Quote:
Originally Posted by O-cha
Credit card "debt" or cedit card "I have 0% APR so I might as well make them eat the interest" debt. I believe anyone who has actual debt and a luxury car needs to have their heads examined and re-evaluate their priorities.
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As one of the 0% promo rate users, I have to question your financial wisdom - if I can get a credit card company to give me money at 0%, why would I not use the credit and invest the money I would otherwise have spent in something with a higher rate of return, even if it's just a savings account? Same goes with student loans - I have student loans, but due the timing of my graduation from law school and a promo available at the time, those loans are locked in at 2% for the life of the loan. Obviously there is a psychological benefit to being completely debt free, but only an idiot would pay off loans locked at 2% for 25 years when you could invest that same money in the market, which in the long term returns on average 4-5 times as much.