Buying Crypto vs. Paying Down Credit Card Debt

A friend just talked to me about using his credit cards to BTFD. And he already had credit card debt before this.

For god's sake people, don't rack up credit card debt to accumulate crypto. The rate on a lot of those cards is over 20% per year.

You want crypto to disrupt the traditional banking/fiat system, right? Think about it this way … by racking up credit card debt, you're increasing the profits of some of the most predatory of all the fiat institutions -> credit card issuers.

Don't support the thing that you want to destroy. Pay off those credit card balances first. There will always be time to DCA into crypto afterwards. And remember, the dip may dip further in the meantime, so once you have those credit cards paid off, you might get better prices.

This is not financial advice. Actually, this IS financial advice.

Edit: If anyone thinks BTFD is a type of crypto, it means "buy the fuckin' dip."

​