line of credit vs credit cards in YNAB
isnt a line of credit or a credit card the same thing? im trying to wrap my head around why you need to seperate them in the system? does the system treat them diffrently ?
In my case i have access to invoice funding for my invoices that come in late , my invoice funding company gives me money up front for a fee ( 10%) . I then can repay the money back with 3 months , they take out weekly payments.
but whats the diffrence between that and a credit card?
Its all debt with fees and interest and minimum payments and we have to eradicate it !!!
Hi broke ceo !
That's a great question! Both account types (CC and LOC) function exactly the same in YNAB, so which type you choose to set it up as is up to you! It's the same idea as the checking/savings/cash account types, while they are technically different types, they all behave the same way in the app.😊Reply