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Credit Companies Exist For Broke People
Deadbeat is a slang term for a credit card user who pays off their balance in full and on time every month, thus avoiding the need to pay off the interest that would have accrued on their accounts. – Investopedia
Here’s how you can be a deadbeat credit card user:
Never pay credit card interest
Never max out your credit card
Never miss a credit card payment
Pay your credit cards in full every month
Have an enormous credit limit but never use it
Credit Companies Exist For Broke People
Hate to say it, but who do you think is more likely to pay off their credit debt? People who have money. There’s no science to it.
If you consistently pay your credit card bill in full each month, you’re not going to make your credit card company happy. Credit companies exist for people who habitually carry debt; these are the money-makers who spend hundreds to thousands of dollars every year on credit card interests.
Credit Companies Continually Make Passes At People With High Cash Flow
If you have high cash flow, credit card companies will continually send you incredible offers.
Instead of receiving “Pre-Approved!” people with money receive, “You’re Already Approved!” A big difference. Still, people who understand the credit card game don’t fall for that. They only get the credit card if they have a legitimate purpose or benefit from applying for the card.
If only they could get smart high cash flow people to make large purchases and not pay them off at the end of the month. Of course, many not-so-smart high cash flow individuals give the credit companies a sweet gift at the end of every month, too.
My Co-Worker Had 12 Maxed Out Credit Cards
One of my co-workers had 12 credit cards. Every time we got paid, she told me she was making another large payment, but she also kept up her shopping habits; so, I’m not sure if all of her cards ended up paid off.
If she struggled financially, though, why did she have that many credit cards in the first place?
She has a perfect credit card profile that credit companies look for; they know she will carry a monthly balance, leading to a nice steady profit. Are you giving credit card companies a nice steady profit?
Let’s Do The Math
Americans’ average credit card balance is $5,525 (Elite Personal Finance), and the average credit card interest rate is 16.13%. (creditcards.com). If you take 24 months to pay off this balance, you will have paid an extra $865 in interest on top of the $5,525. It ain’t worth it.
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.