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-What level of treatlerism are you on? - Idk, eating bananas out of season. - Check this out
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62% of high-income earners of over $300,000 a year in the 🇺🇸 United States 'still struggle with credit card debt', according to a survey by BHG Financial. linky
A while back on Tumblr I saw a breakdown of credit cards and how at different income levels it becomes a different thing. If you're just making ends meet, it's a trap. Something you should only use sparingly, to make emergency payments.
But at higher incomes, it becomes a tool. It makes more sense to keep your money in some place where it generates passive income, and use the credit card for day to day payments. As long as you pay it off on time, you wind up making more money than you pay to the loan holder in interest and fees.
Either that 60% doesn't know what they're doing, or the survey is misclassifying "struggle".
I think it is self reported as well, so someone who is worried they are "spending too much" might put it down as a "struggle" when the issue they will face is their bill being a bit higher than expected, so they'll have to take money out of their stocks to pay it.
Maybe I'm misunderstanding, but I don't see how anyone could consistently out-earn the interest on a credit card. That'd be like a 20% monthly return.
My understanding of this isn't the clearest either, but
a small percentage return on a large enough sum can still outpace a large percentage on a small sum, so long as you're not skipping payments on the loan.
That's true, but in the case of a credit card, wouldn't the amount you'd be investing by not spending cash upfront have to be equal to the amount on credit? I guess technically you get a number of days of investment income equal to the number of days until the next payment, but considering you could as easily lose money in such a short time it doesn't seem like a viable strategy.