I will pay off my credit card in 83 years and pay over 2 billion in interest!!!

Discussion in 'Markets & Economies' started by hardyakkagold, May 23, 2020.

  1. hardyakkagold

    hardyakkagold Well-Known Member

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    Well in 83 years and 3 months, and pay $2,090,706,678.18 in interest to be precise, according to my latest NAB credit card statement!

    That is assuming I pay only the minimum 0.5 % payment on my credit card balance of $20,000.
    The bank in their infinite generosity has decided to lower my minimum payments from 2.5% to just 0.5%, to show how much they care during these difficult times.

    Previously, if paying only the minimum repayments of 2.5% over 83 years , the interest charged would have been a measly $103,971.63 according to my previous statements.

    That my fellow stackers is the brutal power force of compounding interest at work for all to see,
    if you are only paying 6% per annum back to the bank and they are charging you 21% interest.

    It would be interesting to see what the monthly repayments would go up to over the years if only the half a percent was being payed back for the term of the loan, it would be in the millions at some stage I would assume.

    But fear not stackers, the bankers have not got me by the short and curlies, it is actually the other way around.
    The NAB offered me a 0% balance transfer in Feb for 18 months, so I went out and splurged out on the shiny metals on my other credit cards and then transferred the amounts to my two NAB credit cards.

    When the 18 months is up, I will transfer the amounts back to the other credit cards, or in a worst case scenario if the other banks are not offering low or no interest balance transfers, I will have to sell some physical to pay off the debts.

    I have been doing this for the past 10 years, and will continue to do so for as long as it is available.

    Happy stacking everyone.
     
    Last edited: May 23, 2020
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  2. bubblebobble2

    bubblebobble2 Well-Known Member Silver Stacker

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    Just remember make transactions under $5000 ATO limit before they start tracking you...
     
  3. 66rounds

    66rounds Well-Known Member Silver Stacker

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    Nothing illegal about buying metals on credit
     
  4. bubblebobble2

    bubblebobble2 Well-Known Member Silver Stacker

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    No, but ATO will be on you once you make heafty profit!
     
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  5. hardyakkagold

    hardyakkagold Well-Known Member

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    What gets up my nose about this lowering of the minimum repayments, is that the NAB bank does not even consult you to see if you are financially impacted by the coronavirus shutdowns, before making these changes to your repayments.

    At least Westpac ( which I have my home loan with ) had the decency to phone me up (even if it was late at night ) to ask me if I would like a repayment holiday.

    I can see a lot of struggling low income earners being sucked in to making only the new minimum repayments with NAB, without considering the repercussions of their actions on future interest charges.
     
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  6. Court Jester

    Court Jester Well-Known Member Silver Stacker

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    its a VERY poor investment strategy

    almost comical that you think its a wise one
     
  7. hardyakkagold

    hardyakkagold Well-Known Member

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    It has worked for me Court Pester, as for whether you think it is comical I couldn't give a rats arse.
    You seen to have a reputation on this forum as a shit stirrer, so no offence taken;)
     
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  8. Court Jester

    Court Jester Well-Known Member Silver Stacker

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    yes i shit stir a little but I am also generally not incorrect

    it is a very poor investment strategy to buy PM's witha credit card
     
  9. Jason1

    Jason1 Well-Known Member

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    Oh yuk buying metals with Debt.
    better off using that low interest time to pay off your debt quick so that metal stays an investment rather than a hindrance to your weekly budget for years to come.

    To me credit card juggling is like holding a hand grenade with no pin, the only thing that stops it from exploding is by constantly remembering you have to swap hands before the other hand gets tired.

    Im not trying tobe negative Nelly,
    you would be shocked at how much more free income you would have without any credit card debts, so likely the best thing you could do is just use the low or 0% interest rate to pay it all off, rather than credit juggling.

    and yes debt juggling can work for many years, but you dont want tobe old, unable to work with accumulated debt from your younger years and unable to pay it off. Debt Juggling works until the day it doesn't and your stuck on that 15-20% interest rate.
    This is an example of buy now pay forever.
     
    Last edited: Jun 6, 2020
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  10. alor

    alor Well-Known Member Silver Stacker

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    register another identity and disappear
     
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  11. hardyakkagold

    hardyakkagold Well-Known Member

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    As I have stated this strategy of using credit card balance transfers has been an effective stack accumulating strategy for me over the past decade.

