Ovation Ventures’ Post

As we enter into the holiday season, think about this. Credit cards are not an extension of your paycheck. Hmmm.... 🤔 Let it simmer for a few seconds. If you do not have enough 💰 money to support buying gifts this holiday season or any season, do not fall into the credit card debt trap by using credit cards as your means of extra cash. If you decide to use credit cards, please make sure to pay off the balances before the end of the billing cycle to avoid interest charges. What are your thoughts 🤔? #financialliteracy #financialeducation #financialwellness #money #finances #personalfinances #holidayseason #shopping

As retailers flood us with must-have holiday items, it's easy to get swept up in the hype and the pressure to buy our kids "essential" Christmas gifts. But the downside? The post-Christmas blues when those credit card bills arrive. Suddenly, your wealth plans can get derailed as debt takes priority. Our recent article explores the spending habits that lead to holiday debt and offers strategies to tackle it head-on in the New Year. https://lnkd.in/guV6exZ6

🔷Have you heard the saying "Don't be penny wise and pound foolish"? This article covers a great example of this very thing. Based on a recent survey (Bankrate), 44% of Americans with credit cards don't pay it off every month....ie. meaning they are charged interest on their entire outstanding balance. AND....67% of those same people say in the survey that they are trying to maximize their rewards on these cards....ie. meaning they are spending more using the card so they gain more reward points/dollars. Track with me here: The average credit card interest rate is ~21%, while reward values range between 1-5%. 😲 This is NOT a good strategy. Good advertising makes it seem smart to max out rewards, but NOT if you are paying more interest than those rewards are worth. Does this make sense? Moral of the story....and one of my favorite sayings: 💥A Loser times Volume is a Bigger Loser!💥

After an influx of cash (like a big tax refund), the smart cookie starts thinking about reducing their debts... such as high-interest credit cards. Think about it: You pay a lot for this credit and the balances on your high-interest accounts build up fast, making the stuff you buy more expensive. Chip away at this debt whenever you get an influx, and you’ll do your wallet and your credit score a BIG favor. https://lnkd.in/edsQK-q

After an influx of cash (like a big tax refund), the smart cookie starts thinking about reducing their debts... such as high-interest credit cards. Think about it: You pay a lot for this credit and the balances on your high-interest accounts build up fast, making the stuff you buy more expensive. Chip away at this debt whenever you get an influx, and you’ll do your wallet and your credit score a BIG favor. https://lnkd.in/gyx9F9hC

Interest charges can quickly spiral out of control. Tackle that balance head-on to prevent compounding interest from negatively impacting your finances.💰 Learn more at the link: https://bit.ly/43vYP0C #FinancialTip #CreditCard #SmartMoney

After an influx of cash (like a big tax refund), the smart cookie starts thinking about reducing their debts... such as high-interest credit cards. Think about it: You pay a lot for this credit and the balances on your high-interest accounts build up fast, making the stuff you buy more expensive. Chip away at this debt whenever you get an influx, and you’ll do your wallet and your credit score a BIG favor.

Credit Card Reduction Day is a day to raise awareness about managing credit card debt and reducing financial burdens. This annual observance serves as a reminder for individuals to review their spending habits, create a budget, and develop a plan to pay off any outstanding credit card balances. When is it GOOD to use credit cards? 🔸 When you pay them off in full each month 🔸 When you earn points (especially bonuses) and other benefits for everyday spending 🔸 When you need to build your credit 🔸 When the card perks fit your lifestyle Credit cards aren’t inherently evil. But it’s important to determine how to maximize a card for your benefits, or whether you should be using one at all. It all depends on your current situation and habits. Use this day to reflect on the importance of financial responsibility for the sake of your long-term credit health and financial well being. #money #moneymindset #goals #success #personalfinance #millennials #womenandmoney #financialwellness #financialfreedom #CFP #MoneySaver #MoneyManagement #FinanceTips #MoneyGoals #millennialmoney #investingtips #financialplanning #FinancialLiteracy #FinancialEducation #FinancialIndependence #FI #FIRE

Credit cards can save you a lot of money during the holiday season, but opening new cards can also tempt you to spend beyond your means. Check out WalletHub’s latest report to see the states where people have the most credit cards: https://lnkd.in/e9VxBpc3