A famous New York real estate mogul and reality TV star once proudly declared, “I love debt. I love playing with it.”
While the 1% can certainly use debt as a financial tool, if you finance daily purchases at 22% interest only to pay the minimums, you aren’t playing with debt. You might be getting played as you may find that standard finance charges significantly outpace your repayment efforts
But say you fall for it and open a credit card with a relatively low credit limit, buy a bunch of stuff and set up automatic payments to stay on top of your credit. Are you actually…