Credit card interest rates have also increased dramatically in the last 2-3 years. If you pay at least your “statement balance” every month, it doesn’t matter. If you don’t ... you’re getting hosed.
This begs the question…
Since Biden is doing the college tuition debt forgiveness thing ( ignoring the Supreme Court), is he going to start another program to “forgive” credit card debt?
Usury was a crime at some point.
The juice on CC debt is higher than a 70’s street corner Italian.
“If you pay at least your “statement balance” every month, it doesn’t matter. If you don’t ... you’re getting hosed.”
Yeah I donno.
Some of my numbers:
Credit card debt interest charge - 22%
Investment Account interest charge - 11%
Mortgage interest rate - 1.86%
Investment account appreciation rate (2023) - 114%
So do I do the Dave Ramsey thing and pay off debt, or do the Robert Kiyosaki thing and max out my earnings?
A lot of ppl are doing the Robert Kiyosaki wealth building tract.
Tons of ppl build wealth with debt. The first thing us schlebs have is credit card and mortgage debt to be used to leverage investments.