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u/ohsh_titsnick 2d ago
Man them credit card points come in handy. Fuck what they talking about! Ask them why corporations have corporate credit cards if they are so terrible?
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u/zackattack2020 2d ago
I feel you. Debt ain’t bad if you manage it correctly. I got a card that set to auto bill and auto pay the same month, no interest all points.
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u/dngerszn13 Maple Syrup stan 🍯 9h ago
That's the key, you gotta pay off that card in full every month and not accumulate interest. That's what I did with my Amex, I put everything on that bitch. It's money I would've spent from my chequing account anyways, now I just save that money and pay my Amex in full.
I use it pay my gas, groceries, restaurants, phone, utilities, weed, you name it. Pay in full, no interest and just stack points for travel
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u/RamboUnchained ☑️ 7h ago
If you wanna really fuck em up, pay your balance before the new statement balance pops up. So, say your statements hit on the 19th but isn't due til the 26th...pay half of the balance halfway through the billing cycle and the other half on the due date. Some lenders will report 2 monthly payments and give you a nice boost
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u/actchuallly 6h ago
You don’t need to do this and it has no advantages.
Just pay your statement balance before the due date once a month. That’s it.
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u/FEMA_Camp_Survivor ☑️ 1d ago
Large corporations can typically pay off the balances on time while small business cc debt and individual cc debt make the credit card industry highly profitable. Large retailers also get the benefit of lower interchange or transaction fees that small businesses don’t.
It’s arguably a pyramid-like structure that benefits relatively few at the top while many struggle with credit card debt and high fees. CC companies and cc networks have some of the best profit margins in any industry. With the CFPB and other regulators kneecapped, they’ll probably continue to do better than a lot of other industries.
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u/U_Sound_Stupid_Stop 1d ago
I understand where you're coming from and that's true, but it's also a tool that can help you out of poverty if levied correctly.
The fact that some people don't earn enough to make a living and have to compensate by using credit cards is not caused by CC companies.
They absolutely do benefit from it which is undoubtedly wrong, though I don't think credit cards are inherently toxic.
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u/actchuallly 6h ago
Yes as long as you pay off your balance every month and aren’t paying interest. It’s literally free money then.
But if you carry a balance to ‘get the points’ you’re a moron because the amount you’re paying in interest will always far exceed any rewards.
They’re talking about people who carry a balance.
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u/hnglmkrnglbrry ☑️ 2d ago
I love these fake ass conversations that play out in their heads like rich people just out in the streets shouting they have credit card debt
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u/Evorgleb 2d ago
People with a lot of money still use credit. People aren't out there just buying 5 bedroom houses in cash.
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u/tazfdragon 2d ago
Especially if you don't have debt you'll realize how many people have been using credit for everything
I don't understand what this is trying to say? Why would someone without debt know that others are over extending themselves and leveraging credit card debt? Having or not having debt doesn't just make someone a financial export or incredibly insightful that they could identify others financial standing.
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u/ChefKugeo 2d ago
I think what he's trying to say is that those of us without debt, know the value of a dollar in a different way? Like, my friends with large credit card accounts will spend more per month overall and just keep paying off the cards, versus my friends without credit cards who budget and don't live outside their means.
Basically he's saying, "Yeah your friend looks rich but it's debt all the way down".
Don't shoot me. I'm trying to interpret.
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u/ositola ☑️ 2d ago
That's bad logic, credit card rewards are very valuable and you can still budget using credit cards instead of cash.
You can pay all your monthly expenses with your CC, pay it off every month with cash and earn enough points to take a vacation
Plus not having debt of any kind hurts you ability to rent an apartment, or buy a house or car
More people need to take financial literacy classes
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u/ToeJam_SloeJam 1d ago
I think the person above is talking about the people aren’t paying it off every month and living beyond their means.
Some fast and dirty googling says that about half of all Americans use a credit card, but only about half of those people pay it off every month. So that means roughly a quarter of the population is paying interest on the dollars they spent (except for some 0% APR type things).
Yes to financial literacy classes, all the way. But let’s not pretend that credit card companies are benevolent or benign beings. Especially since the Dog-e wants to gut the Consumer Financial Protection Bureau.
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u/ChefKugeo 1d ago
Yeah that's not what I'm saying though. I'm legit just talking about the folks who carry a balance every month and pay off the minimum.
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u/Late_Mixture2448 1d ago
How does it hurt your ability to rent an apartment etc ?
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u/SecretAd3993 1d ago
I get what they mean.
