Ever felt trapped in a cycle of credit card debt, unsure of how to break free? In this episode of the Ask Ralph Podcast, host Ralph Estep Jr. dives into the ten critical mistakes people make with their credit cards—and how to avoid them. Inspired by a listener's candid question, Ralph shares real-life stories of financial pitfalls, including a cautionary tale of his client Barry, who was drowning in $50,000 of credit card debt. With practical advice and faith-based wisdom, Ralph offers steps to help listeners avoid the same traps and regain control of their finances. Tune in to learn how to break the credit card debt cycle and embrace smarter, more responsible financial habits.
https://www.askralphpodcast.com/with-my-credit-card/
https://www.askralphpodcast.com/using-your-debit-card/
https://www.askralphpodcast.com/deferred-interest-loans-dont-get-pinched/
What is your question that you would like to ask Ralph? Send Your Question here: https://justaskralph.com/
Podcast Shownotes:
00:00 Episode Overview
01:22 Listener's Question
02:42 Bible Verse
03:49 Story of Ralph’s Client - Barry
05:41 10 Mistakes to Avoid with Your Credit Card - #1 Never Use Credit Card for Cash Advances
06:23: #2 Don’t Make Only the Minimum Payments
07:13 #3 Avoid Maxing Out Your Credit Cards
08:09 #4 Never Use One Credit Card to Pay Off Another
08:59 #5 Don’t Use Your Credit Card for Everyday Purchases You Can’t Afford
10:16 #6 Avoid Making Large Purchases Without A Repayment Plan
12:29 #7 Never Miss a Payment
13:25 #8 Don’t Ignore Your Credit Card Statements
14:35 #9 Avoid Applying for Multiple Cards in a Short Period of Time
15:15 #10 Never Use Your Credit Card for Gambling or Speculative Investments
20:04 Current Landscape of Credit Card Use
21:16 Tips on How to Avoid Pitfalls of Credit Card Misuse - #1 Create a Budget and Stick to It
21:36 #2 Use Cash or Debit Card for Everyday Purchases
21:58 #3 Pay the Full Balance Each Month
22:06 #4 Set Up Automatic Payments
22:15 #5 Review Credit Card Statements for Errors and Fraudulent Charges
22:21 #6 Seek Help from a Financial Advisor
25:24 Outro
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