When to Pay Off Your Credit Card (02:24)
Investment advisor Freda Miriklis introduces some simple rules to help consumers better manage their credit cards. Winners in the credit card game are always the creditors. The losers are the people who cannot pay off the balance every month.
Real Cost of Credit (01:51)
Credit cards usually charge 20% or more for borrowing money. Credit problems are multiplied with multiple credit cards.
Debt Consolidation (01:56)
Investment advisor Freda Mirikis suggests consolidating debt from multiple credit cards into one account. Borrowers can negotiate for lower interest.
Common Sense about Credit Card Debt (01:28)
How does a consumer pay off a large balance on a credit card? Investment advisor Freda Mirikis advises moving money out of the bank to pay off the debt. In a worst case scenario, debtors must bring in more income rather than going deeper into debt.
Credit Cards vs. Debit Cards (01:53)
With debit cards, money comes directly out of a consumer's bank account. Credit cards borrow money from someone else and thus incur someone else's terms and conditions.
Financial Advice (02:57)
Investment advisor Freda Miriklis offers three financial tips: 1) only buy what you can afford; 2) eliminate credit card debt as quickly as possible; and 3) reduce your credit card limit.
Credits: Controlling Credit Card Debt (00:30)
Credits: Controlling Credit Card Debt
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