The balance between paying down debt and savings

[Tybee]

I definitely spend more if I use the credit card, so I have gone more to cash. I think some people have that tendency, but if I did not, it would be great to put it all on a credit card.

[Tradd]

Reallly wondering if we’re going to get a bonus this year. Last year was the first one I got one. It just shows up in your bank account around 12/20ish or so. It was equivalent of a regular paycheck. I didn’t get one in 2021 as you need to be here a full year before you’re eligible and I’d only been here 9 months. It seems that if business hasn’t been good enough to give you the whole thing, they don’t give you anything. That’s just crappy thinking. Heck, I’d not turn down an extra couple hundred.

If we do get a bonus, it’s all going on debt.

[Tradd]

We did get the bonus! Equal to one paycheck and just about all of it thrown on credit card.

[Tybee]

Nice!!

[iris lilies]

Good show, Tradd!

[iris lilies]

I was reading, I think in Motley Fool, how people should have a few credit cards just to maintain a credit score. I bought my first house late in life, with no other debt, an only a debit card. I was asked for records from bills like phone, rent, and power showing I paid my bills on time. It seemed like enough to qualify for a loan on my first home mortgage. I've never really thought much about a credit score, but it seems important that you pay off debt payments on time regardless of whether you just forgot, or it's unaffordable.

I remember getting a credit card for, mainly, building a measurable credit record in order to buy a house. I bought my first house in 1983.

[Alan]

I remember getting a credit card for, mainly, building a measurable credit record in order to buy a house. I bought my first house in 1983.

We bought our first house in 1979 without benefit of any established credit at all, although we did have the benefit of one of those wonderfully guaranteed VA loans which we were able to acquire at a 10% rate and no down payment. Surprisingly enough, that ended up being a negative on our future credit, and deservedly so.

[ApatheticNoMore]

I was reading, I think in Motley Fool, how people should have a few credit cards just to maintain a credit score. I bought my first house late in life, with no other debt, an only a debit card. I was asked for records from bills like phone, rent, and power showing I paid my bills on time. It seemed like enough to qualify for a loan on my first home mortgage. I've never really thought much about a credit score, but it seems important that you pay off debt payments on time regardless of whether you just forgot, or it's unaffordable.

the credit score will influence the interest rate you get on the mortgage. But credit cards while they help are really not *ENOUGH* for that, if that's the goal. They like big long term debt for showing creditworthiness, and credit cards aren't that (and shouldn't be), so they want something like car loans or student loans or similar to really get the best credit score. Not that I have that.

[Tradd]

I alternate between throwing more at CC and paying CC minimum and putting a lot in savings.

I’vw spent extra for grocery delivery the last couple of weeks since I’ve been staying home (aside form work) due to recovering from covid and the aftermath.Bit aside from a few ebooks, I’ve been spending less for McD, which is good. I likely won’t be diving at the WI mine the rest of the winter due to getting over being sick. I do have a weekend up in WI at the beginning of March for a shipwreck thing for the organization I’m on the board of. That’s $220 in hotel costs, as well as gas (3 hour drive), and food, but it will be good to see friends I’ve not seen for months and my one treat for the winter.

[Tradd]

One of the Dave Ramsey show co-hosts has a new book out, Breaking Free from Broke. I had a bunch of Kindle Rewards points so it was only $4. Couple chapters in and it’s good so far.