer even has the receipt anymore.

[MoneyGuy]

Originally Posted by jaydorn

Futurshop's insistance that you say "No" to the extended warranty three times before they let you finish your purchase with them.

No, I don't want the extended 9 year warranty, why? Because if you continue pushing such shenanigans on your customers I can assure you won't even be in business in 9 years time, let alone able to honour such warranties, assuming the customer even has the receipt anymore.

I've done this with great success.

"I know you're going to push your crappy extended warranty on me despite the fact that the profit is high, your risk is low and that I don't need it. I'm declining right now and will initial your stupid form. If it's mentioned again, I'm walking away from this purchase."

Try it.

[Regular_John]

Originally Posted by MoneyGuy

I've done this with great success.

"I know you're going to push your crappy extended warranty on me despite the fact that the profit is high, your risk is low and that I don't need it. I'm declining right now and will initial your stupid form. If it's mentioned again, I'm walking away from this purchase."

Try it.

Yeah I was off my game this time, usually I'll just open with "I don't need the extended warranty thanks" and that kills it, but this time my mind was elsewhere and I got sucked into the "make them say it 3 times" trap.