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I mean, I'm in the 12% tax bracket and handling my credit cards just fine. Then again, I'm also accumulating some savings and not spending my entire paycheck le
by Dalewyn 2y ago
I mean, I'm in the 12% tax bracket and handling my credit cards just fine. Then again, I'm also accumulating some savings and not spending my entire paycheck let alone beyond my means.
If you are paying interest on credit cards, that means either of two things:
A) You're one of the unluckiest men in the world having one shit thrown at you after another. I sympathize and hope you can get that balance paid off soon.
B) You're terrible with money and can't budget nor save to save your own life. I don't sympathize, but I will encourage you to learn how to budget and grow the necessary maturity to cut down expenses you don't truly need and can't afford.
Also, banks hate credit card holders carrying balances. Banks make their money off merchant and transaction fees, not interest payments; they very much prefer card holders who pay their statement balance in full every time.
- user3939382 2y agoBanks definitely make money on interest, what are you talking about?
- Dalewyn 2y agoMaybe my choice of words was insufficient, my apologies. What I mean is making money off of interest is not their first choice. Interest money is not guaranteed, there is no collateral securing that debt. If the debtor (card holder) can't or doesn't pay up, the bank lost that money. Banks prefer making money off of fees which are guaranteed revenue, and they strongly incentivize card holders to not carry balances over by waiving interest if statement balances are paid in full every time.
- 0xEF 2y agoLol, okay, you definitely do not know what you are talking about. Sorry for engaging. I will stop wasting my time.
- Dalewyn 2y agoYou're certainly wasting everyone else's time, you don't even know why credit cards have interest rates as high as they do. (No, it's not to prey on low income people.)