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That "just put it on a credit card" advice from my brother cost me $4,000 in interest
My older brother told me back in 2019 to just put my new AC unit on a credit card instead of waiting to save up cash for it. He said I could pay it off before the promo period ended, but I lost track of time and got hit with deferred interest. Now I'm still paying off that stupid decision at 26% APR. Has anyone else been burned by family giving you financial advice that seemed solid at the time?
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samk7726d ago
Respectfully @robert659, interest is just the price of time and sometimes it's worth paying.
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susansingh26d ago
Deferred interest is the devil in disguise, I've seen people lose thousands on furniture that way.
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robert65926d ago
Honestly I used to be the guy who said the same thing your brother did. I thought credit cards were just a tool and you just had to be disciplined. But after watching friends and family get wrecked by deferred interest and high APR, paying cash or saving up first is the only way to go, the "savings" from paying later just turns into a trap.
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