50% of Americans Couldn't Come Up with $2000

[Pico and ME]

We had a few dormant cards close in the last 2 years, but prior to that never. I assumed it had to do with the financial chaos. Other than that, for us...

First, one has a credit card, does not use it, and therefore has no monthly payments. TRUE
A credit card that you have and do not use can cost nothing. TRUE
Anybody can afford a credit card by not using it. TRUE

[infinite monkey]

disclaimer: I ain't on any side...I have no clue about any of it.

In other words: I ain't on any side. I have no clue about any of it.

(you don't need to explain sketchy cellar debating techniques to me.)

[infinite monkey]

[classicman]

I shared what my personal experience was. I also stated facts and corrected some bad information. It is very easy to support that it can and has happened. Info is available all over the internet about the fact that they cancel them and some info about why. Take for what it is.

I never said all the time, every case, always... just that they can and do cancel dormant cards.

[glatt]

Originally Posted by classicman

I never said all the time, every case, always...

Yes you did. That's what your "False" means when tw says it can happen. You were saying it can't.

It turns out everyone is on the same page now, and the arguing was for nothing. You are agreeing now with tw that it can happen.

[Happy Monkey]

I have a credit card that I never use, and they haven't canceled it yet. Just because some companies do it doesn't mean that tw's statements are false.

Especially if you look at the wording:

First, one has a credit card, does not use it, and therefore has no monthly payments.

That's me.

A credit card that you have and do not use can cost nothing.

Note the can. Also me.

Anybody can afford a credit card by not using it.

Note the afford. I've got a card that I don't use, and costs me nothing, so obviously anyone could afford that (unless they're shopaholics who can't afford to have a credit card available or they'll max it out). You could read more between the lines of tw's post, and argue that it would be hard for some people to get the card in the first place, but that's not a direct contradiction of anything tw said.

As long as there are still cards that aren't canceled through inactivity, tw's statements are true.

[Happy Monkey]

Even if, in the future, there are no cards left that can be held dormant, you can use them for many purchases you would otherwise pay cash for, and not carry a balance, and still have it cost nothing more than stamps.

Maybe some day you won't be able to get a card unless you promise to carry a balance or pay a monthly fee, but it's not here yet.

[glatt]

Originally Posted by Happy Monkey

Maybe some day you won't be able to get a card unless you promise to carry a balance or pay a monthly fee, but it's not here yet.

When that happens, I'll go back to writing checks or paying cash.

[infinite monkey]

If anyone wants to borrow part of my balance (you know, just so you keep your card...really, I'm thinking of YOU) I will help you out.

PM ME!

[Pico and ME]

Originally Posted by infinite monkey

If anyone wants to borrow part of my balance (you know, just so you keep your card...really, I'm thinking of YOU) I will help you out.

PM ME!

Hmmm, maybe I can go into the loan shark business. I could lend you use of one of my credit cards for a fee....

'Cept, how to go about enforcing payment.

[Trilby]

Still, though: Capital One is teh debbil.

[classicman]

I stand corrected...

My humblest apologies.

[Spexxvet]

On behalf of everyone, I accept your apology.

[classicman]

Many have been taken care of via government programs as well. They have never learned to be self sufficient. They've never had to be. Its frightening the number of [people who have no clue about any of it. And their numbers are increasing dramatically. There is an entire subculture of those who have always existed on an income derived from someone else. They have never been independent. ]
Is it 50%? I wouldn't have thought so, but perhaps it is. The questions were probably left open-ended intentionally so as NOT to provide hard facts. That way the politicos can use the "info" and interpret it for their own benefit.

[Fair&Balanced]

Originally Posted by classicman

Many have been taken care of via government programs as well. They have never learned to be self sufficient. They've never had to be. Its frightening the number of [people who have no clue about any of it. And their numbers are increasing dramatically. There is an entire subculture of those who have always existed on an income derived from someone else. They have never been independent. ]
Is it 50%? I wouldn't have thought so, but perhaps it is. The questions were probably left open-ended intentionally so as NOT to provide hard facts. That way the politicos can use the "info" and interpret it for their own benefit.

Whoa.

I'm not sure what you mean here, but it sounds like you are suggesting that there are millions of "welfare queens" or similar types who live off of government handouts for life and the number is growing, when in fact, most individuals and families receiving some form of social assistance (TANF, SNAP, etc) are relatively short term and the number was declining over the last 10-15 years (since welfare reform) until the recession.

On the issue of numbers maxed out on credit cards, those with the lowest income, up to $25K, have a higher rate of always paying off the balance than those making between $25-100K.

http://www.census.gov/compendia/stat...es/11s1190.pdf

I hope I am wrong about the first comments (never learned to be self-sufficient...an entire subculture...always existed on an income derived from someone else) and it was just my misunderstanding of your position.

I would suggest that probably most Americans never learn good financial management practices in a formal manner. IMO, it should be part of a high school curriculum.