DEV Community

Discussion on: My Biggest Mistake When I Started Earning Six figures

Collapse
 
jwp profile image
John Peters

Nice post. I've shot myself in the foot before on a number of occasions. I try to avoid it now that I've learned my lesson. I haven't used a credit card now in over 20 years as a result.

Collapse
 
nialljoemaher profile image
Niall Maher

I have never got a credit card after that as a result.

Collapse
 
mancvso profile image
Alejandro Vidal Castillo

I will jump and defend credit.

It is a smart way to use your money to generate more money as long as yield of your investments are greater than the interests your are paying.

I mean, seriously, you can put all your wage to work and live on credit... as long as your total debt is lower than your total savings.

Thread Thread
 
nialljoemaher profile image
Niall Maher

Just credit cards! Not all debt is bad but here in Ireland there is no bonus for having a credit card. No nice rewards and it doesn't impact your credit score that much (unless you're bad with one).

Thread Thread
 
jwp profile image
John Peters

Credit card interest rates in the U.S. are 17% compounded daily, if one makes only the minimum payments the cards are never paid off. To put one's money to work it would have to earn more than 17% to have a positive cash flow. I see no way to do this consistently.