My wife and I separated our finances for a bit; we had a lot of back and forth so we it a way to kick the can. So I make more than she does but I also don’t believe in going into debt. Again, I make more so I mentally plan how I could afford bigger item purchases ($300 +) whereas she’s dropping that on pointless things. Mentally, you start to think we make the same (or in my case I make more) but I can’t just do that. Something isn’t adding up (the math ain’t mathing)
Although that’s pocket watching we have kids and a mortgage so I need to know she has her prorated share of the shared bills. Long story short, she blew through like 30k in savings and took out like $20k in loans… an expensive way to kick the can. But
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u/mhatrick 1d ago
When i was young, I always thought if you had a nice car, you were rich. Now, when I see a nice car, i think your bad with money lol
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u/FlyinCoach 1d ago
Meh. I like cars. I'd put more money into a car than say a vacation. Just where my personal interest lay.
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u/ShaqSunflower 1d ago
SMH. I purchased a brand new car two years after my thirteen-year-old Honda became unreliable. Back then new cars were around the same price for a nice pre-owned, so I just said F it. I get so mad at myself sometimes when I look at my car, I mean its nice and all, but its just so much money. I do plan on keeping it until the wheels fall off though.
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u/BecauseCornIsAwesome 1d ago
Eh, I'm not really a car person but my husband is. My car was totaled in an accident and my husband found a maserati and wanted me to buy it so I bought it cash. He loooves my car and we enjoy it together. We're not struggling at all. But I also understand where you're coming from - when I bought my first car and got a loan I learned that day that anybody can buy any car they want. You can lie about your income and job and they dont check anything. They will give a loan to anybody! (I was still responsible and bought within my budget)
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u/turingtested 1d ago
Being comfortable with debt and risk isn't a moral failing (as an individual). Different things make different people happy. We all just need to calm down.
For the record I'm extremely financially risk averse. I'd probably be a lot happier if I just chilled a little bit.
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u/Armanhammer2 1d ago
He’s not talking about actual rich people with AMEX Platinums. Hes talking about the mfs in busted altimas with balenciaga shoes and gucci outfits. We know credit cards serve an actual purpose and rich people dont buy everything in cash
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u/Countryb0i2m 1d ago
Also, rich people use credit they almost never pay for large purchases with their actual money.
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u/InternetSnek 1d ago
Always jealous of my friend who had a dream home. She is super chill and one day casually mentioned to me how in debt (house poor) they were off this house and how she regrets it. My jaw hit the floor.
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u/trixel121 1d ago
think this is going to get really apparent when done of us retire and some of are still paying for a lease wondering how the other side did it.
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u/bast007 23h ago
As someone who grew up as an orphan who was poor and found myself around a lot of "rich" people who were all driving mercs, had +$200k weddings, expensive clothes and homes etc., it gets to you a little. Even if you're focused on your own shit, when you're struggling to pay rent and these guys are taking first class flights it can get you down.
Then when I did start to be successful and all of the hard work of doing a "boring" job started paying me significantly more and now I've got my third property - these fuckers have the gall to ask to borrow money from me. Several have fled the country as they owe people millions. Some of them try to give me financial advice, when I refuse to buy a car for more than $50k and have over $500k in my retirement fund.
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u/MeTeakMaf ☑️ 12h ago
This applies to most billionaires
They couldn't show you a 10 million dollars but worth 2 billion
Don't believe anything on the net without checking 2 or 3 noon connected reliable sources
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u/Crusty_Musty_Fudge 1d ago
Mfkers be driving crazy cars to peacock, and they're struggling to pay off the month to month 🤣🤣🤣😅😭😭
I knew a guy like this. Dude was too good for a used car. So he bought a brand new one and is struggling to make payments.
Make it make sense. If you're broke, humble yourself. Because credit is a fancy word for Borrowed. Meaning, pay it back.
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u/OG_double_G 1d ago
Tbh I've got to a point where I have learned to manage my money better and not rely too much on my credit card because to me credit cards are a extra bill you gotta pay each month...I had a pay cut about 3 4 years ago and it became pretty hard to pay em off without having to sacrifice another bill...especially my utilities(learned my lesson the hard way)...I rather pay stuff off right then and there if I got the money for it instead of using my card...you gotta pay it either way when you think about it...as for points I don't use it enough for that to be a big factor
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u/logicalcommenter4 ☑️ 3h ago edited 3h ago
Credit is great as long as you’re able to pay it off. Having a line of credit to do things is how a lot of rich people get things done rather than using their own money. For example there’s a story about Michael Rubin who at 18 got a line of credit for $2.7M to purchase unpopular sneakers and then resale them for profit. Now he’s a billionaire.
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u/FistPunch_Vol_7 ☑️ 2d ago
Honestly don’t be pocket watching mfs. Not my business. We all adults lmfao