Flywheel Publishing has partnered with CardRatings to provide insights on credit card usage. A critical lesson for new credit card users is the necessity of timely payments. Delaying payments can lead to extended debt durations. A Redditor revealed that it can take over six years to pay off a single store-branded credit card purchase. This statistic underscores the importance of paying off balances monthly to avoid accruing excessive interest. Choosing the right credit card, such as one offering cash back, can be financially beneficial, potentially saving or earning hundreds annually.
One of the biggest financial lessons everyone needs to learn with their first credit card is that payments are neither optional nor good to delay.
Ultimately, the best strategy is always to pay off your credit card balance at the end of every month.
According to this Redditor, who works for a provider of store-brand credit cards, the average length he sees to pay off a single purchase is six years.
The reality is that paying off credit card debt can take far longer than six years.
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