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Topic	Is it myth that paying off your credit cards hurts your credit sorce?
NoxObscuras 02/28/21 6:04:37 PM #48:	Perascamin posted... I have a line for $8000, $5000, $2000, and $700. The cards are Amazon, Ashley Homestore, US Bank, and Kohl's. The only one that charges interest if full balance isn't paid is the Kohl's card at $700. You're probably using some supremely shitty CCs. You know Mastercard, Discover or some shit? Unless you have 0% interest on those cards because they're new accounts, you definitely get charged interest. That's how banks make their money and how some people end up taking years to pay down their credit cards. "To see the impact of paying off a credit card with minimum payments only, consider a credit card balance of $5,000, at the current average APR of 21.21% (as of January 2020), and minimum payment as 2% of your credit card balance. Making minimum payments only, it would take you over 30 years and $21,643.83 in finance charges to pay off this debt. That doesn't include any fees you might pay over the life of the credit card balance." Source: https://www.thebalance.com/how-long-to-pay-off-balance-with-minimum-payments-961120 --- Formerly ox0Shadow0xo \| PSN - NoxObscuras i7-7700K \| EVGA 3080 FTW3 Ultra \| 32GB DDR4 \| 4TB SSD <cite>NoxObscuras posted [p:951191264] in Is it myth... [t:79319793]...</cite> <quote>Perascamin posted... </cite> <quote>I have a line for $8000, $5000, $2000, and $700. The cards are Amazon, Ashley Homestore, US Bank, and Kohl's. The only one that charges interest if full balance isn't paid is the Kohl's card at $700. You're probably using some supremely shitty CCs. You know Mastercard, Discover or some shit?</quote>Unless you have 0% interest on those cards because they're new accounts, you definitely get charged interest. That's how banks make their money and how some people end up taking years to pay down their credit cards. "To see the impact of paying off a credit card with minimum payments only, consider a credit card balance of $5,000, at the current average APR of 21.21% (as of January 2020), and minimum payment as 2% of your credit card balance. Making minimum payments only, it would take you over 30 years and $21,643.83 in finance charges to pay off this debt. That doesn't include any fees you might pay over the life of the credit card balance." Source: https://www.thebalance.com/how-long-to-pay-off-balance-with-minimum-payments-961120 --- Formerly ox0Shadow0xo \| PSN - NoxObscuras i7-7700K \| EVGA 3080 FTW3 Ultra \| 32GB DDR4 \| 4TB SSD</quote> ... Copied to Clipboard!
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