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by rm_-rf_slash
2929 days ago
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Eh, to be that guy on the internet, I’ll argue that when I’ve had to put things on credit, they’ve been done in service of a future higher income, like spending more time working on my degree than taking up a low-paying job to cover my present expenses. Buying investments of dubious value on credit though...isn’t this how the 20s ended? |
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If you use your credit card to pay for things you cannot afford, you are only doing yourself financial harm.
Credit cards are for building credit, generating rewards, and short-term borrowing.
If you are charging thousands of dollars to your credit card and planning to pay it back years later when you make more money, you're effectively just paying 1.5-2.0x the cost for everything you buy, because every year you are going to pay at least 15% in interest, and since you are spending more money than you make your debts will never go down.
Don't borrow from your future self. It makes no sense, and there's literally no guarantee that you'll ever make more than you do right now.