this post was submitted on 17 Jul 2025
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That is exactly how it works. That's exactly the situation I'm in, no real debt (only credit cards, which I pay off in full monthly, so no interest) and haven't been since I paid my auto loan off over a decade ago, and I'm in the low 800s, where 750+ is the highest tier in the eyes of basically all lenders.
Incorrect. I'm astonished at how persistent this misconception still is.
Having an active loan is by its very definition being in debt...
Technically, borrowing from a library is also 'being in debt', but no one considers themselves to be "in debt" to a library they're currently borrowing from, because there's no accrued 'interest', you just bring the items back at the specified time.
Using a credit card over the month and paying the exact same amount at the end of it, as you would have paid piece by piece over the month had you been using cash, is essentially the same thing.