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# Why Shouldn't I Keep a Balance on My Credit Card?

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<!-- video src="https://cdn.jwplayer.com/manifests/yEdfhixm.m3u8" -->
## Video: Why Shouldn't I Keep a Balance on My Credit Card?

[Watch (HLS stream): Why Shouldn't I Keep a Balance on My Credit Card?](https://cdn.jwplayer.com/manifests/yEdfhixm.m3u8) (1:20)

![Why Shouldn't I Keep a Balance on My Credit Card?](https://cdn.jwplayer.com/v2/media/yEdfhixm/poster.jpg?width=720)

_Published 2016-01-20. Financial advisers explain the benefits of paying off the balance on your credit card every month._


---

Jul 27, 2023 6:52 PM UTC

---

## More From This Series

[All Videos](https://time.com/video/)

[Should I Carry a Credit Card Balance?](/video/BWQnRhtM/)

### Should I Carry a Credit Card Balance?

[Credit Card & Credit Score Myths](/video/PbCkIZQb/)

### Credit Card & Credit Score Myths

[Why You Should Have A Credit Card](/video/UOdRcxdm/)

### Why You Should Have A Credit Card

---


## Transcript

[ MUSIC ] It's bad to have a balance on your credit card. Pay off monthly. The reason is Is, one, the credit card interest rate is pretty high. The credit card providers often charge interest rates as high as 25 %. Number two, there's no tax benefits associated with the interest on that, and then number three, over the long period of time, bad use of debt can adversely affect your credit score. It's gonna make it a lot more difficult in the future to access that or other things that you need. Or if you're approved for other types of loans in the future, you're not gonna be approved at the best rates available.

When you have a bad credit score it effects everything. You're looking for a job and when you want to buy your first home, you want to buy a car, You want to get insurance. When you have a low credit score everything becomes more expensive to you. If you can use the credit card and you can pay the balance in full every month then I don't even Any problem with you using a credit card. If you're using the credit card to fund a lifestyle that's beyond your means, then we begin to have a problem. [ MUSIC ]

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