Quote:
Originally Posted by samoe93
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.
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I tried to make that easy to read into specifying "actual" debt and people using the 0% APR as separate things. Of course using the 0% APR is a wise decision.
Paying 10%++++ daily compounded interest on purchases is not.
I don't carry cash, all I use is a credit card. I pay it off at the end of each month though. Most goods have the fee business owners pay to accept credit cards built in. Not using a CC is like paying those 3% points other people earn.
Paying the ridiculous finance charges and driving a luxury car on the other hand, is just not right.