Triple Lock Revolvers Against Creditcard Debt

BC38 said:
That means we're using the credit card company's money, interest free, for up to 30 days at a time, but since we pay off the balance before any interest comes due, it doesn't cost us anything to use the cards. In fact, we earn the annual maximum cash-back bonus on a couple of our cards every year. So they are actually paying US to use their money - interest free.
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That's precisely what I do...I also advise not closing the accounts once they're paid off, keep them...All mine pay me to use them, but each uses a different "category"...I use the one that pays me the highest percentage for each category - such as fuel, groceries, restaurants, etc...It's only pennies per purchase, but they add up...In my case it's several hundred untaxed dollars per year, as opposed to paying them interest charges amounting to thousands of my dollars which are left over after I paid taxes on them...

In addition those old CC accounts are valuable to your credit history as the age of your credit accounts affects your score...I check my scores from all the sources frequently (I also get alerts on changes) and they hover around 820's to 830's our of a possible high of 850...The one that matters most to me comes from my bank, it's consistently right at 837...Not bad for a guy who hasn't had a job in the last 17 years and lives within a Social Security income...

But I still don't have any Triplelocks, just 142 other S&W's and zero debt... :unsure: ...Ben
 
Truckman said:
I don't have any Triplelocks...

But I use credit cards to pay for everything that does not offer a lower price for cash...My credit cards have no annual fee and they all pay me a percentage of what I charge...I pay the balance off monthly...I haven't carried a balance forward in decades...

I still want a Triplelock...:cry:...Ben
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Same here.........We don't do debt....................
 
Truckman said:
That's precisely what I do...I also advise not closing the accounts once they're paid off, keep them...All mine pay me to use them, but each uses a different "category"...I use the one that pays me the highest percentage for each category - such as fuel, groceries, restaurants, etc...It's only pennies per purchase, but they add up...In my case it's several hundred untaxed dollars per year, as opposed to paying them interest charges amounting to thousands of my dollars which are left over after I paid taxes on them...

In addition those old CC accounts are valuable to your credit history as the age of your credit accounts affects your score...I check my scores from all the sources frequently (I also get alerts on changes) and they hover around 820's to 830's our of a possible high of 850...The one that matters most to me comes from my bank, it's consistently right at 837...Not bad for a guy who hasn't had a job in the last 17 years and lives within a Social Security income...

But I still don't have any Triplelocks, just 142 other S&W's and zero debt... :unsure: ...Ben
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I reckon my credit score is in the crapper. Cuz we haven't financed anything in the last 12 years and pay cash.........WE do used CC's for online ordering and pay off each month.

I sincerely hope the OP can pull it off/out.
 
If selling the guns will pay off the entire debt, then no question what to do.

The BIG question here, though, is how did the debt get that high in the first place? Furthermore, if it IS paid off, will it happen again?

My ONLY debt EVER, was a mortgage, and I paid the 30 year note off in 11 years. I use a CC for 100% of my purchases, and then pay off in 30 days. My credit score is 830, which gives me preferential rates in some cases.

I guess if I were you I would at least keep one of the revolvers, as a reminder of my past debts.
 
With the new "no tax on tips or overtime" you have a great chance to get out from under. I would get a job after work working in a bar or an upscale restaurant and spend every minute of free time there until I was out from under that crushing debt and got a cash reserve cushion to try and prevent going into debt again.
 
Triplelockshooter said:
This is my first post I can remember placing. That may be incorrect as I forget a good deal and according to my family I am "wrong all the time." Sound familiar?

I do have four, yes, four. Triple lock S&W revolvers. one in 45 webly convered and returned by the brits-blued/nice, two 44spl nickle 6.5 bbl guns look poor on the exterior but have good lockwork and bores, and finally a 45 colt/long colt with a 6.5 bbl restored by either a gold or brass finished cylinder and barrel-all purchased for under $350 each back in the 1990s.

Now to my dilemma -Should I I sell them to pay off part of a $20K credit card bill? What are they worth? They are very hard to find comparables and they shoot so well. This makes me loose sleep and thought.
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I know what Dave Ramsey would say; Sell them, reduce your debt and Cut Up the card until paid off.
 
Obviously paying down your debt is the wise choice.

