Comment on It's important to get a good interest rate
Liz@midwest.social 2 months agoCredit cards come with fraud protection and help you build a credit score, which will get you a lower interest rate on a loan, if you need one. So long as you only spend money you have on hand, and pay off your card every month in full, there’s no down side.
Swedneck@discuss.tchncs.de 2 months ago
is this a universal thing or are you just assuming that the entire world works like the US? Here in sweden i have never heard of anyone actually using a credit card.
Liz@midwest.social 2 months ago
Yeah great point, the US has a very high emphasis on debt, for horrible reasons.
RGB3x3@lemmy.world 2 months ago
The debt industry makes so much god damned money for the companies involved in it, it’s not even funny.
Between student loans and credit cards, US citizens have a collective $1.73 trillion in debt. And let’s just assume 15% interest on average (probably a low-ball to be honest): that’s $173 billion going to these companies in interest payments.
Shit won’t change here because too many people with too much power are making too much money.
Iceblade02@lemmy.world 2 months ago
Hi!
I’m the Swede with a CC, right here :)
Now you’ve heard of someone using one (mwahahaha)
In all fairness, it’s not exactly something people talk about - and for the record, I’ve never ended up paying any interest on the card. It’s just convenient, offering a layer of protection for charges, makes it easier for me to track spendings, and allows me to be earning interest on my paycheck by keeping it in a savings account until I need to balance the CC.