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  1. #21

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    Quote Originally Posted by peakbagger View Post
    A fancy way or saying he used his gambling winnings to fund his hike. I suppose someone could fund an AT hike by buying scratch tickets along the way. If they lose they have to hang out in town and wait until they earn enough to buy another ticket and hope that wins.
    Not entirely.

  2. #22
    4eyedbuzzard's Avatar
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    I agree with most of the advice here, especially regarding making minimum payments on a high interest rate card. That's a ticket to a place you don't want to go. But, I would recommend carrying a credit card in addition to a debit card. Sometimes cards get corrupted when bank data is hacked, or if the card gets physically damaged and can't be read. It can take up to two weeks to get a replacement. It's always good to have a second method as a backup other than carrying large amounts of cash. I also prefer to use a credit card for hotels and rental cars and anybusiness I think might be sketchy, as holds on debit cards can tie up your bank account and if a problem arises credit card companies protect you better than debit cards with unauthorized charges.

  3. #23
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    Another ditto here for Mr Money Mustache.

    As an aside, MMM is an avid cyclist, and attributes his early retirement directly to bicycle commuting. So do I. I did the same thing in an earlier generation, retired at age 40 after commuting by bicycle for fifteen years, using the money of not having a commuter car to pay off mortgage debt. And the years of bicycling made the physical aspects of long distance hiking a non-issue for a middle-aged man.

    And one more whack at the dead horse: The key to financial freedom is freedom from debt, and CC debt is starting off in exactly the wrong direction.
    "Throw a loaf of bread and a pound of tea in an old sack and jump over the back fence." John Muir on expedition planning

  4. #24
    Getting out as much as I can..which is never enough. :) Mags's Avatar
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    Ever since my debit card was hacked 4 years ago or so, I always use a credit card. (Plus I get cash back). But, I pay it ASAP so no interest or debt accrues. With mobile apps, this task is extremely easy.

    Credit cards offer more protection, are more secure, and often offers benefits that a debit card does not have necessarily. A good tool when used correctly. Financing a thru-hike? Probably not so much.
    Last edited by Mags; 03-02-2018 at 19:12.
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  5. #25
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    I plan on using my credit card for most of my on trail expenses when I can.

    I just bumped up my limit too.

    I have autopay setup to pay off the balance on time every billing cycle.

    Its a good idea to check your transactions frequently when traveling to make sure nothing funky is going on.

    I will get cash back and other bonuses.

    A CC is only a good idea if you pay the balance every month.

    I do have a good limit and if ever needed. I could make a large charge and deal with the consequences later. This would be if it was my only way to get out of a sticky situation.

    If you need to use a card cause you don't have the finances already to hike. Now is not the time to go hiking. Work and save.

    I know people buried in credit card debt and nothing to show for it. I really don't know how they got themselves into that situation. They thought they had unlimited money I guess?



    Sent from my Moto G (5) Plus using Tapatalk

  6. #26
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    Quote Originally Posted by AllDownhillFromHere View Post
    Not entirely.
    I plan on playing the stock market on trail lol..

    Got two hundred bucks in my Ameritrade account.

    Let's see if I can pay for my trip lol

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  7. #27

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    Quote Originally Posted by fastfoxengineering View Post
    I plan on playing the stock market on trail lol..Got two hundred bucks in my Ameritrade account. Let's see if I can pay for my trip lolSent from my Moto G (5) Plus using Tapatalk
    Why is this hilarious?

  8. #28
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    I live near Indianapolis. Last summer I noticed that most of the tall buildings downtown, had the names of banks on them. How do you suppose this happens? Credit card interest payments perhaps?

    Lots of good advise here. I'll paraphrase Dave Ramsey and note that cash is king and that your greatest wealth building tool is your income. Everyone would be best off not giving any portion of their wealth, to the banks in the form of interest.

    I'm all in favor of a thru hike, just do it wisely.

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  9. #29

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    Nobody mentioning Bitcoin?
    I was lucky in that regard although haven't sold yet (so can't say I am winning the game)
    Back on my PCT thru in '96, I remember most of the thru-hikers were pretty much out of money and just using their cards to finish.
    Not me, but many of the others.
    Of course I use a card when hiking. .
    But, always pay the monthly balance off totally every month.
    Don't let your fears stand in the way of your dreams

  10. #30

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    Quote Originally Posted by Heliotrope View Post
    Exactly. Credit cards are best for people that really don’t need them.
    If you use a credit card as a convenient way to buy things that you already have the money to pay for then you won't get in trouble.
    If you don't stand for something, you will fall for anything.

