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𝕾𝖊𝖗 𝕾𝖑𝖊𝖊𝖕𝖞

no it’s nut

holding fiat is worse than using credit wen u need it n paying it back asap

u need sum more sleep b4 u talk u sleepy mfer

SubconsciousErosion_0x0 1y ago

Interest rates.

Paying it back immediately still means that you're paying extra for everything.

The only thing it does is boost your credit score, if you pay it back on time.

It also usually implies you're living beyond your means, which isn't sustainable unless you know that your income will continue to increase and you can manage to keep your spending the same. That's rarely the case.

The credit system is designed to enable bankers to keep increasing their profits and everyone else just throwing money away.

It's a scam.

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Discussion

𝕾𝖊𝖗 𝕾𝖑𝖊𝖊𝖕𝖞 1y ago

ur using it wrong

pay the full balance each month before due date to avoid interest

how tf do u not know this

🐢 1y ago

Poor financial education is commonplace sleepy.

𝕾𝖊𝖗 𝕾𝖑𝖊𝖊𝖕𝖞 1y ago

I’m not gonna argue that lol

SubconsciousErosion_0x0 1y ago

Interesting....

Bonds. I know maxis don't want to hear it... but bonds only increase in value.

SubconsciousErosion_0x0 1y ago

🙏

https://www.chase.com/personal/credit-cards/education/interest-apr/when-does-interest-start-to-accrue-on-credit-card#:~:text=Yes%2C%20if%20you%20pay%20the,do%20not%20avoid%20accruing%20interest.

🐢 1y ago

The “minimum” payment you highlighted is exactly how they “scam” ignorant people into paying tons of interest over the long term.

Sleepy and I both described PAYING YOUR BALANCE IN FULL.

If you pay the minimum, that means you’re NOT paying your balance in full, and leaving a balance on the card to accrue interest.

This also means that every purchase you make from there on out starts to accrue interest daily, from the day you made the purchase, until your card balance has been paid in full.

SubconsciousErosion_0x0 1y ago

Ok.. i might be wrong. I don't use credit cards. There's also transaction fees. I don't see the banks taking a loss or the benefits of buying things with money I don't have.

🐢 1y ago

You don’t pay interest on credit card debt for 30 days if it’s paid to 0 each billing cycle.

It doesn’t imply you’re living beyond your means unless you don’t have the cash flow to service the debt to 0 each billing cycle.

The credit system is designed to enable individuals to spend more money then they currently have. If you live within your means and avoid that trap, the bankers actually lose money.

SubconsciousErosion_0x0 1y ago

Which cards?

Usually it's 0% for x amount of months, then it goes up to 1.3% to nearly 7%... depending on the company.

The only way to avoid it is to not get into some type of contract and cancel them before the rates hit.

Unless things have changed. Which I doubt. No one professionally loans money without a kickback. They just don't.

🐢 1y ago

With every card, if you pay your balance IN FULL, within 30 days of the end of the billing cycle, you do not pay interests on the purchases.

They only start accruing interest once you’ve carried a balance over to a following pay period, at which point they’ll accrue interest DAILY, on all purchases.

You MUST pay your balance in full, EACH BILLING CYCLE, and continue to do so, in order to avoid interest accruing.

If you maintain your cash flow, and pay your bills in full each month, you can use credit cards, accrue points, and not pay interest.

Only the financially literate and responsible can achieve the high status of fucking the bankers with their own tools.

SubconsciousErosion_0x0 1y ago

So when card issuers don't make money through credit card interest, if you pay your balance in full (each month), they still make money through anual card fees, transaction fees, foreign exchange fees, over limit fees, and other miscellaneous charges. The networks also charge merchants interchange fees for every purchase you make... according to the internet.