Coworker who is a senior engineer reveals he carries 5-7k of credit card debt every month

Paying off a little interest will give you better credit score than paying off your credit card in full every time. It's up to you whether that's worth doing, but it's true

>brainlets actually believe this

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Bullshit.

this is typical of lawyers, doctors, engineers.

high paid white collar professional like to drive bmws, wear expensive watches, have nice new clothes and eat at fancy restaurants.

5k seems low for those things desu. Most doctors spend 10k a month easily on useless shit

It's true. It shows you have confidence in your ability to pay off your credit, instead of treating it like a debit card

Lay off the glue

Look up any FICO scoring models retard. You sound like you're treating credit score as if it's some random guy looking at your financials and thinking about what score you should deserve. It's an algorithm and the factors FICO uses in the algorithm to calculate the score are publically known.

I spend 100k a year on credit cards it's literally the most responsible way to utilize your finances

no, it's actually true.
Utilizing a portion of your credit cards and carrying a balance, while still paying it down over time, increases your CREDIT WORTHINESS.
You all are fucking retarded.

I have a 750 from paying my bill entirely each month, come at me nigger, i dont wanna pay your jewish interest

$5-7k debt monthly sounds about right for a senior engineer at a good company desu user. why do you care about what others do with their money? Are you some sort of feminine pussy boi ?

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Knew a coworker who took a loan on his 401k to buy a fucking exotic motorcycle. Ends up getting laid off which caused to loan be due immediately in full. He had to pay a penalty to liquidate his 401k and then set up a payment plan with the IRS. Fucking rekt.

your credit score ranks how good of a jew slave you are, and how much further you can be loaned into deeper slavery

What's the context? Maybe he has a wife and kids. Maybe his family sucks. Maybe he really had to spend it.

I have $12k in CC debt (and increasing) and $150K in crypto, I don't have any plans of paying the CC any soon. Fite me you poor nigger.

damn she could straighten her arm hair out...

Nice try shekelberg I'm not paying your interest

It's called credit utilization and depending on how much of your credit you have used it can be bad. Over 20 % usually negatively effects your score

5-7k is nothing

What do you mean.
Do you mean he uses his credit card for 5-7k worth of purchases every month and pays it off, or he actually accrues interest on that 5-7k debt every month?

Get a personal loan at 8% interest and consolidate your debt bruh

Some people are legit morons. You have to ask them what they borrowed for.

These are 2 real couples in Australia I knew that were in debt.

Couple 1: both 20 something. 70k debt from buying cars, furniture, appliances. Paying it off at a leisurely pace.

Couple 2: 40 year olds. 30k in high interest CC debt from car and motorcycle loans. Aggressively paying it down since the man works in mining making 100k.

Notice in both cases none of them had any student loans or a mortgage but still owed a ton of money.

I'm self-employed, growing my business and cash flow is still tight, banks won't give me a loan. All I know is crypto will grow more than what I pay in interest in that card, simple as that.

Lmao one of the 22 y/o plebs from work has a cc debt of 12k. He racked up the debt running away from home to live with a 30 y/o woman

Kek

I plan to do the same. People were making fun of the guy that took out 70k in loans to buy up ethereum at $210. Nobody laughing now.

My mom is in 10k debt at all times ever since as long as i can remember. When she get's close to paying it off it's back at 10k again the next month. I have no idea what's going on here and she wont tell me. All i know is that she's still much richer than me in assets so i don't question her.

honestly, have some debt is fine as long as you aren't letting it grow out of control. your mom sounds like a smart lady.

>tfw 22 and never have been in debt in my life.

Feelsgoodman

Dumb to carry a balance. Use it monthly so it doesnt get closed and have it paid off in full before statement. Paying interest for credit is goy-tier.

No, theyve been taught how. They just havent gotten to discipline to do it.

I never carried a balance until I got fired from my job. Now I put everything on my credit card and say fuck it to buy more cyptos with the cash that I do have.

If my shitcoins do 1000x or more I'll be set for life and never worry about money again. If they go to zero I'll get a job again and pay off my 10k debt or whaever,

How the fuck do you even spend $100k a year?

I'm serious, do you have a breakdown or something?

This is a lie. You ahould have your statement paid in full by the day your statement comes out to avoid any interest. Dont carry a balance, ever.

lol your burger system of loan worthiness assessment is fucked 5 meters up the ass

holy shit you guys are really spiky maced in the anus by mr shekelberg

>"credit score building" by using credit cards

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There's a difference.
you won't be able to buy a home.
a car.
anything.
a little debt you Can pay off is good

Can confirm last part. My uncle is a partner in a law firm and i was staying at thier house several years ago over the summer and i saw their monthly expenses... Just over 12k for that month.

You do get like a 2% discount on spending if you run it through a typical no-fee credit card that you pay off every month.

