In this series, Tips from the Pros, MONEY taps the collective wisdom of expert financial planners.
Financial advisers suggest you pay off your credit card balance every month. Why? Because the interest rates on most credit cards are very high, and the longer your balance sits there, the more it will grow. Another reason? Letting the balance linger can hurt your credit score. That can lead to your paying higher rates on a mortgage or car loan, or it can prevent you from getting a loan in the first place.
- Jenifer Lee 4D Tax and Financial Planning
- Jeffrey Golden Circle Advisers
- Sam McPherson McPherson Financial Advisors