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Pay off your credit card first and foremost
If you’re looking at me or any other person in this space whipping around the world in business and first class and want to do it too – awesome – you absolutely can. But, should you? Yes, if you pay off your bills every month and don’t carry a balance. NO REWARD POINT is worth carrying a balance.
According to Creditcards.com the average credit card debt ( PER CARD ) is now up to $8195 from $6632 in 2016. That’s over a 23% rise in debt per card. If you’re amongst the many, many, many people who carry credit card debt – start paying it off. The article referenced is tailored to utilizing interest free transfer offers that cards incorporate to help do that. I’ve certainly assisted friends and clients pare down credit card debt with this technique, but it takes discipline to pay it off, rather than increase debt with a new card and limit.
Plain and simple, pay off your cards in full. Don’t carry a balance, and if you do, stop making minimum payments and pay off larger portions until you’re out from the debt. Cards, on average, assess over a 20% fee in the way of interest on the purchases you make. If you’re only making minimum payments, you’ll likely be in debt for the rest of your life, and the rate you’ll pay on future lines of credit: auto, home, etc will be higher because your credit score won’t be as high as it could be.
I could go on and on, but there is no point worth paying interest to get them.
Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.
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