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Originally Posted by Enoch Root
More really bad advice here.
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Not sure if you’re referencing my post or your only 2 counter points to the 9 I made, but if it’s the latter we definitely agree.
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1) If you aren't paying off your credit card balance every month, you are wasting money. CC interest rates are 18% and higher. If you're on minimum wage, or similar, the last thing you can afford is to buy on your CC and not pay it off. Yes, #### happens. And yes, it's hard. But paying off your credit card(s) is the first thing everyone should do.
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Flamesfever’s post was specifically addressed to low wage earners. I don’t disagree that paying off your credit card should be a priority, but frankly it’s simply not possible in many situations and the less money you earn the more likely you are to end up in that situation. If you want to pretend as though it’s always possible all I can say to that is simple math suggests it isn’t.
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3) The biggest mistake most people make is they think "I can't afford to save'. start with something - $10 even. Once you do it, you quickly learn that you don't miss it. Starting to save - as difficult as it is - is one of the ways to get out of the rut of poverty.
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Again, we’re taking about low wage earners here. While there is almost certainly people in higher earning end of that demographic who spend where they could be saving, there’s also certainly people who spend every penny on the necessities of life and literally can’t save that extra $10. How many minimum wage earners do you know who put money away every month?