Keeping your finances on track, Part 1

March 9, 2017

Here's a mistake to avoid and an tip to help you stay on track:

Mistake 1: running a monthly balance on your credit cards. Credit card companies charge between 15% and 28% interest on monthly balances. By contrast, mortgage loan rates are around 4% and car loans are around 2% to 6%. Banks pay depositors just over 1%. Interest rates at 15% plus will cost you hundreds or thousands of dollars. 14% or higher is loan shark territory.


Credit card debt is a major component of most bankruptcies. If you can’t pay off your balance each month, you are spending more than you can afford and this problem will not magically disappear. It will lead you back into bankruptcy.

As a practical matter, once your running balance reaches $8,000 to $10,000 you will most likely never pay it off.

Instead of using a credit card, use a debit card that withdraws funds from your checking account immediately. Debit cards have a way of minimizing impulse purchases.






Please reload

Recent Posts

Please reload


Please reload


Please reload


Jackson Office                                                                                                Gulfport Office

360 Comet Drive, Suite F                                                                        2501 14th Street, Suite 208

Jackson, MS 39206                                                                                        Gulfport, MS 39501

Office: 769-823-3733  Fax: 601-767-0175                                                  Office: 228-901-2420  Fax: 228-901-2421

This site was designed with the
website builder. Create your website today.
Start Now