Description

Josh and Amelie discuss credit cards–how do you build good habits? The strategies are slightly different 

Top takeaways:

• The proper way to use a credit card is to use it exactly like a debit card–use it for everyday purchases and pay it off every month.
• For new users (whether brand new or people who have had debt recently), start with something small and simple–put gas purchases on your card, pay the statement in full every month.
• For new users, keep the limit relatively low and don’t necessarily increase the limit.
• For experienced users (made full payments every month for 24 months), you can start adding in multiple cards and rewards and all of that kind of thing.
• If you’re trying to start over, stop using cards and get to the point where balances are consistently going down. Then get a new card with a low limit or a paid off card with a low limit and go back to using it for one type of simple purchase each month (like gas).

Related episodes:

- #119: Is the snowball method the best way to pay off debt?

- #133: Credit versus Debit Cards

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