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Heard a guy at the laundromat on 5th say he was 'saving up' for a PS5 on a credit card, and it clicked why my savings never grew
So last Tuesday I'm folding clothes at the place on 5th and this guy next to me is on his phone telling someone he's been putting $60 a month on his card for a console for like 8 months. He said it so casual too, like that was normal. I didn't say anything but it got me thinking about my own setup. I had a separate 'fun' card for like 2 years and always paid the minimum, then wondered why I never had cash. Switched to a single debit card for fun stuff back in April and I've actually got $400 sitting in savings now. The weird part is I buy less junk because I feel the money leave right away. Anyone else had to cut up a card to fix this, or did you find a way to make credit work for you without the interest eating you alive?
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oscarb7727d ago
Eight months of $60 a month on a credit card for a console that was probably sitting on a shelf somewhere the whole time. That's $480 plus whatever interest stacked up, and he still doesn't have the thing. The part that gets me is he said it like it was a layaway plan, except the store is his own credit limit and the fee is 20 something percent. I did the same dance with a guitar amp once, paid on it for a year and the amp cost me $80 extra by the end.
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