Quote:
Originally Posted by ernie
Not to be a dick but the easiest way to have a low interest rate really is to simply not pay interest. Clear the balance on the credit card every month. If you can't, then you are spending too much money. Other than our mortgage or rent, my wife and I have lived debt free for 15 years. In that time, we have never carried over a monthly credit card balance to the next month. We've never paid interest on anything but our mortgage.
Yeah it sucks the first few years because you really really want a new(er) car and you see your friends with new cars, furniture, electronics etc, but we are really starting to see the rewards of our frugal spending earlier in our marriage. We are far better off than friends who make comparable money because we didn't finance all those things or only pay off a portion of the cards every month when we were younger.
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i find thats a pretty unrealistic scenario for most people. i myself have very little debt. something like $100 bucks on a discover card and about $5k in student loans still. but i still understand where credit cards can still be useful for responsible people. often times credit cards can be a good way to deal with an emergency. if for instance your furnace breaks in the middle of winter, its not realistic to wait a few months until you can save the money to purchase a new one outright.