8 Simple Mistakes That Can Devastate Your Finances

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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.

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