Plus if/when you need a car loan or mortgage, your credit history won't look like a hobo's.

How do your banks determine the size and interest rate of mortgages they issue to people?

Do they not have credit scores or do they not include credit utilization in the calculation? Do they just give everyone the same terms because lol commies?

>that 30-year-old boomer who holds coins and is down from initial investment but looks down on people with credit card debt

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Easy dude... I didn't realize it till i started making real money. Lack of discipline and having it available makes it all too easy to slip away. Best to keep just a little bit liquid so you cant fuck up too hard.

They look into your ability to repay the loan and then bank history and your loan history to assess your mentality for saving, repaying, etc.

If you had problems repaying loans, that's a negative.
If you never had to repay a loan because you never had one, that is mild positive (shows you're not a credit card retard).
If you have a history of saving money in a savings account or in stock funds, that is indicative of fiscal responsibility and thus a positive.

Your income has to be high enough for you to be able to service the loan while having normal spending patterns for your wage range. In the case of large loans like for a house, you also need to pay a significant portion of the full price yourself from non-loan funds you saved, so there's a margin between your loan value and the purchase value of your dwelling (normally 15-20% in most countries I think).

tl;dr:
They're actually reasonable and logical about it
In any sane country, using a credit card at all, and actually even having a credit card at all would be seen as indicative of being fiscally irresponsible.

Credit cards are loans you dumb eurofuck. That's why they're calculated as part of a credit score along with every other type of loan.

Everything you described is factored into American score except the part where you don't know what credit cards are.

I know what credit cards are you fucking dumb burgershit. Paying for day to day things by getting loans indicates a tendency towards compulsive overconsumption (or would if you didn't have your retarded credit score system). The credit card score scheme is fucking whack and retarded and you and merchants are all paying extra middle man fees because of it even when you don't pay any interest because you pay it off before that occurs.

You're getting maximum goyed with your ass retarded system that puts more positive weight on using and repaying credit cards over not using them at all.

>hurrdurr have to take up unnecessary loans just to show I can repay unnecessary loans completely logical system¨

No wonder your country has shitty financial services and laws when you goys are so brainwashed.

Consumers are the ones making out here dumbfuck. With intelligent use, the consumer gets a 2% discount on every purchase as well as a myriad of other benefits. Pay for a service with a credit card and don't get the service I wanted?

Tell my credit card company and they refund me my money. Do that with a debit card? Too bad the money's gone.

Someone gets my credit card and commits fraud with it? Call up and get refunded for all of it. Someone gets access to your debit card number and withdraws money from your bank account? Sucks for you the money's gone and not coming back.

Euro dumbfuck can't comprehend why anyone would want extra consumer protection.

(OP)
Carrying a balance on a CC isn't a bad thing as long as it's paid off on time every month. My balance routinely runs from $500 to $3000. I've never missed a payment or paid interest. And I get 2.5% cash back on everything I buy with my credit card.
>pic related

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Good goyim.

>Someone gets access to your debit card number and withdraws money from your bank account? Sucks for you the money's gone and not coming back.
Holy fuck that's retarded, you're being jewed hard there amerigoy.

"Carrying a balance" refers to NOT paying off in full each month and allowing some portion of the expenses to carry over to the next month (accruing interest). What you're doing is just normal responsible credit card use

What? You think your Euro bank is gonna give you money if you promise to them that it wasn't your fault you lost it?

Why am I talking to a brainlet who doesn't understand his own banking system. No fucking wonder Europeans need to bail each other out from going bankrupt every year.

>normal

Uh, guys. Fuck. We're irresponsible

>Only 35% of credit card users don’t carry a balance–they pay off their bill every month, like you’re supposed to.

-time.com/money/4213757/average-american-credit-card-debt/

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>burgerbanks don't reimburse you for debit card fraud
You sound mad, and you should be for being jewed like this.

It obviously is not nothing if he has been unable to get back out in front. It means his emergency fund if there ever was one is depleted and he is still spending nearly all of his disposable income.

Spend a cheeky bit extra each month and it creeps out, an actual emergency blows it right out, hit the limit, balance transfer to a new card with no change in behavior and a year later the holes twice as deep. Literally what happens to normies and they're crying about being jewed.

I used to spend $3k/mo on my credit card and pay it off every month, but the past few months I've been letting it get close to making out and I've been putting the extra money into crypto.

I make $250k/yr so having $9k in debt isn't a massive pain in the ass for me.

I put my emergency fund into crypto, though, so I'll be fucked if anything happens. I probably won't both rebuild my emery fund and pay off my credit card for a few months.

If the dude has good credit and a high income he could have =

I have 6k I could pay off tomorrow but I dont exactly make money on paying that off compared to just keeping more investment. debit is a great tool.