Comment on Do it for your country's debt!

CombatWombatEsq@lemmy.world ⁨10⁩ ⁨hours⁩ ago

• cAUzapNEAGLb@lemmy.world ⁨9⁩ ⁨hours⁩ ago

  Just as a heads up, ypu dont need to carry a balance and be charged interest - you can pay off your cards each month never paying interest and still have an improved score, simply pay the statement balance before the due date

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  • Tower@lemmy.zip ⁨7⁩ ⁨hours⁩ ago

    I’ve seen people have their cards cancelled for doing this. Rare, but not unheard of.

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    • twack@lemmy.world ⁨7⁩ ⁨hours⁩ ago

      If you’re doing that you have zero need to bow to any single credit card company.

      I don’t even read 90% of the credit card offers I get, I have plenty of cards, and they are all at zero. Go ahead, cancel me. I’ll have a new one in 15 minutes.

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  • CombatWombatEsq@lemmy.world ⁨9⁩ ⁨hours⁩ ago

    I wish this were true, but I have personally seen my credit score go down when I finished paying off accounts like car loans. A FICO credit score is a measure of how profitable a customer you are, not how likely you are to pay it back. Credit cards are a particularly expensive way to do this, but lemme assure you that taking out a mortgage will do wonders for your score.

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    • cAUzapNEAGLb@lemmy.world ⁨8⁩ ⁨hours⁩ ago

      Yes, i was talking about revolving credit

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• marcos@lemmy.world ⁨10⁩ ⁨hours⁩ ago

  Well, actually yes, countries paying down their debit is not a good thing.

  But they can switch the debit into a form that doesn’t pay any interest.

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  • CombatWombatEsq@lemmy.world ⁨10⁩ ⁨hours⁩ ago

    As a holder of US debt, I like that it pays interest. It’s what’s so silly about all this debt stuff — we owe the money to ourselves. The debt is what we use as currency. The idea that carrying no debt is desirable is based on an analogy to a household budget, but households don’t issue fiat currency, and also households carry debt too!

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