Posts Tagged ‘credit’

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Frank Abagnale Jr: No Debit Card

Posted by admin on Tuesday, February 18, 2020

Frank Abagnale Jr Money Quote saying debit cards are riskier than credit cards because someone could access your cash, not the bank’s money. Frank Abagnale Jr said:
 
a debit card is certainly and truly the worst financial tool ever given to the American consumer. Why? It’s simple: Every time you use one, you put your money and your bank account at risk Quote
 

“Never, ever use a debit card….. a debit card is certainly and truly the worst financial tool ever given to the American consumer. Why? It’s simple: Every time you use one, you put your money and your bank account at risk” — Frank Abagnale Jr.

 

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In this quote, Frank Abagnale Jr. seems to be strongly advising against using debit cards due to security risks. By stating that a debit card is “certainly and truly the worst financial tool ever given to the American consumer”, and that each use puts “your money and your bank account at risk”, Abagnale implies debit cards expose users to potential fraud and losses.

The quote conveys Abagnale’s perspective that debit transactions directly access and deduct funds from one’s checking account, unlike credit cards where the user is not liable for fraudulent charges, making debit a riskier option.

Overall, Abagnale appears to be arguing from experience that debit cards provide little recourse if compromised compared to credit, and that consumers’ bank balances are more vulnerable as a result when using debit for payments rather than relying on credit lines alone that do not immediately debit available cash.

George Washington: Credit Prosper

Posted by admin on Tuesday, January 8, 2019

George Washington Money Quote saying in the first State of the Union Address to Congress on January 8, 1790 that we should work out how to pay our debts ($11,000,000 at the time). George Washington said:
 
An adequate provision for the support of the public Credit is a matter of high importance to the national honor and prosperity Quote
 

“An adequate provision for the support of the public Credit is a matter of high importance to the national honor and prosperity” — George Washington

 

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Federal Debt Held by he Public 1790-2013
 

In this quote, George Washington is emphasizing the importance of maintaining the public’s trust and confidence in the financial system and creditworthiness of the national government.

His interpretation is that a nation’s ability to borrow funds and support its debt obligations (“public Credit”) is vital both to preserving its reputation (“national honor”) as well as facilitating economic growth and wealth (“prosperity”).

Washington seems to be arguing that defaulting on debts or severely damaging credit would undermine both a country’s standing in the world as well as its material progress.

The overall message is that Washington viewed sound fiscal management and safeguarding the public’s trust in the monetary/credit system as a major responsibility bearing directly on a nation’s standing and economic strength.

The national debt was only at $0 one time in history, beginning January 8, 1835 when President Andrew Jackson was able to keep the debt at zero for about a year.

 

Anatole France: Cash Poor Refused Credit

Posted by admin on Tuesday, August 28, 2018

Anatole France Money Quote saying those in poverty pay for everything in cash only because nobody will grant them credit – not because they are resisting debt. Anatole France said:
 
It is only the poor who pay cash, and that not from virtue, but because they are refused credit Quote
 

“It is only the poor who pay cash, and that not from virtue, but because they are refused credit” — Anatole France

 

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This quote from Anatole France suggests that lower-income individuals tend to pay for purchases with cash rather than credit not because of personal financial responsibility, but out of necessity since they are often denied credit options.

The deeper interpretation is that France saw a lack of access to credit as another way the poor face systemic economic disadvantages compared to the wealthy. While credit allows flexibility and purchasing power, the poor are effectively “refused” this option due to being seen as too high of a lending risk.

The quote highlights the inequities built into financial systems where those with fewer resources have less choice in payment methods and face more barriers to participating fully in the consumer economy due to inadequate access to lines of credit.

Orison Swett Marden: Best Capital; Friends

Posted by admin on Thursday, July 19, 2018

Orison Swett Marden Money Quote saying we undervalue our friends when comparing friendship to wealth. They help us attain the success we desire. Orison Swett Marden said:
 
No better capital than friends, strengthen credit, support great effort, happy and successful Quote
 

“No young man starting in life could have better capital than plenty of friends. They will strengthen his credit, support him in every great effort, and make him what, unaided, he could never be. Friends of the right sort will help him more — to be happy and successful — than much money” — Orison Swett Marden

 

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In this quote, Orison Swett Marden is emphasizing the importance and value of strong friendships, especially for young people just starting out in life. He argues that having “plenty of friends” can serve as a form of “capital” or asset just as meaningful as financial wealth.