  11. #31

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    Quote Originally Posted by TexasBob View Post
    If you use a credit card as a convenient way to buy things that you already have the money to pay for then you won't get in trouble.
    Exactly.

    AND you should focus on getting the rewards, nominally 2%, + significant sign up bonuses.

    This is free money. The cost of purchase via credit is built into all products pricing today. You are giving this away if you dont get your share back.

    Many Years ago, they charged you extra to use a credit card to cover the fees the card co. Charges. Today its built in to everything.


    I get $1000 free travel + each year by using cards smart.....It can take advance planning. Using my JMT hike as specific example, i got about $1500 free . Resupply charges , airfare, baggage, hotels stays, train, bus, etc. All free to me.

    All paid for by people that carry a balance . Thank you.
    Last edited by MuddyWaters; 03-03-2018 at 10:52.

  12. #32
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    Good point Muddy Waters about free money and taking your share. Key words: “Smart use”


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  13. #33
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    Quote Originally Posted by MuddyWaters View Post
    The cost of purchase via credit is built into all products pricing today. You are giving this away if you dont get your share back.

    Many Years ago, they charged you extra to use a credit card to cover the fees the card co. Charges. Today its built in to everything.
    Built into most things, but not everything. For instance, in this area we have many gas stations that charge a lower price for cash payments than for those using a credit card. It can be a couple cents or sometimes up to around 10 cents difference per gallon, which can easily be the same or even more than the 5 or so cents you'd get back as the 2% (like now when it's around $2.50).

    Also you will find things that either charge extra for using the card or give a discount for cash payments - again not as frequent as in the past, but still out there at times.

  14. #34

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    During my thru attempt I learned that my debit card, a Visa, based from my local Credit Union, wasn't accepted at some locations down south. Apparently, they only accept Major credit cards. Even thought it was a Visa card, the "major" part of it was based on the issuing bank, not the card network. I'd never run into that problem before, and haven't since.

    To the original poster. If you're patient, and don't use the credit card, you can eventually buy 15% more stuff. More importantly, when you start to apply for jobs, it's a thing these days for potential employers to look at your credit background. They can't see your credit score exactly, but a lot of the data is available to them. Noticing you've been living on credit might just not impress them.

  15. #35

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    Actually, employers do pull credit scores.
    r
    So does car insurance. Your car insurance is based on credit score in part, as well as age, sex, address, and driving history.

  16. #36
    Thru-hiker 2013 NoBo CarlZ993's Avatar
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    I would advise not to finance your trip that way. Estimate what you need to do the hike, add some additional funds on top of it as a cushion, and then work toward that figure. Credit cards can quickly turn into crack cocaine of the financial world if you let them.

    I personally use my credit card from just about every purchase I make. I pay off the bill in full each month. At the end of the year, my cash back card rewards me with 'free money.' This year, I got $603 back. I predict a new hammock underquilt in my future.
    2013 AT Thru-hike: 3/21 to 8/19
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  17. #37

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    Quote Originally Posted by CarlZ993 View Post
    I personally use my credit card from just about every purchase I make. I pay off the bill in full each month. At the end of the year, my cash back card rewards me with 'free money.' This year, I got $603 back. I predict a new hammock underquilt in my future.
    Yup. I do too.

    Yesterday I bribed my 23 yr old daughter to help me rebuild part of fence and gate, including extracting two rotten posts/concrete from ground and replacing. Took about 5 hrs. To pay her, I couldn't remember my ATM pin, been probably 2 yrs since I used it last.

  18. #38
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    I had a Discover card for several years. I could use the rebates to by LL Bean gift cards at 20% off. By keeping an eye on sales I got a lot of high end gear over the years. I dont think I have carried a balance for many years. I also locked all the credit agencies after the Equifax breach. According to one of my accounts that keep track of FICO scores, my rating isnt as high as it should as I dont have any recent installment debt. I can live with that.

  19. #39
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    The only way I could advocate using a credit card to finance a hike would be to get an intro rate or zero percent and only for someone who was just out of school and had a good job lined up and would have to put off the hike until retirement otherwise. Enough qualifiers?

    If that’s not the case the hike will cost substantially more possibly 2x or 3x depending on how long it takes to pay it off. I like these words of wisdom: if you can’t save up for the hike beforehand how are you going to pay it off when there’s interest on top off it.

  20. #40
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    Suze Orman says..."you're DENIED."

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