/biz/ - Business & Finance

Just finish it off, it's the interest where you lose out the most.

>>7745397
im usually between 400 - 1200 €
in debt

>>7745397
If you ever pay a cent in interest you're a brainlet

going from $0 to $10,000 in debt next month AMA

have $21k worth of CC debt at 23 and work in a grocery store on min wage AMA.

I cant say I always pull if off, but goal is charging 7 % of your total lendable balance then paying it off before incurring any interest charges each month.

>>7745397
always pay your balance every month unless you're in an emergency (I got fired last month and my new job isn't really steady). The fucking $2 you spend on interest could have bought $50,000 worth of bitcoin at one point.

Never waste money that you don't have to. That's why I'm dumping my 401k from my last job straight into meticulously researched small market cap coins.

The opportunity cost of not having that money, or any money, into crypto right at this second is so stupidly high that it's unjustifiable by anyone possessing a layman's understanding of the concept.

Put every spare dollar you have into crypo right fucking now. Bitcoin will be worth millions, good alts will be worth tens of millions.

>>7745519
oh shit hello debt bro

>>7745397

Always pay off your full balance at the end of every month, that’s like personal finance 101 you brainlets

>>7745555
you just took a 50% penalty on that shit?

I have about $32k in my 403b and thinking about doing the same thing. I feel in a week I my gains make back everything i lost to taxes and penalties.

>>7745519

>>7745555
>>7745613
nice try boomers good luck getting interest when all my capital is in crypto

>>7745397
>>7745519

>>7745397
>How much credit card debt is it okay to carry?

Zero? I set my credit cards to auto pay the full balance every month. I always keep 1-2 months of living expenses as liquid, 6 months of living expenses in a savings account, and 75% of each check is automatically moved to a separate account for investing.

If you don't at least do autopay on your credit cards and keep an emergency fund, then you are a moron.

>>7745631
It's a 10% penalty for early withdrawals. 1200 bucks, but I get $10,000 to work with. I'm dumping the majoirty of it in to the best cryptos I can find.

My new job can pay me the entire amount I had in my bullshit 401k in a month with plenty left over, I plan on dumping most of that into cryptos.

IF I'm broke at the end of 2020 I will restart my career in a bullshit company job again.

But I don't think that's gonna happen.

>>7745397

How much is that in milk

>>7745397
you do realize it affects your credit score right?

>>7745397
If you have any credit card debt at all you are a degenerate and a slave, and you should probably just end it now.

>>7745808
Right, so you realize you just said that to a bunch of 19yo worthless fuckbags right?

>>7745523
Why 7%?

>>7745436
>>7745474

>Doesn't understand credit

Carrying a small balance is beneficial because you are actually utilizing the credit and it reflects positively in your credit score. You end up paying a negligible amount monthly to save significantly on rates which increases your bottom line when using leverage

Mommy milky

>>7746213

I kinda doubt everyone on here is a teenager. Admittedly I was broke af as a teenager, but it didn't take very long to figure out basic budgeting.

>>7746312
>Carrying a small balance is beneficial because you are actually utilizing the credit and it reflects positively in your credit score.

You're also an idiot if you believe this.

>>7745797
x3000 would not be that size

>>7746483

Do yourself a favor and go talk to a creditor

>>7746312
T.shekelberg schlomostein

>>7745808
Hardest thing I had to do last year was sell a fraction of my btc to have my emergency fund. It fucking sucked and it was only .5

>>7746312

Using your credit card and paying it off every month is "good" for your credit, not keeping a running balance, that is bad for your credit. And I say "good" because it only builds credit history. There is no "good" credit score. Its either normal or bad. If you have any credit card for a couple years and never miss payments you will be above 740. And anything above 740 gets pretty much the same exact rates, its mostly based on debt to income ratio. Credit score is just a way to weed out poorfag retards who can't budget themselves. So maintaining a credit card balance not only hurts your credit, but even if did help it wouldn't even be worth it financially.