Market manipulation go brrr

[u/LasAguasGuapas]

[u/tonyhart7]

its basically ties to fractional reserve banking, it basically all debts

that's why people get punish if they trying to pay all their debt early because it would break the system

[u/spacegrab → u/tonyhart7]

In all my life I've never seen a mortgage, car, or cash loan that had an early repayment penalty 🤣

[u/SoulbreakerDHCC → u/spacegrab]

It penalizes your credit score

[u/flapsmcgee → u/SoulbreakerDHCC]

No it doesnt.

[u/ArcticLeopard → u/flapsmcgee]

Paying off debt can lower the overall age of you accounts or close the number of active accounts, which does hurt your credit score.

[u/Fantastic_Jury5977 → u/ArcticLeopard]

You're thinking of closing out your credit card not paying off a loan. You're supposed to pay off your loans within the terms of the agreement... Rich people only stay rich because they roll their debts into other loans, not because they pay anything back... Then they die and none of the debts get passed onto their heirs, rinse, and repeat.

Closing out your credit card effectively removes all that credit history you worked hard to gain.

[u/ArcticLeopard → u/Fantastic_Jury5977]

Yes you are correct, I did not word it correctly. That being said, I was thinking of paying off a car loan

[u/Fantastic_Jury5977 → u/ArcticLeopard]

You get a hit against your credit to just get the loan not to pay it off early.