Experts say this everyday credit card move could be sabotaging your finances.
Transcript:
TED ROSSMAN: The biggest credit card mistake is carrying a balance. I know sometimes it’s unavoidable. Some people wrongly think that it helps your credit to carry a balance. The best way to use a credit card is like a debit card. You pay it off right away, but take advantage of credit cards, superior rewards programs, and buyer protections. If you can pay your credit cards in full every month, they’re really working for you. It’s about half and half in terms of cardholders who carry a balance and those who don’t. I know sometimes life gets in the way and you need to carry a balance, but try to knock it out as quickly as possible. My favorite tip is to get a 0% balance transfer credit card and avoid interest for two years in some cases.
Subscribe |
Earn. Live. Invest. |
TheStreet Pro |
#credit #creditcard #personalfinance
source