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Should I wipe out saving to pay off credit card? : personalfinance

https://old.reddit.com/r/personalfinance/comments/yglk4h/should_i_wipe_out_saving_to_pay_off_credit_card

								

								

Hey sisters can you help me with this? I have a credit card balance at 20% apr and cash in my bank account but if I pay off my credit card then theres no more cash!! I'm really struggling with this and how complicated it is

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Start making incredibly tiny payments. I'm talking $8 a month. Don't ever let them take more than that. Eventually they will get fed up with you and sell your debt to a collections agency. They'll likely settle for 50% or less of what you owe.

What kind of advice is this? What an r-slur.

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It baffles me that redditors think like this. Everybody you know will know you are in debt, constant harassment by creditors and nonstop mail/emails for a year before they settle for that, and it will definitely be more than what was owed

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So pay off a 1k bill, or let it run up to 5k so you can pay off 2.5k. I'm not an economist, is this a good idea?

:marseyschrodinger:

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She's a sweet spot customer, makes minimum monthly payments on high debt, almost all interest and fees. Discover is just going to up her limit so her husband can buy a new PS5 and Funkos. Like heck they're going to get rid of her.

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Thanks to people like this, I get perpetual 0% interest and tons of cash rewards—I MAKE money using credit cards. Thanks, r-slurs :marseyembrace:

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You and me both bb :marseyboomer:

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Poors are poor for a reason, if they werent r-slurred they wouldnt be poor.

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Majority of people have less than 1k for an emergency, never mind actual savings or investments

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I’m not sure how this relates to anything I said. Are you r-slurred?

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If people are giving out bad advice like the one above then it's just a symptom of how mismanaged most people are with money :marseypaint:

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a collections company wrote this post

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