01 Aug Top Ten Personal Finance Mistakes – Part 3
Hooked on credit cards? Most people calculate their minimum monthly payments when deciding to make a new purchase and fail to take into account the accumulating interest on those accounts. The time to pay off a $5,000 balance at the minimum payment amount on a credit card can take over 20 years!
Credit card companies consider those who pay off their balance in full every month as deadbeats! The PBS program, Frontline, did a special expose on the Secret History of Credit Cards in 2004 that bears revisiting.
Be a credit card company deadbeat by charging only those items that you can pay in full when the bill comes in the mail.
Can’t pay off those credit cards in full? Go on to Part 4, Pay More Than The Minimum Payment