    Having said that, I realize that positive past performance is not a guarantee of the same result in the future .

    Also, this strategy will not work for those wishing to get rich quick, and for those who can't discipline themselves effectively with credit.
    (Like my wife, who's credit cards issued on my accounts I had to cut up, as her retail therapy sessions were driving me broke ):eek:

    I have also always maintained more than half a dozen credit cards in this time with over $100k in credit, which has helped my juggle
    the balances around with the banks offering the best deals.

    So unless you are able to secure at least 4 or more credit card with decent credit limits on them then forget about this strategy.

    And you have to do your research as to what you can buy and resell quickly for a profit which you can then use to increase your stack.

    As an example, I used to be able to buy regularly, the kangaroo at sunset gold coins on the wholesale markets at between $300 and $400 each,
    I could then resell these on eBay at double the money quickly, and then use the profit to purchase a sovereign or two which went into my stack.

    I would not have been able to do this if I had been using my own money, as I have a wife and young family and after the bills were paid,
    there was little left over for anything else.

    Although those days of making decent profits reselling stuff might have come to an end, as the prices of items in auctions now is such that there
    would be little profit margin in reselling them on eBay at the present time.

    But I am not worried as I accumulated most of my stuff at around $1300 to $1500 per ounce, so thank you banksters for your help.:)

    As for those of you like Court Jester, who wish to ridicule my strategy maybe you can enlighten me on you stack accumulation strategies,
    (if you have a stack that is).

    Some people I think are just envious, that they only qualify for one credit card with a one or two thousand dollar limit due to their
    poor credit score :D
     
  12. Court Jester

    Court Jester Well-Known Member Silver Stacker

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    and if the price of silver or gold drops after you purchase your whole comical ponzi scheme will collapse and you will be left with no silver or paying a high interest rate
     
  13. hardyakkagold

    hardyakkagold Well-Known Member

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    Court Pester, if the price of gold was to fall below $1500 Australian then I might start to worry, but even then it would take only a fraction of my stack to pay off
    my credit card debt so who gives a stuff:p

    You are going to find that the price of paper and digital assets are going to collapse more than gold ever will, soon enough, just have patience.

    Besides, I can service my debts without selling anything so my collection can be handed down to my kids if I choose to.

    Now go up to your room and read a comic or something and leave us grownups alone!

    You sure are one annoying kid.:mad:
     
  14. Court Jester

    Court Jester Well-Known Member Silver Stacker

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    but that defeats the premsis of credit card judggling so your comically flawed invstment strategy is just that comically flawed

    IF you can aford to buy it outright you should ( buy by your own admission you CANT but some how now after someone calls out your BS -- you think or say you can ---)

    your whole concept in your first post was to buy on 0% interest credit card and sell to pay off before it expired

    your whole investment strategy relies on the price to co nstantly rise i.e. a ponzi scheme
     
  15. Court Jester

    Court Jester Well-Known Member Silver Stacker

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    yey you can afford to pay off 100k of credit card debt instantly -- I ahve my doubts
     
  16. Court Jester

    Court Jester Well-Known Member Silver Stacker

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    this is the textbook definition of a ponzi scheme
     
  17. hardyakkagold

    hardyakkagold Well-Known Member

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    Congratulations Court Jester, you are the first pest to be put on my ignore list.
    Enjoy playing with yourself;)
     
  18. Krakked789

    Krakked789 Well-Known Member

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    When you use that card you create the line of credit yourself, not the bank. It's your "money" - so there's no need to pay it off at all!
     
  19. hardyakkagold

    hardyakkagold Well-Known Member

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    "
    You are technically right there Krakked789, when you use your credit card you 'create money into existence' so it is not the banksters who are providing
    that money, they are only facilitating the creation of that money.

    And yet the greedy sonofabitches have the nerve to charge people over 20% interest on money which they did not even provide!

    No wonder they have such obscene profits each year, and no wonder the world financial system is so farked.

    Ever since the world has gone of the gold standard this type of crap has been happening in every sector of the monetary system worldwide.

    I wonder if some hot shot lawyer would help me take the banks on in the courts, so that I am not forced to pay to the bank money that
    is not legally theirs?:)
     
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  20. tongkat

    tongkat Active Member Silver Stacker

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    Lot of people going to get in financial trouble with that one.
     

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