Dave Ramsey Columnist Published 8:00 AM EDT Apr 27, 2019 I’ve started following your plan, and I’ve got a beginner emergency fund of $1,000 saved. Now that I’m ready to start paying off debt in Baby Step 2, do you recommend paying off credit card balances before or after closing the accounts? A.: I’m really proud of you. Congratulations on starting the journey toward getting out of debt and gaining control of your money! Honestly, either way is fine. The point is to get rid of them and stop using the stupid things. I like the idea, and the finality, of going ahead and closing the accounts and cutting up the cards. Personal finance is 80 percent behavior. Getting credit cards — and credit card debt — out of your life is a great first step in really learning to behave with your money. Remember, you don’t build wealth or save money by using credit cards. And you’re naive if you think you’re going to play around with a … [Read more...] about When to pay off credit card balances
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Home HomeNewsEducationHealthTechManufacturing & LogisticsLife SciencesAg INnovationINPower INnovatorsBigWigs & New GigsVideoPurchase Gerry DickGerry's ViewSpeaking Engagement RequestSubscribeNewslettersPODCASTAppRSSOn-AirTV & Radio Listings ContactAbout IIBMeet the TeamContact UsWork at IIBFlagship Stations Credit Card Balance Transfers: Worth the Hassle? Posted: Monday, March 4, 2019 9:16 AM ESTUpdated: Monday, March 4, 2019 9:16 AM ESTBy Austin Stagman, Investment Analyst, Bedel Financial Consulting [email protected] There’s no denying it. Americans love their credit cards. They’re convenient to carry and come in handy for unexpected expenses. Some even reward you with cash/points/travel miles just for using them. But far too many Americans face out-of-control credit card debt. Are you one? If so, isn’t it time to get out of the rat race?How Can a Balance Transfer Help Me?Will This Ultimately Affect My Credit … [Read more...] about Credit Card Balance Transfers: Worth the Hassle?
For the roughly 40 percent of U.S. households carrying credit card debt, double-digit interest charges are a constant drain on personal finances. But there are ways to slow that drain — or even plug it.Naturally, step one is to stop adding to that debt. With the median interest rate hovering around 21 percent for credit card balances, that's a very expensive way to borrow.Think of it this way: If you're carrying a balance on a credit card with a 21 percent interest rate, and you use that card to buy lunch, you just took out a high-interest loan to buy lunch.Americans paid banks $104 billion in credit card interest and fees during the 12 months ending in March 2018, according to an analysis of federal data by MagnifyMoney, a LendingTree affiliate. Wow.Step two is coming up with the best plan to pay off that credit card debt, and one good way to do that may sound counter-intuitive — signing up for another credit card.Here's why: To make that debt go away, it has to be … [Read more...] about How to save money while paying off a high-interest credit card balance
The average credit card balance in Columbus was $5,695 in September, a 4.2 percent increase from September 2017, according to a report from CompareCards, a subsidary of LendingTree, an online marketplace for financial services. In comparison, Americans’ revolving credit balances grew 3.7 percent nationwide during the same period, climbing to a record $1.041 trillion, according to Federal Reserve data. “It’s troubling to me that we’re seeing card balances continue to grow,” stated Matt Schulz, chief industry analyst at CompareCards. “The truth is that if you’re carrying credit card debt when the economy is good, it likely means that you’re not putting enough money away for when things head south. Americans need to commit to making 2019 the year they finally tackle their credit card debt because rising interest rates mean it’s only going to get harder and more expensive to do so in the future.” Meanwhile, prepaid debit cards may … [Read more...] about Central Ohioans’ credit card balances up 4.2%
Ben Tobin USA TODAY Published 4:01 p.m. UTC Jul 2, 2018 Carrying a balance to help improve your credit score? You’re not alone. But you might want to rethink the strategy. More than 1-in-5 credit card users, or 43 million Americans, carry a balance – or pay the minimum to credit card companies, thus always owing them money – to help improve their credit scores, according to a new report from CreditCards.com. But carrying a balance is not one of the factors that go into creating a FICO credit score. Payment history, amounts owed, length of credit history, credit mix and new credit are the only facets rating companies consider when determining credit scores. And though many experts have previously reported this, Creditcards.com’s senior industry analyst Matt Schultz says that the “myth” of the utility of carrying a balance still persists. “This myth has been out there for a long time, and lots of people have debunked … [Read more...] about 43M Americans mistakenly think carrying credit card balance improves credit scores: Survey