Please take my Survey [money related] (for school)?
1.
-Which cards are used most often?
-Which ones have an annual fee?
-How many credit cards do you have person have?
2.
-Do you favor using credit for buying expensive items?
-For what types of items would you pay in only cash?
Thanks in advance!
Answers:
I use a Citibank Mastercard most
None of my cards has an annual fee.
I have fifteen cards, but most I neither use nor carry
Yes. I like using mortgage based credit for most purchases because the interest is tax deductable.
Small items.
Most people misunderstand credit. They go along with the bank's system of measuring everything in dollars and cents. I like to look at loans in terms of the number of hours of work I need to perform to repay them. If I am working on a $25/hour contract and I borrow $25,000, then I have borrowed 1,000 hours of work. If I then switch to a $75/hr contract I can pay my 1,000 hour loan with less than 400 hours of actual work.
Likewise with real estate... If I make a purchase that uses 10% of my equity, and the property value goes up, my loan to value ratio goes down.
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