Show 117 - Lunch and Learn Credit Cards, with Marc Jenkins

Listen to the Podcast:

Credit cars are one of those incredibly sharp doubled edged swords that too often cuts the person holding. But it doesn’t have to be that way. Credit Cards are an incredibly powerful tool when used appropriately (and by someone who can use them appropriately). In this episode we break down the proper use of credit cards to avoid debt, get out of debt, and grow your financial position.

Show Notes

@MoneyTalkWithMrJ
Budgeting App + Coaching with MyBudgetCoah


Recommended Books (Amazon Affiliate Links)
Profit First

Key Ideas

• The importance of keeping credit utilization low

• Common credit card mistakes like spending more than you can immediately pay lead to debt

• Carrying a balance can become expensive very quickly due to high interest and compounding

• Paying balances twice per month crushes the debt faster

• The benefits of fraud protection and credit card rewards

• Credit card cash advances should always be avoided

• The debt snowball method can help you build momentum

• Living below your means is the foundation of financial health

Bonus Tip

Here is a bonus tip I didn't get to in the episode.

• Credit cards can be just like a debit card if you want the benefits of credit but the restraints of debit. It is a harder work around, but you simply make a credit card payment after every transaction. This ensures you don’t have more money on the credit card than you have in your account. There are lots of ways to protect yourself when using credit cards!

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