A double-edged sword cuts both ways as they say. And if you look up the definition of that ominous sounding weapon, it just might show a picture of something you carry in your wallet or purse everyday — your credit card. A credit card is fine for earning reward points. But if you don’t pay off the balance, or worse, you’re late making payments, your credit score could be slashed. Kingdom Advisers President Rob West has the gory details.
Steve and Rob discuss these finer points of using a credit card:
- Why are we calling a credit card a weapon?
- Unfortunately we hear from a lot of folks struggling with credit card debt because they didn't pay off the balance and they didn't pay on time.
- What happens when we fail to make a credit card payment on time?
- What happens to your credit score if you don’t pay on time?
- Even if you’re not late with your payments, is interest is still a problem?
- How do we avoid accidentally making a late payment?
Next, Rob and Steve answer listener questions at 800-525-7000 or via email at Questions@MoneyWiseLive.org:
- If your 85 year-old mother was advised to roll a mature annuity back into another, is that the right advice?
- What kind of advice do you have to someone who's made mistakes but wants to put their finances back on track?
- If you and your husband have had trouble with finances in the past, should we consider separating things into 2 separate accounts?
- If you don't even know what your credit rating is, should you open a credit card to build a credit rating?
- If you're in need of ways to work from home, what are some places to get started?
- What does closing a credit card do to your credit report?
- If you've recently filed bankruptcy and your spouse has a credit card in good standing, should you move your credit cards under that account to help build your credit rating?
- If it seems you've been taken advantage of when you purchased a house, what is your first step in moving forward?
- What is a qualified charitable contribution?
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