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It's important to get a good interest rate (lemmy.world)
submitted 2 years ago by [M] to c/lemmyshitpost@lemmy.world
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[–] 17 points 2 years ago (1 child)

Credit 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.

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  • [–] 5 points 2 years ago (2 children)

    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.

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  • [–] 6 points 2 years ago (1 child)

    Yeah great point, the US has a very high emphasis on debt, for horrible reasons.

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  • [–] 3 points 2 years 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 per year.

    Shit won't change here because too many people with too much power are making too much money.

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