Who doesn’t love credit cards? They give you the opportunity to carry a balance while also rewarding you for your spending, providing cash back and points. Credit cards are meant to encourage you to extend yourself though. Carrying a balance from month to month will only increase the total amount you pay in interest. And even if you’re someone who pays your credit card off each month, studies show you’re still spending an average of 18 to 20 percent more than you would if you used cash or a debit card. Psychology shows us we feel differently about seeing a checking account going down versus watching the balance of your credit card increase.
I challenge you to go 60 days without using your credit card. Report back to us with your results. We’d love to hear how your spending changed or whether you grew more in tune with your checking account balance.
Securities offered through J.W. Cole Financial, Inc. Member FINRA/SIPC www.finra.org and www.sipc.org Advisory services offered through J.W. Cole Advisors, Inc. J.W. Cole Financial, Inc., J.W. Cole Advisors, Inc., and CandorPath Financial are unaffiliated entities. Advisors must be properly registered in the state where you live in order to conduct securities related business with you. A response to your request for information might be delayed in order to assure our compliance with this regulation. No information provided on this site is intended as a solicitation to buy or sell any security. The investments and services mentioned may not be available in every state. No security will be offered or sold to any person, in any state in which such offer, solicitation, purchase, or sale would be unlawful under securities laws of such jurisdictions.
For a copy of JWCF’s Form CRS, JWCA’s Form CRS, or JWC’s Disclosure Supplement pleaseclick here. By following the link, you consent to the receipt of the Form CRS electronically.