Credit Card Advice

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When dealing with credit cards, the best advice is that credit cards should not be used except for purchases that can be paid off within 30 to 45 days. Discover why it's important to keep credit card balances low with help from a registered financial consultant in this free video on money management and personal finance.

Part of the Video Series: Money Management
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Video Transcript

This is financial adviser, Patrick Munro talking about credit card advice. Credit cards are a tool that is common in American financial news and society as you will ever get. There is a lot of advice out there but the best advice is this, cash is king. Make sure that you don't use your credit card except for purchases that you are willing to pay off in the next 30 to 45 days. Keep your credit card balances low, always as low as at least one third of the overall credit line available. So in other words if you have a $10,000 credit card limit make sure you don't bring the balance over $3,000 at any given time. This will allow you to have a better credit score overall. It is important though if you can to keep the credit card balances down to 0 and pay the statements off as they come in on a monthly basis. Therefore, you will have the ability to use your credit card and have it there for emergency purposes and always have the best credit score that is available for you. This is the area of credit card advice that is important as well. Keep your credit card rates and APR's as low as possible as well because the interest charged on credit cards can really cause long term damage to you. This is Patrick Munro with some credit card advice.


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