Credit cards

yes, in a free system you are free to exchange and trade as you like- in a half free system like ours, there is already a lot of control like in your example of hotels. In the end there will be no freedom left when they are done destroying the current monetary system and replacing it by cards for everything or even implanted chips.
Sad thing is that most card users which are stupid enough to use cards already now, they will also let themselves implant chips without resistance.
Then finally the NWO will have a total control of sheeple.

 

nope, it's impossible. if you have a credit card, you are legally obligated to make several large purchases that you can't possibly afford, and then when you get the bill a man in a dark suit comes into your house and forces you to pay only the minimum balance.

 

^^shit, i guess you're right. i should probably burn all my credit cards and cut off my right hand so i can never swipe another one again.

just from making my normal, ever-week purchases on my credit card, i get tons of miles or points, which i've redeemed for $50 gift certificates to various stores/restaurants, and i currently have enough points to get a $400 travel credit which i will use when i go on my honeymoon.

and i REALLY don't think i would the government implant a chip inside me, just because i'm "stupid enough" to use a credit card

 

Close.

Simple interest is when your charged a set fee for a loan.

I loan you $20,000 and you pay it back with 8.5% which is $1,700.
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Compound interest is when you are charged interest on the unpaid balance on a monthly or annual basis.

I loan you $20,000 Annual Percentage Rate 8.5% and you pay me back over 48 months.

That's 8.5%/12 months = .7083% per month = 492.97 per month.

492.97 x 48 = $23662.56 total payments.
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So, you payed $1700 at 8.5% simple interest and $3662.56 with 8.5% compound interest, which more than doubled the amount of interest you paid.

8.5% APR for 48 months is effectively the same as 18.3% simple interest.

The example I gave was taken out of a text book, and is for a car loan. Credit cards charge much higher rates and their minimum payment is low enough so that you can pay it forever and compounding will ensure that you never pay it off no matter how much you end up spending. If you run a balance for years you can easily pay 4-500% of your purchases in interest payments.

House mortgages will also run you about 2-300% of the purchase price because the interest has 30 years to compound.

 

but that doesn't take into account the part of the balance that you're paying off does it? i'm missing something...

i don't see how you (the book) are getting 492.97 per month

.7083% of 20 grand is 141.66

 

.7083% is the monthly rate.

I copied out of a text book and couldn't get the math to work quite right. There is something in figuring the monthly compounding that I was doing wrong.

20,000/48 payments = $416.67

492.97 - 416.67 = $76.30 in interest per month.

I've been going over this with my calculator for over an hour before I made that post and can't make my numbers match the text book, so I'm giving. It was over 5 years ago that I took that class, and I'm forgetting something. Hopefully there's somone here that is better at math than me and can explain it better.

 

Lol you have been smokin the conspiracy crack. How does it take more time for a quick slip of a card versus handing over cash, the cashier counting the cash, and giving back change? You whack!

 

just waiting for a CC charge to process takes longer than paying cash. then you have to get a signature, which also takes about as long as a quick cash transaction. then, if anything goes wrong with the card, or it's not reading right, it takes that much longer.

not that midgard is right either. it's still more convenient to carry a card than a bunch of cash, and as long as you think about what you're buying with it and don't use it for every single purchase that you make ever, you won't be telling "them" any particularly useful information about yourself. whoopity-doo, you buy gas occasionally, now they're going to get you! and obviously there is absolutely no relationship between credit cards and implant chips.

regarding the compound interest discussion, you guys do know that you are allowed to pay more than the minimum balance, right?

 

yeah...just seems like their math is wrong. but i get the general idea at least

 

yeah

 

Well, it is a college text book. If their math is off, a lot of people are being taught wrong. I think that there's something I'm forgetting rather than the book's math being wrong.

Or better yet, don't use one at all. Why should I pay any interest ?

Also, auto and home loans charge a penalty for paying them off early, the penalty is to make up for the interest they'll lose.

 

i dunno if you were talking about credit cards or not, but those aren't mutually exclusive in the case of CCs

you can use one and not pay any interest.

not saying this just to you, but it seems like some people don't understand this

 

I understand, but it takes more discipline and understanding than most people have, and one economic set back (getting laid off, medical bill etc) can send that plan into the crapper.

 

Maybe if grandma is in line, and she is using her debit/credit for the first time. However, it takes me about 4 seconds to swipe the card and make a squiggle, if it's even required, and press the accept button. Lots of cards are even tap and go, which takes about 2 seconds.

 

Yeah, my debit card doesn't take any longer than paying cash.

 

Hello,

it all depends on the situation I guess. As I mentioned before we usually don't pay with credit cards in supermarkets etc. in this country. Mostly we pay cash or use some kind of debit card which needs a PIN to be typed in into the POS terminal or some need a signature. Most POS terminals over here are on-line terminals, i.e. they call the card company for every transaction. Usually that is fast, but it takes a noticeable amount of time. I haven't exact numbers, but my feeling is that it's a little bit faster to buy a pack of chewing gum, pay with a 50 bucks note and wait for the cashier to hand you your change, than it is to buy the chewing gum with a card.


Regards
Gyro

 

Hello,

are your POS terminals on-line terminals, i.e. do they call the card company for every transaction?

Regards
Gyro

 

I don't know.

 

Pre-payments on home mortgage loans are by State statute.


In New York the pre-payment penalty is only for the first year of the loan.

Plenty of States have a 5-year pre-payment penalty. Some States have no PPP at all.

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P.S. If there is a delay on the check-out line, it could be that the guy at the register is too busy speaking on his cell phone to pay the cashier!

 

Point of sale and signature based transactions both contact the financial institution, however it is not an actual phone call. I handle problems with debit cards and credit cards for my job. Sometimes if there is a problem with a merchant's terminal or if it is a particularly busy shopping day, it may take a few seconds to "dial". I swiped my card today at Mcdonalds and it was approved immediately with no signature required. They don't allow pos transactions nor do they request signature. I imagine a lot more merchants will accept card transactions this way in the future, as it is very fast.