Make a credit mistake — like relying on it when you have cash-flow problems will cost you big time in the long run. But, there is one mistake that will cost you even bigger that you should try to avoid at all costs – carrying a balance.
Carrying a credit card balance is very expensive, and even more so now in 2017 since the Federal Reserve has raised a key benchmark interest rate. It isn’t expected to stop there either. The Fed has projected that it could raise rates as many as three times this year. If so, then by December of this year, the interest on your credit card will likely be a full percentage point higher.
For the sake of your wallet, avoid paying a credit card bill month to month.