Yep, credit score isn't a measure of how thrifty you are, it's a measure of how milkable you are as a debtor. High credit scores mean you've been taking on lots of debt through credit cards, home loans, student debt, etc for a very long time without missing a payment. A cow that never produces milk is only good dead, that's the neoliberal way.
That's not exactly true. You can take out a credit card and pay off the balance in full every month, avoiding interest and fees, and you'll still have a good credit score.
Credit score is more of a disciplinary tool. It's the same purpose as China's spooky "social credit" system.
Yeah as long as you don't miss payments (whether paying minimum or full, it doesn't matter), then your credit score goes up, and lenders see you as "low risk". They care more about getting their money back on their own terms than they do about milking you specifically for interest, they will always have ways of generating revenue.
Well yeah you can, but paying off your balance every month doesn't necessarily mean you don't make the credit card company money. Read this section on the topic of deadbeats:
Because credit card companies still earn money from deadbeats. One way they make money is that merchants pay about 3% of each credit card transaction in fees to the credit card company.
There's also the matter of annual fees and other services.
The credit card fees are baked in. You pay for them anyway, might as well get a credit card with rewards to get something back. It's like saying that there's no reason to use coupons because the store makes money anyway!
There's also no reason to get a card with a monthly fee. Bad financial advice is another form of poor tax. I know people mean well, but if you want finance tips, look at what rich people do. They fucking use credit cards and pay them off so that they can get that cash back!
That's not exactly true either. In order to be issued a credit card without sufficient credit, you need to pay a security deposit to the creditor. This deposit acts like an interest free loan. Those of us that have no credit or bad credit and are poor don't have access to that method.
Yep, credit score isn't a measure of how thrifty you are, it's a measure of how milkable you are as a debtor. High credit scores mean you've been taking on lots of debt through credit cards, home loans, student debt, etc for a very long time without missing a payment. A cow that never produces milk is only good dead, that's the neoliberal way.
That's not exactly true. You can take out a credit card and pay off the balance in full every month, avoiding interest and fees, and you'll still have a good credit score.
Credit score is more of a disciplinary tool. It's the same purpose as China's spooky "social credit" system.
Yeah as long as you don't miss payments (whether paying minimum or full, it doesn't matter), then your credit score goes up, and lenders see you as "low risk". They care more about getting their money back on their own terms than they do about milking you specifically for interest, they will always have ways of generating revenue.
Well yeah you can, but paying off your balance every month doesn't necessarily mean you don't make the credit card company money. Read this section on the topic of deadbeats:
There's also the matter of annual fees and other services.
The credit card fees are baked in. You pay for them anyway, might as well get a credit card with rewards to get something back. It's like saying that there's no reason to use coupons because the store makes money anyway!
There's also no reason to get a card with a monthly fee. Bad financial advice is another form of poor tax. I know people mean well, but if you want finance tips, look at what rich people do. They fucking use credit cards and pay them off so that they can get that cash back!
That's not exactly true either. In order to be issued a credit card without sufficient credit, you need to pay a security deposit to the creditor. This deposit acts like an interest free loan. Those of us that have no credit or bad credit and are poor don't have access to that method.
After 6-12 months of payments, they will give you a normal card.
deleted by creator
That was a nice punchy analogy. I like that.