The Double-Edged Sword of Credit Cards

Credit cards are a valuable financial tool for renting a home or taking out a loan, but like a double-edged sword, beware! It's easier in today’s economic climate to slip into a debt spiral. On this episode of Good Cents, Eric Rosenberg and Deacon Hayes, President of Well Kept Wallet, dive into how to make the most of your credit cards while avoiding increasingly expensive debt. 

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Here’s the recap of today’s 15-minute episode: 

• Credit cards as a valuable financial tool for renting a home or taking out a loan, but it’s important to be cautious about going into debt in today’s economic climate.
• Rising interest rates mean carrying a credit card balance is more expensive. It’s important to keep your credit utilization below 30% and pay off balances in full. 
• To help manage finances effectively, automate payments, take advantage of credit card rewards, and budget with a financial wellness tool like Payactiv.