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> If you just use a credit card like a debit card Not sure how legitimate my source is but it looks like they raked in ~$75bn in 2020 from interest income alon
by barbazoo 5y ago
> If you just use a credit card like a debit card
Not sure how legitimate my source is but it looks like they raked in ~$75bn in 2020 from interest income alone. That makes me wonder if those of us that do use a CC as a debit card are a minority.
Source: https://www.fool.com/the-ascent/research/credit-card-company-earnings/ https://www.fool.com/the-ascent/research/credit-card-company...
- dhosek 5y agoVery much a minority. The average credit card balance is over $5000 according to https://www.creditcards.com/statistics/credit-card-debt-statistics-1276/ https://www.creditcards.com/statistics/credit-card-debt-stat... And the interest rates are ridiculously high so they can afford even a large number of people paying off their bills each month.