@privacyadvocate69 wrote:
@Aeon wrote:
@privacyadvocate69 wrote:
I look at credit card rates these days and I am so glad I don't carry a balance on anything!
My new Chase IHG card is over 20%!! I can't imagine carrying a balance on that thing!
You would have to be insane to carry anything other than a 0% offer balance on anything these days.
Not everyone has the option of carrying debt at 0% interest or paying in full. I know your use of "insane" is a figure of speech, but be mindful of those on this forum who are paying high interest debt and aren't in a position to lower their interest rates or debts in this current economic climate.
Uh.....................................yeah.
Some people complain about anything.
Maybe you shouldn't talk about your high credit scores or the credit cards you have, since, you know, not everyone is in a position to have those things.
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ETA: For transparency and context, the OP edited their response while I was typing mine. They had originally stated that they would advise people who don't have the option to not carry 0% interest debt to simply avoid getting in debt. So that's what my response is to bc it doesn't make sense otherwise.
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That's great advice in general, but I think misses the point when spoken on a credit forum that welcomes ppl who are at every point of their credit journey. From ppl who are considering filing for bankruptcy, to rebuilders starting from 500 (or less) credit scores, to people who stress when their 850 credit scores have dropped 5 pts, to everybody in between.
I wholeheartedly agree with finances over FICO, but I'm also well aware that not everyone who reads these forums are in a position to practice that by by paying in full. I know that people who have low FICOs don't have the options to get zero % balance transfer offers (if any) with credit limits that would be help cut their interest substationally. They may not qualify for personal loans at rates that would lower their interest rates by double digits. Their choices are limited and in many cases are suboptimal.
To say (rising) interests rates are insane is one thing. To say someone -- even in the general "you" sense -- has to be insane if they have high interest debt is another, figure of speech or not.
My credit scores reflect me recording my credit journey of having a super thin, volatile file, just like the many people here who record their starting (low) credit scores as their scores improve slowly but surely. My credit is good today, but wasn't always the case. I had COs and creditors calling all day everyday for debts I couldn't repay at the time due to illness and unemployment. I stayed away from credit for far too long as a result, so I don't take my current high scores and opportunities those scores afford me for granted.
