Top Ten Personal Finance Mistakes - Part 3

Hooked on credit cards? Most people calculate their minimum monthly payments when deciding to make a new purchase and fail to take into account the accumulating interest on those accounts. The time to pay off a $5,000 balance at the minimum payment amount on a credit card can take over 20 years!

Credit card companies consider those who pay off their balance in full every month as deadbeats! The PBS program, Frontline, did a special expose on the Secret History of Credit Cards in 2004 that bears revisiting.

Be a credit card company deadbeat by charging only those items that you can pay in full when the bill comes in the mail.