Part of the draw of credit cards can be their ability to extend your spending power. This can be especially helpful in cases where you may need a little more time to pay off a necessary or planned expensive purchase. However, experts caution that you shouldn't swipe or tap on the sale without a clear roadmap of how you're going to pay for it.
"While using a credit card to purchase a big-ticket item can be tempting, you'll want to consider the long-term cost of carrying that debt," says Hazell."For example, if you purchase a $5,000 item with a credit card that has an 18 percent interest rate and you only make the minimum payment each month, it will take you nearly 10 years to pay off the balance—and you'll end up paying nearly $3,000 in interest.
"Impulse purchases can be tempting, but they can also be a source of financial trouble. When you make an impulse purchase with a credit card, you may not realize how much that purchase is really costing you until you receive the bill," cautions Owen."By avoiding impulse purchases and using cash instead, you can help ensure that your credit card is used for purchases that you have planned for and can afford to pay off.
Best Life offers the most up-to-date financial information from top experts and the latest news and research, but our content is not meant to be a substitute for professional guidance. When it comes to the money you're spending, saving, or investing, always consult your financial advisor directly.Zach is a freelance writer specializing in beer, wine, food, spirits, and travel. He is based in Manhattan.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tax refunds down 11% from last year: Here’s the average refundThe lower refunds are due mostly to changes involving the Child Tax Credit, Earned Income Tax Credit and Child and Dependent Care Credit, as well as deductions allowed for charitable contributions.
Source: aldotcom - 🏆 82. / 68 Read more »
US credit card debt now totals nearly $1 trillionThe skyrocketing credit card balance has coincided with an increase in the interest rates paid on such debt, crunching household budgets as high inflation eats away at the savings that many amassed during the pandemic. That's all Hedge Fund's and Prime Broker's short liabilities total 10's to 100's of trillions of dollars.. its all a SCAM at this point!!! Credit card over use, pulling more money out of their IRA,,, Joe did that to us Thankfully, I’m not that deep in credit card debt with only currently using about 18% of what I’m capable of borrowing. Those rates were high enough before they went up.
Source: ABC - 🏆 471. / 51 Read more »
Marvel Movie End-Credit Scenes Aren’t Worth It AnymoreAs if sitting through “Ant-Man and the Wasp: Quantumania” wasn’t enough, its credits scene was the latest in a string of Marvel’s disappointing reveals. Let’s stop watching them. 🔥🔥🔥 Go for it. Y’all watch THOSE post credit scenes and want to stop watching them?!?!?
Source: thedailybeast - 🏆 307. / 63 Read more »
Report shows credit card debt is now the highest on recordA new report shows that credit card debt is the highest it's ever been. This Is Why I Don't Use Them Of course it is. Covid created this high debt. By the way Kiro, it's debt, not debit. As a news reporting company I would think your proofreading would be better.
Source: KIRO7Seattle - 🏆 271. / 63 Read more »
Exclusive: Swiss financial watchdog reviewing Credit Suisse chairman's comments - sourcesSwiss financial regulator Finma is reviewing remarks made by Credit Suisse Group Chairman Axel Lehmann about outflows from the lender having stabilized in early December, two people with knowledge of the matter told Reuters.
Source: Reuters - 🏆 2. / 97 Read more »
Meghan Daum: My Misspent Youth“There are days when my debt seems to be at the center of my being, a cancer that must be treated with the morphine of excuses and rationales.” A Personal History by Meghan Daum, from 1999.
Source: NewYorker - 🏆 90. / 67 Read more »