Quote:
Originally Posted by suaveflooder
See above. Oddly, I will still end up with more money in the end. Go figure, right?  |
The fact that a 15 year mortgage is cheaper than a 30 year mortgage and that living well within your means will allow you to save a lot of money for retirement means that you shouldn't get a credit card? I'm not really following the logic.
We're all agreeing that carrying credit card debt is a bad idea, but debt in general isn't bad if you're responsible. I didn't pay for my car in cash. I financed at 2.2%, then put $20K in a mutual fund. Guess what? So far, I've paid ~$120 in interest on my car loan, and I've made ~$500 (last time I checked) on the mutual fund. A few clicks of a mouse just made me $380 in the past 3 months. Cash in your pocket can make 2-8% interest, cash in someone else's pocket doesn't make you anything, and if you've got a loan that is accruing less interest than you're able to get with some easy low-risk investments, you're coming out on top.