this post was submitted on 23 Oct 2023
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I understand what survivorship bias is, I just don't see how it applies here. Could you explain?
That just because you managed to do that doesn’t make it the norm.
You could argue that that simply isn’t an option for many people. If you can live life without using a credit card implies you have not struggled for that extra cash, whereas some people simply don’t make enough to not use it.
I still don't see how this makes it survivorship bias.
But that being said, if you're not going to be able to pay off something in a few months, then you can't afford it with or without a card, because buying it with the card just makes it more expensive. Sometimes you need to tide yourself over, I did that when my wife was switching jobs and we were moving so there were extra expenses. But I quickly paid it all off when we returned to normal income.
I believe it’s SB just for the fact that having a line of credit available and not using it simply isn’t an option for some people.
Imagine you have a line of credit and you lose your job, but you still need to feed your family. Then that person is going to do what they need to provide food.
The bias come from you commenting in the vain of I did this, ergo everybody else should be the same, when in fact we are not all the same.
Similar to how someone from a council estate can make it as a politician, which neglects to consider that 99% of people from council estates with that dream didn’t make it.
I hope that makes more sense. I suck at explaining things.