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Credit Card Debt is Expensive!
The high cost of living is showing up in credit card numbers. Credit card debt is one of the most expensive ways to borrow.
CNN recently reported that Americans are piling up credit card debt due to the high cost of living.
I never recommend using a credit card unless you can keep the balance paid off every month.
One exception is if you take advantage of a zero – 0% – percent interest deal on a new purchase.
Some credit card companies offer X (usually 12 – 18 months) months at 0% interest for balance transfers or new purchases.
The Savvy Consumer!
A savvy consumer can use these 0% interest offers to their advantage, but I recommend having the funds ready to pay off these balances. If not, and you are late on any payments, your rate will get jacked up quickly, and the strategy could backfire.
I’ve had to pay off a credit card quickly due to the interest rate being quickly raised due to a payment issue…Instead of arguing with the card company, I paid off the card – and still got the rewards – while avoiding costly interest.
Earn Credit Card Rewards!
One of the best business cards I have used is the Chase Ink Business Unlimited card, especially for new businesses or businesses that may have a big purchase.
The Chase card offers $750 in Bonus Cash Back if you spend $7500 in the first three months with zero percent interest for 12 months.
Remember to use those credit cards wisely in this high-cost-of-living world!
Remember, the high cost of living impacts everyone; you are not alone.
Stay positive and use this time to improve your skills and finances.
Inflation is showing signs of slowing down, and times will improve!
What is your experience with credit cards in this economy?
Have you used the zero percent deals? Leave a comment below!
Find Mike on LinkedIn for more helpful business and finance tips!
About Mike Greco MBA
Mike Greco MBA is a business, finance, and technology website.
Learn more about site founder Mike Greco and his recent eBook – The Debt Free Journey.
Mike is an AI enthusiast and publisher of AI Insights, a LinkedIn Newsletter.
Contact Mike using the form below.
Mike Greco is a finance expert and business consultant based in Fort Lauderdale, Florida. Mike holds an MBA from Chaminade University of Honolulu. He has a wealth of experience in the military, construction, and banking industries. He is passionate about helping people and businesses succeed and shares his knowledge through his blog. Mike enjoys spending time with his wife, Elsie, and their mini poodle, Humberto.
