Join Jane Barratt for an in-depth discussion in this video Your credit card can be your friend, not foe, part of Personal Finance Fundamentals.
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- Let's start with this, credit can be a great thing.…Credit in the form of consumer credit or credit cards,…allow you to borrow money in order to finance the…purchase of something that may normally be out of reach.…It's a great thing if you need to buy…a refrigerator or a couch.…The downside of credit cards is that they charge…an exceptionally high interest rate.…When I say exceptionally high, as an investment advisor,…I mean you're flushing your money down the toilet high.…In this video I'll be talking about credit cards,…their benefits and pitfalls,…and how to make sure you manage them correctly,…and if you're like 50 percent of American households…that have credit card debt I'll share some…tips and tricks to help you manage that debt.…
Currently, the average interest rate…on credit card debt in the US is 15 percent.…When you charge that against the average debt…on a US credit card, which is about $15,000,…the average American with credit card debt ends up…paying $2,250 in interest every year,…and if you miss a payment and your interest rate is raised…
- Maximizing your earning potential
- Planning for future earnings
- Budgeting and spending
- Understanding your credit score