It is time again for another Finance Friday/Friday Finance. This is a series I started where I talk about random bits of financial stuff that I have seen, gathered, or experienced during the week. I hope as a reader you find it informational, entertaining, or both. I also hope it can generate some good discussion and edify the Leo community.
I'd like to apologize in advance, but this is going to be a relatively short post today. I have been on the road the past couple of days and now that I am home I am feeling a bit under the weather. Apparently, my vacation took quite a bit out of me.
It started as a mild cough when we rolled into Nashville, TN. I assumed it was just allergies since there is a lot more green down there right now than up in Michigan. Upon arriving home I am upgraded to a full blown chest cold. Covid test was negative, Influenza test was negative...
Anyway.
Traveling with traditional money is hard
My wife and I had an "incident" on our trip that really had me appreciating the ease and speed of cryptocurrency. I can't wait for the day that cryptocurrency is more widely accepted and we can use it to perform transactions they way we would traditional funds.
Due to some credit issues in our past (which have long since been resolved), my wife and I like to keep the maximum limit on our credit cards pretty low. The problem with this is, when you want to go on a trip and spend a decent sum of money, you soon find yourself hitting that upper limit. Whether you have the funds to cover it or not.
That is what happened to us. Our meals and excursions ran our card up to the point where there wasn't going to be room to put our hotel charges on there. I tried to move some funds to pay down the balance to clear up room on the card, but being the traditional system, it takes two to three days for that transfer to happen.
I can't help but think of how much simpler it would have been if I could have paid in crypto. Funds where I need them when I need them in a matter of seconds. It seems like a dream world doesn't it.
Ultimately, we were able to cover our bill. It took some fiscal acrobatics on my part, but we didn't get arrested or held hostage for not paying our bill.
When I got home I promptly increased the limit on our main card so that hopefully this issue doesn't happen again.
It does bring up a good conundrum though. If you have a past history of letting credit card debt get out of control, then it makes sense to keep a low maximum on your cards so you can't find yourself in that position again. The problem is, say you are travelling and you have some kind of an emergency. You need to put a couple thousand dollars on your card for auto repairs, medical bills, who knows. It's easy to see how keeping that low maximum can come back to bite you in the butt.
Have you ever found yourself in a position like this? How did you resolve it?
I look forward to your comments!
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