Ask HTM - Pressure to Pay for a Kid’s Meal, Affordable Home Security, & Whether BNPL is the Devil! #787
Feb 12, 2024
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Listener questions on topics like renting vs. selling a home, paying old credit card debt, bringing your own food to a restaurant for your kid, the pros and cons of buy now pay later services, and affordable home security are discussed in this episode.
Credit cards offer additional benefits such as legal protections and rewards compared to buy now pay later options.
Paying off old credit card debt with Capital One is recommended to maintain a good relationship, but it is essential to understand your options and be cautious in handling the debt.
When choosing a home security company, considering more cost-effective alternatives like Simply Safe, Ring, U-M-A, and Wizz can provide comparable security without the high price tag.
Deep dives
Using Buy Now Pay Later vs Credit Cards
While buy now pay later can be used responsibly, credit cards offer additional benefits such as legal protections and rewards. With a responsible approach to credit card usage, you can earn rewards and enjoy better financial benefits. Buy now pay later only provides the convenience of delayed payments without any additional advantages.
Credit Cards: Legal Protections and Rewards
Credit cards offer legal protections against unauthorized charges and additional benefits through rewards programs. These rewards can include cashback, travel perks, and signup bonuses. By using credit cards responsibly, you can maximize benefits and enhance your lifestyle while maintaining financial control.
Buy Now Pay Later vs Credit Cards
While buy now pay later can be appealing for splitting payments over time, credit cards provide more advantages, including legal protections, rewards, and the ability to earn signup bonuses. Given your responsible approach to credit card usage, opting for a credit card and leveraging its benefits may be a better choice for large purchases.
Debt with Capital One from 2007
If you have a debt with Capital One from 2007, it is important to understand your options. If the debt is small and manageable, it is recommended to pay it off completely to clear your slate and maintain a good relationship with Capital One. However, if the debt is more than you can afford, it is not advisable to make any partial payments as it can restart the clock on the debt and create further difficulties. It is essential to be cautious in how you correspond and talk about the debt with Capital One, as it can have legal implications. If you believe the debt is inaccurate, disputing it with the consumer financial protection agency is a good idea. Overall, understanding the statute of limitations in your state and being aware of the impact on your credit score can help you navigate the situation effectively.
Choosing a Home Security Company
When it comes to choosing a home security company, there are several options to consider. ADT, a well-known and expensive player in the industry, can be replaced with more cost-effective alternatives. Companies like Simply Safe, Ring, U-M-A, and Wizz offer affordable monitoring options and DIY installation. These systems provide comparable security without the high price tag. It is important to assess your individual needs and balance the desire for full monitoring with the potential cost savings of self-monitoring. Additional measures such as installing reinforced strike plates on doors can enhance home security without relying solely on technology. Ultimately, selecting a home security solution that aligns with your budget and provides peace of mind is key.
Let’s dive into the week with some fresh listener questions we have lined up for you! And don't just stand on the sidelines- if you have a question you’d like us to answer, toss your voice memo our way. It only takes about 90 seconds to record and you can find a step by step guide over at HowToMoney.com/ask . Regardless of how random or bizarre you might think it is, we want to hear it!
1 - Is it better to rent or sell my home when the time comes to move?
2 - Do I have to pay old credit card debt that I have with Capital One?
3 - Frugal or cheap: bringing my own food for my kid when we go to a restaurant?
4 - What’s so bad about buy now pay later if I have the money on hand to make the payments?
5 - Who should I turn to for affordable home security?
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