How to Get in Credit Card Debt

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Credit card debt is usually caused by using too many credit cards and by not being able to pay them off in time. Discover how to avoid keeping credit card balances too high with advice from a registered financial consultant in this free video on money management.

Part of the Video Series: Personal Finance Tips
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Video Transcript

This is financial adviser Patrick Munro talking about a problem that's quite prevalent in American society - How to get in credit card debt. Credit cards need to be handled in a fashion of respect. They are not anything but money that will be required to be paid at a future date. So be always mindful of your current cash positions and try to pay off your credit cards when you receive them on a monthly basis. Don't keep credit card balances too high. If you must carry them, normally anything over 33% of an advance of a total credit line. In other words, if you have a $10,000 credit card and you have over $3,500 that you're carrying as a balance, anything over that will affect your credit score in the negative way. Other ways to get in to credit card debt is to make too many offers to too many credit card companies. And they will send you cards. If you go off and use those cards and don't have the ability to pay, this can be problematic. This is Patrick Munro, financial adviser talking about how to get in credit card debt.


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