Your credit cards might be costing you more than you think, even if you pay them in full every month.
reveals that 45% of consumers with credit cards carry balances month over month. While we know that high interest rates can negatively impact wealth for these consumers, the costs of credit card spending are not as obvious for those who pay in full.
I’d love to say it was pure discipline and my motivation to save and invest more money, but it was mostly because it was a lot more inconvenient to buy things on a whim. So, when I did choose to buy something, I was pretty sure that I wanted it. Even if you continue to use credit cards, you can time your budget and payments by calling your credit card company and asking to change the due dates to align with your other expenses.
It turned out many of my students accumulated credit card debt after years of having been responsible credit card holders. All it took was a one-time emergency — one job loss, one huge medical expense or one major car repair — to create a growing mound of debt that they could not get out from under..
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