DEV Community

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

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.

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nialljoemaher profile image
Niall Maher Author

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).

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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.