National personal finance outlet GoBankingRates.com continues its “I’m a Financial Advisor“ series to discuss credit cards and the presumed commonalities some card owners don’t know. A recent survey notes that 82% of U.S. adults — 214 million people — own at least one credit card, so tip sheets like these remain crucial.
More importantly, what may be considered common sense to some about credit cards is not to others. Last month, Beyond Finance commissioned a study and discovered numbers to validate that thinking. Among those startling statistics were:
- Nearly half (43%) of the respondents don’t know what a 401(k) is
- Only two in five respondents (39%) consider themselves more financially literate than the average person
- 30% believe they could win a game of personal finance trivia
- Four in 10 Americans admit they procrastinate when implementing healthy financial habits
This month, the personal finance team tackles “8 Things My Clients Don’t Know About Credit Cards.” Beyond Finance Chief Financial Wellness Officer Dr. Erika Rasure was among the experts asked.
We have all read the clever marketing junk mail that assures you there is no need to pay more than 3% of your monthly balance. It feels good and allows you to breathe a little, but that’s what creditors and banks want you to think because they make way more money from finance charges the longer you stick around. Pay all you can each month and get on top of that wave of debt.
We encourage you to bookmark this article and read these practical tips for more information. For more information about Accredited Debt Relief and Beyond Finance or their superior work with clients to move beyond debt, visit www.accrediteddebtrelief.com or www.beyondfinance.com.