I got a lot of good comments on my post, How much did Dinner cost? I thought that I would do a little clarification and respond.

1. New laws are out and the credit card companies are required to let you know how long it takes to pay off your card when you make the minimum payment. Remember they are telling you how long for that statement you get each month. Each time you use your credit card the minimum payment goes up and the time of pay off lengthens.

2. Rob brought the point that a credit card is like the casinos giving you chips instead of cash. Why is that? People do not look at the chips and see real money even though it is. It works the same with credit cards.

3. Soyna stated that when she took her step kids shopping and said we are done the kids said there is a ATM let us go and get some more money. Kids think that an ATM is free money.

4. Lisa stated that she had friends that were in debt $10,000 to $30,000 in credit card debt. In Northern California 5 years ago the average person owed $28,000 in credit card debt.

I would have not believed it if I had not sat down with many many couples and the number was dead on. On my next post I will share with you some of the ways to get out of credit card debt and even paying off your home if you want to. That is another post.

4. Robert stated that credit cards are for convenience.

 That is how they are supposed to be used, but we are I want it now society. I have notice that lay away is coming back. Lay away for you younger ones is you go to the store and pick out an item you want then you make payments on it until it is paid for then you get to take it home.

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21 Responses to “Response to How much did Dinner Cost”

  1. Great news. I miss layaway. it is so much more convenient than credit IMHO because you don’t get the item until it is paid for. More importantly, you have more incentive (anticipation) to make those payments and get them completed.

    http://dewaynechriswell.com

  2. Mark says:

    Thanks for responding back to comments. It’s cool knowing you are reading what we have to say! I look forward to your future post!

    Mark
    Leveraging Relationships for Long-term Profit

  3. Mike Norris says:

    I keep credit cards only for an emergency. Of course now you have to buy something every few months or they will close your card.

    Mike
    Safety Is Everyones Business

  4. Sonya Lenzo says:

    You know that you have written a good post when you get good comments…and you know your topic is right on when it hits a nerve! This idea of money and what people, especially the younger ones think of it, is fascinating.
    Sonya Lenzo
    http://www.yourchanceforromance.com

  5. I noticed that lay-away is coming back too. I don’t think it will be as big as it was in the past. The mindset of the consumer hasn’t changed much. The lay-away may be for the older folks that remember what it was really for.

    Tim Van Milligan, helping you Make Money Online, God’s Way!

  6. Wow, I haven’t heard the term “lay-away” in about 20 years! I remember that my mom always put our school clothes on lay-away. What a hassle that must’ve been for stores. They would have to keep all that stuff stored until their customers could pay it off. Just hearing the term lay-away brought me back 35 years!

    Lisa McLellan
    Babysitting Services, Nanny Services, and Nanny agencies

  7. I love lay-away!! I just wish that more stores would bring it back!

  8. Peggy Larson says:

    I’ve heard people spend 62% more if they are buying with a credit card instead of green bills. I’d bet that’s true because I know when I have green bills in my wallet I like to keep them there and think twice about any purchase I make.

    I look forward to your ideas on getting out of debt. We incurred debt when we landscaped our yard and now I so wish we had waited b/c that monthly bill bugs me no end.

    Peggy Larson
    Quilting – Colors and Fun!

  9. michael c says:

    lay away is a great idea to me.

    it’s almost like a forced savings account and really tests the person’s “want” or “need” for a product.

    FUNNY about the ATM!!!!

    michael
    http://datingguruhq.com

  10. David says:

    I’m working hard on teaching my kids that good things in life take hard work. That way they don’t have the illusion of instant gratification.

    David
    Bay Area Roofing Contractors

  11. Great to see some of your summary on the comments you received.
    Looking forward to seeing your strategies for getting out of credit card debt.
    Have some of my own strategies but always eager to learn more after taking a huge hit
    when I had to take an unpaid leave of absence for 4 months when my wife had cancer & 3 major surgeries. Even with insurance picking up 80% of the tab, 20% of 3 major surgeries
    (not counting the major surgery my son had) adds up fast!

    Michael
    The Success Secrets

  12. All good points. I would love for you to explain how the interest works on a credit card versus a mortgage. What I was told that a card at 4.99% is really like paying 10%…Does that make any sense?

    Thanks
    Jen

  13. Hi Dale,

    ATM cards remind me of the post WWi wheel barrels of cash people used to have to bring with them to go do basic shopping.

    ATM makes it unreal

    Happy Dating and Relationships,

    April Braswell
    Single Boomer Dating Expert

  14. Many stores are starting to bring back lay away programs, I think that I saw some ads this last Christmas for stores that offered it again.
    Scott Sylvan Bell
    http://www.scottbellconsultant.com
    Now go implement!

  15. michael c says:

    I had no idea about these new laws!!!

    Since i have no credit cards it would be hard for me to know this.

    For this I am fortunate since i have had credit card debt in the past and it was not fun!!!

    Keep on educating people.

    Michael
    http://datingguruhq.com

  16. I really like the thought of layaway in place of credit cards. You are motivated to pay off your purchases even faster than credit, without all of the hassle of interest, late fees, etc

    http://dewaynechriswell.com

  17. alam ghafoor says:

    Looking forward to next posts especially learning how to pay off credit cards and mortgage….

    http://alamghafoor.com

  18. I wonder if “lay-away” will work YET for the 20s, 30s,… people. If you have been ingrained with the joys and wonders of instant gratification – it is difficult to have to wait…. for what you want at that moment! And how will online/internet marketing survive without the “get it now” mentality?

    Eileen
    Mixing Romance, Feet & ESL lessons
    Enjoy Being Online here!

  19. Nice points of clarification, thanks

    Robert Kaufer
    Law and Health with Robert Kaufer

  20. michael c says:

    this is a grea topic.

    I was wondering about the new credit card laws.

    Maybe the time value of money and then how much the total they will be paying off if the only make the min. payment.

    michael
    http://datingguruhq.com

  21. It is important to help everyone realize that credit cards are not free money, expecially youth. I like using my debit card when possible, because the money is taken directly out of my checking account – so if the money isn’t there, it doesn’t work.

    Michelle
    Fun and Free Activities