Finance Tip Friday #8: Utilize Credit Cards but PAY THEM OFF!

Credit Card Money Cellphone D  - Megan_Rexazin / Pixabay

Credit card debt is the WORST type of debt you can carry. There are very few other debts that carry interest rates of 20% or higher… It is disastrous for your financial health.

If you carry credit card debt, it should be the FIRST debt you pay off during your debt paydown efforts. The best way to pay credit card debt off though is to just avoid it in the first place. This is what I do:

I utilize credit cards for EVERYTHING I purchase in my personal and business life. Because of this, I am able to fly first class anywhere in the world due to wracking up the credit card points/miles. It is free money, and you would be a fool not to take advantage of it…. If you have the discipline to pay off your cards in a timely fashion though!

I pay off my business and personal credit cards in full EVERY FRIDAY morning. If you pay off your cards weekly, you will be able to monitor your spending much closer and won’t be surprised when your bank account balance goes down from the pay off. Do this, and watch your credit card reward point balances skyrocket for free travel!

4 Responses

    1. I like Chase Business Ink and Capital One Sparks for business cards. For personal cards, Capital One Venture and Chase Sapphire are solid!

  1. What are your thoughts on credit lines instead for HRT clinics? Have you had a need for them as you have grown staff and what not?

    1. No, I have avoided debt 100% with all my businesses. If you don’t have the money for growth, then you need to look at the underlying reason why. The only time I recommend credit for a business for growth is if you are 100% confident you can grow with that money and you pay it off ASAP

Leave a Reply

Your email address will not be published. Required fields are marked *

buy prednisone online buy prednisone 20mg
buy doxycycline online