That said, there is a potential trap here that I don’t think anyone has mentioned. I’ve seen many collectors that will sell stuff off (usually at a loss) to pay bills, only to buy similar items later, ending up right back where they started.

How important are these guns to you? In this specific case you won’t lose money on the sales, but if you get the urge to replace them it will cost you.

If you think you might find yourself in this situation you may want to keep your favorite gun and sell the other three.
 
iby said:
What does a high credit score matter if you don't finance anything ;)
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Everybody finances something . Your home and car are for instance . A good credit score is important even if you never plan on financing anything else in your lifetime because stuff happens and you never know what you might have to do before you die. Cutting up cards and canceling them does ding your credit a bit at first but in 12 month or sometime less you will be back to normal . All of my cards are gone , don't even have a gas card anymore just use my debit card for everything. I can walk into my bank at any time and borrow just about anything I want , no questions . It's because even though I no longer use a credit card I still have maintained a high credit rating by paying two mortgages on time and an occasional small personal loan that I take to show some responsible credit use.

Not wanting to hurt any ones feelings but getting $20,000 into credit card debt that keeps you up at night is a first rate sign that you have no business with a credit card with a limit over $5,000 and probably would do better without one at all. A large percentage of those that keep the card after they get a balance like that paid off will eventually do the same thing again .
 
I don't have Triple locks and I don't have CC debt. I only paid interest once in my life when my wife wrote the check for the wrong ammoount leaving a balance. We have used our cards to get paid back either cash or car discounts. Made it a practice to never charge anything we didn;t have money to pay for. More then once in my life I had to pass on a good gun deal or to sell some guns to keep to the rule.
All the previous posters are correct triple locks come and go but cc interest payments rob you of chance to get more,
 
I suspect you have already assessed the fact that NOBODY who has posted is a fan of credit cards! I stopped using them years ago, and although it does cause some concern at times, I'm happier paying cash.... and I suspect I'll pass away before the whole scene becomes digital. At any rate, Credit Card interest rates these days are horrendous. Dump the cards! ML
 
I was thrilled to get my first credit card (probably 40 years ago?)
I no longer had to go inside the gas station office to pay first.
I have never(?) paid interest except by error.
I have redeemed many free airline flights/hotel rooms etc by using them.
If someone jacks your card you never pay.
Now I use a 2% cash back card and I pay for everything I can with it.
It is an excellent tool but the perks I get are paid for by people that don't know how to use them
 
Triplelockshooter said:
This is my first post I can remember placing. That may be incorrect as I forget a good deal and according to my family I am "wrong all the time." Sound familiar?

I do have four, yes, four. Triple lock S&W revolvers. one in 45 webly convered and returned by the brits-blued/nice, two 44spl nickle 6.5 bbl guns look poor on the exterior but have good lockwork and bores, and finally a 45 colt/long colt with a 6.5 bbl restored by either a gold or brass finished cylinder and barrel-all purchased for under $350 each back in the 1990s.

Now to my dilemma -Should I I sell them to pay off part of a $20K credit card bill? What are they worth? They are very hard to find comparables and they shoot so well. This makes me loose sleep and thought.
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You're going to need to give members a lot more detail on the guns to get values, photos, years, etc.
 
sousana said:
Truck man on the ball. After I retired from the Navy, went to Nursing school, I got me an AMEX card, put 100% of monthly bills on it, paid cash for nothing, but at the end of the month I paid it off. Now, I'm nearly 6#, nearly 23 years after retiring, still do the same except the AMEX isn't green anymore, and I've got rewards enough that the wife and I take an annual 3 week cruise AND 2 weeks in a nice hotel away from home and office.

I say, pay off your cards. If your contemplating cards, get one that pays you, pay it in full monthly and enjoy paid vacations.
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American Express, without a doubt, is the best of the best. I've had mine since 1985 used 100% for my business - they back you up like no other company if you're a good customer. The limits can be enormous, which is important in a business environment. They offer protection far beyond a bank/cash payment system.

For example, a few months ago I paid a transaction overseas with an unscrupulous business through PayPal on AX. The overseas company came up with a BS story and PayPal, without verifying with me, swallowed it and denied my claim. So I then disputed it with AX. With only a small explanation and without hesitation, they back charged PayPal who back charged the overseas company and AX immediately refunded my card. A few months later, an executive from AX called me to make sure I was satisfied with their service. Oh yeah I am!
 
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