Marden suggests friends can help bolster one’s reputation (“strengthen credit”), support ambitious endeavors, and through their encouragement and guidance, allow one to achieve more than what may have been possible alone.

The overall interpretation is that Marden believes good friends who have one’s best interests at heart can be enormously helpful for finding happiness and success, potentially even more so than just money or material resources alone according to his perspective expressed in this quote.

Mokokoma Mokhonoana: Foolish Credit

Posted by admin on Monday, June 4, 2018

Mokokoma Mokhonoana Money Quote saying Credit is often foolishly used to buy things before we can afford them, but buying something that is not needed urgently on credit is just plain dumb. Mokokoma Mokhonoana said:
 
It is even more foolish to buy an unnecessary thing on credit Quote
 

“It is even more foolish to buy an unnecessary thing on credit” — Mokokoma Mokhonoana

 

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This quote suggests that purchasing unnecessary items using credit or loans is an imprudent financial decision. Mokokoma Mokhonoana seems to be pointing out that taking on debt to buy things one does not truly need is wasteful, as it results in paying interest costs for goods that provide no real value.

The quote implies that credit is best used sparingly for important purchases like education or a home, not frivolous acquisitions. According to this perspective, incurring debt obligations for superfluous things one could afford in cash is an even greater form of fiscal foolishness than buying them outright without loans.

Barbara Ehrenreich: Poor Paid a Pittance

Posted by admin on Wednesday, May 23, 2018

Barbara Ehrenreich Money Quote saying we seek too much mystery about why people are poor, when it should be quite obvious that pay is too low and costs of living are excessive. Barbara Ehrenreich said:
 
People poor because they are paid a pittance quickly sucked off by predators Quote
 

“Why are people poor? Because they are uneducated? No, because (1) they are paid so little for their work and (2) the pittance they are paid is quickly sucked off by landlords, credit companies, the medical industry and other predators” — Barbara Ehrenreich

 

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In this quote, Barbara Ehrenreich argues that low pay and predatory industries are the primary causes of poverty, not lack of education. She makes two key points:

  1. People are paid so little for their work that even those who are employed full-time often cannot earn enough to rise above the poverty line. Low wages, not lack of skills or education, trap many in poverty.
  2. Much of what low-income people do earn is then “sucked off” or drained away by expenses like high rents charged by landlords, exorbitant interest rates from credit companies, and large medical bills. This leaves little remaining for other basic needs like food and housing.

Ehrenreich contends that predatory practices in housing, lending, and healthcare exacerbate poverty caused by unlivable wages, rather than lack of education or skills being the root problem. The quote assigns responsibility for widespread poverty to insufficient pay and exploitative industries rather than personal faults or shortcomings.

Dave Ramsey: Payment Mortgage Loan

Posted by admin on Monday, January 15, 2018

Dave Ramsey Money Quote saying we are so inured to debt that we can only imagine ongoing payments for everything we possess, purchased with credit. Dave Ramsey said:
 
Americans cannot envision a car without a payment, a house without a mortgage, a student without a loan, and credit without a card Quote
 

“Debt is so ingrained into our culture that most Americans cannot even envision a car without a payment, a house without a mortgage, a student without a loan, and credit without a card” — Dave Ramsey

 

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In this quote, Dave Ramsey is highlighting how normalized and accepted debt has become in modern American culture and society. He’s pointing out that many people cannot conceive of major purchases like a car, home, or education without financing them through long-term debt payments.

His implication is that this level of reliance on debt for routine or necessary expenses is problematic and prevents people from truly owning assets outright.

The quote suggests Dave Ramsey believes Americans should rethink their relationship with debt and the assumption that taking on loans is just an inevitable part of adulthood and consumerism.

Warren Buffett: Presidential Market Credit

Posted by admin on Wednesday, July 5, 2017

Warren Buffett Money Quote saying President Trump is taking credit for the improvement of the U.S. economy since his election, but will certainly distance himself from blame if the market drops. Warren Buffett said:
 
If I ever get elected president, I will never claim credit for anything the market does, because I don’t want to be blamed when it goes the other direction Quote
 

“If I ever get elected president, I will never claim credit for anything the market does, because I don’t want to be blamed when it goes the other direction” — Warren Buffett

 

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Warren Buffett is saying that if he were president, he would not take credit for rises in the stock market, because he does not want to be blamed for any declines in the market either. Buffett is acknowledging that the president does not have direct control over the market, and it can rise or fall for many complex reasons outside a president’s control.

By not claiming credit for the market’s gains, the president avoids having to take responsibility or blame if the market moves against the interests of the economy or investors.

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