HR4289, A Bill Banning "Buy Now, Pay Later" for "Assault Weapons" & "High Capacity Magazines" Introduced Into US House

[BackFromDC]

So...the dems are finally upfront about hating poor people, got it

 

[MCgrease08]

But NOT using a credit card with cash back seems stupid. It's free money to use on other purchases. 2% on what we spend a year is about $700 in cash back. Not a lot but not trivial either.

Except that the lure of cash back gets people to spend more than originally would have. The CC card companies aren't doing it out of the goodness of their hearts. They sure as heck aren't losing money on it.

Ramsey Solutions did the biggest study of millionaires ever done. They surveyed more than 10,000 millionaires on dozens of data points to look at behavior that builds wealth. Out of those 10k millionaires, not one of them said they built their wealth through cash back, credit card points or airline miles. Not one.

I don't begrudge or look down on anyone who uses debt or credit cards. And Lord knows I've done more than my fair share of dumb stuff with money and bought things I didn't need. It's a free(ish) country and everyone gets to choose how they handle their money. But pretty much every data point shows that eliminating debt and freeing up your income is the quickest way to build wealth.

Credit cards can absolutely be used responsibly, but they also offer a very quick path into debt. It's like keeping a baby rattlesnake in your wallet. It's only a matter of time until it turns and bites you. The only question is how bad the bite will be.

 

[MCgrease08]

So...the dems are finally upfront about hating poor people, got it

Most government programs are designed to keep poor people poor.

 

[Route 45]

Credit cards can absolutely be used responsibly, but they also offer a very quick path into debt. It's like keeping a baby rattlesnake in your wallet. It's only a matter of time until it turns and bites you. The only question is how bad the bite will be.

This sounds a lot like "people who own guns are 8 times more likely to commit suicide."

 

[bobzilla]

Except that the lure of cash back gets people to spend more than originally would have. The CC card companies aren't doing it out of the goodness of their hearts. They sure as heck aren't losing money on it.

Ramsey Solutions did the biggest study of millionaires ever done. They surveyed more than 10,000 millionaires on dozens of data points to look at behavior that builds wealth. Out of those 10k millionaires, not one of them said they built their wealth through cash back, credit card points or airline miles. Not one.

I don't begrudge or look down on anyone who uses debt or credit cards. And Lord knows I've done more than my fair share of dumb stuff with money and bought things I didn't need. It's a free(ish) country and everyone gets to choose how they handle their money. But pretty much every data point shows that eliminating debt and freeing up your income is the quickest way to build wealth.

Credit cards can absolutely be used responsibly, but they also offer a very quick path into debt. It's like keeping a baby rattlesnake in your wallet. It's only a matter of time until it turns and bites you. The only question is how bad the bite will be.

i guess you missed the repeated "paid off every month" and "only buy what we can pay cash for" part of that. Sure, there are irresponsible people everywhere, but to turn down free money seems silly to me. I can guarantee you they are NOT making money off of us as we've never had a single penny of interest on any of our cards. Zero debt means just that, we have zero debt. The money on the credit card is covered in the checking account.

Not to mention the amount of places getting hacked and peoples payment methods/account numbers being stolen having an extra cut out from our bank accounts is very handy. Someone steals the credit card number, fine, report it to visa/mc/amex and they take care of it. We're not out the money and it doesn't affect our every day operation.

 

[actaeon277]

How about this.
The government has NO BUSINESS how I pay for ANYTHING.
None at all.

Whether I pay with cash, debit card, credit card, layaway, loan from a bank, loan from a friend, or a trade for chickens.

 

[Ark]

What I have heard about Credova-like schemes is that they are packed with hidden fees, gotchas, and false promises. They also get resold and horse-traded like mortgages after the fact. Great way to buy a $400 gun for $950.

Of course, Democrats' interest in this isn't consumer protection, it's just destruction of access to guns. All incremental chips away at your ability to buy guns is a victory to them, so if they can accomplish a chip via invoking the specter of a mass shooter charging debts he'll never pay, they'll do it.

 

[shibumiseeker]

Man, here I was thinking of buying a couple of HiPoints. Guess I’ll pay cash. Maybe I can scrounge enough change out of the car…

(No, seriously, I didn’t know HiPoint has a 10mm!)

 

[BigMoose]

Are we talking about the credova thing I am starting to see on a lot of gun websites?

 

[MCgrease08]

i guess you missed the repeated "paid off every month" and "only buy what we can pay cash for" part of that.

I didn't miss that at all. That's not even what I replied to. I'm sure you do only buy stuff you have cash to pay for. And I'm sure you do pay off the balance each month.

My point is that credit card rewards are designed to get people to build bigger bundles and spend more than they normally would if they weren't chasing points.

Think of it like free shipping with Amazon. If you don't have Prime you have to spend $25 to get free shipping. And you've got something in your cart that's $20. Well now you want to add something to the cart to get above that $25 mark. Why wouldn't you? Who pays shipping when they could just get something else they need "for free?" But maybe you didn't actually need that $5 thing yet. Or maybe you couldn't find something for $5 so you buy something for $12.99. Or 19.99. You're still getting a discount. May as well buy it.

The Cordova stuff works the same way. They say it's no interest if you pay it off in four installments. And that may be true. But now instead of your total being one payment of $100, you can split that into four payments of $25. Now the cost at checkout looks so low. May as well add some extra stuff. I can afford the payments. (Not saying you are doing this, but this is what the data shows people are doing).

Retailers are using Cordova and Affirm because research shows that total purchases go up by almost 50% when people pay the total in payments. Even if they have cash to cover that, it doesn't mean it's wise to spend that much.

The credit card companies spend millions on developing marketing bundles and rewards packages to influence consumer behavior. Not everyone falls hard for it, but we all do to some degree. Even if it's just spending 10% more than we would have because we get points or cash back.

Not saying there is anything wrong with people using credit cards if they want. But we should acknowledge the behavioral science that goes into it. Trying paying cash for everything for 90 days. My guess is that you'll spend less than you would with a credit card, even if nothing else changes.

 

[Mgderf]

(No, seriously, I didn’t know HiPoint has a 10mm!)

I cannot bring myself to even handle a HiPoint pistol.
It's just too damned ugly, and life is too short.
On the other hand, I have one of the HiPoint 10mm carbines and it is surprisingly well built, with the exception of the sights.

 

[bobzilla]

I cannot bring myself to even handle a HiPoint pistol.
It's just too damned ugly, and life is too short.
On the other hand, I have one of the HiPoint 10mm carbines and it is surprisingly well built, with the exception of the sights.

"Life's too short to waste time on ugly guns".

 

[JAL]

This bill will die before it can gain any traction. Typical liberal crap. Like monkeys flinging poo.

Don't underestimate Todd Young's penchant to vote for this crap . . . or the NRA to back it.

 

[Mgderf]

Don't underestimate Todd Young's penchant to vote for this crap . . . or the NRA to back it.

"When in the course of human events"

 

[COOPADUP]

Don't underestimate Todd Young's penchant to vote for this crap . . . or the NRA to back it.

I certainly do not. They are weasels always trying to claw their way into the 2A world. Todd has become a career politician. Like a reed he will bend to secure his own future.