5. Carrying a balance on your credit cards
The word and concept of ‘credit’ can easily lure people into a false sense of security, you know, buy now pay later. However, carrying a balance on your credit cards can have a detrimental effect on your future finances.
There is this idea that carrying a balance on your credit cards is somehow beneficial to your credit score, sadly, this is a myth far too many people believe. If you are carrying a balance on your credit card, the longer you have it the higher the interest charges you’ll ultimately be paying.
