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NFCU Interest rate reduction 16.9->11.9

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Community Leader
Senior Contributor

Re: NFCU Interest rate reduction 16.9->11.9


@Sherl wrote:

But when does carrying a balance makes sense? I see the CD is around prolly 3% and CreditCard interest rates as low as 8% I have seen.

I dont get the point of carrying an interest in CC.


Well we all like to pay in full, but crap happens emergencies arise and sometimes you gotta let a balance revolve for a brief time. Its great to get an APR reduction from your lender and it's Navy, they never cease to amaze me.

EXP 760 TU 781 EQ 733
Message 11 of 17
Senior Contributor

Re: NFCU Interest rate reduction 16.9->11.9


@Jnbmom wrote:

@Sherl wrote:

But when does carrying a balance makes sense? I see the CD is around prolly 3% and CreditCard interest rates as low as 8% I have seen.

I dont get the point of carrying an interest in CC.


Well we all like to pay in full, but crap happens emergencies arise and sometimes you gotta let a balance revolve for a brief time. Its great to get an APR reduction from your lender and it's Navy, they never cease to amaze me.


Sometimes things happen   Even dw and mine small business has flucuations.  Over the past 10 years each year has been an increase from the year before but sometimes the timing has been terrible. One year we earned all our money inthe first quarter.  Another year the 4th quarter.  This year has been very strange.    One large deal at the start of each quarter and peanuts for the rest of the time

Message 12 of 17
Super Contributor

Re: NFCU Interest rate reduction 16.9->11.9


@AverageJoesCredit wrote:
Not everyone makes so much money where everything can be paid in full. Sometimes balances must be carried , the lower the apr the better for those of us who doSmiley Wink

💯 

 

And sometimes it's easy to get caught up with a bit more spending than you intended. Life happens. 



01/2019:
12/2019:

Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 13 of 17
Member

Re: NFCU Interest rate reduction 16.9->11.9

I highly advise you/all to have rainy day funds and spend what you have in bank. Economy is good now so there is lot of spending but when it's gonna be another 2009, it's possible that we would be hurt even worse.
If you ever think twice that you can afford, don't put it on your CC. Nice cars are nicer when there is enough money.


Message 14 of 17
Super Contributor

Re: NFCU Interest rate reduction 16.9->11.9


@Sherl wrote:

But when does carrying a balance makes sense? I see the CD is around prolly 3% and CreditCard interest rates as low as 8% I have seen.

I dont get the point of carrying an interest in CC.


When does it "make sense" to carry a balance? The answer to that is easy. NEVER.

 

One should only do it when it is absolutely necessary.


Total revolving limits 732500 (606000 reporting) 12/4/20 FICO 8 scores: EQ 715 TU 760 EX 735
Message 15 of 17
Super Contributor

Re: NFCU Interest rate reduction 16.9->11.9


@Sherl wrote:
I highly advise you/all to have rainy day funds and spend what you have in bank. Economy is good now so there is lot of spending but when it's gonna be another 2009, it's possible that we would be hurt even worse.
If you ever think twice that you can afford, don't put it on your CC. Nice cars are nicer when there is enough money.



I know that you mean well but nobody here needs a lecture. A lot of us just like pushing for the lowest interest rates and highest credit limits just because we can. If I have something happen, I would much rather put an emergency on credit and pay a little bit of interest for a few months than drain whatever cash I have available to me. Everyone has their own ideas of how to manage their money and it's nobody's business unless they ask for help. 



01/2019:
12/2019:

Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 16 of 17
Community Leader
Senior Contributor

Re: NFCU Interest rate reduction 16.9->11.9


@Sherl wrote:
I highly advise you/all to have rainy day funds and spend what you have in bank. Economy is good now so there is lot of spending but when it's gonna be another 2009, it's possible that we would be hurt even worse.
If you ever think twice that you can afford, don't put it on your CC. Nice cars are nicer when there is enough money.



Well of course we all need an emergency fund , I always recommend that especially when people are rebuilding. 

 

Nobody likes to pay interest but at times you need to float a balance for a little while, it's life, things happen, much rather float a little than deplete my savings,  but that's me !!

EXP 760 TU 781 EQ 733
Message 17 of 17
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