9. Credit Card Balances
Using credit cards for essentials is the first huge credit card mistake. Not paying off balances as you spend is the second. Did you know that when you don’t pay off your balances, you wind up paying around three-times more than the original amount of the item?
The credit card companies are counting on it, in fact, as that’s how they make a substantial amount of interest. According to debt elimination expert Kevin Lane, “The same money you are paying in interest could be going into your pocket. You would actually be building wealth instead of handing money over to credit card companies.”