The Word On Wealth

Tip of the Week - November 2, 2020

November 02, 2020 John Dombroski, Jr.
The Word On Wealth
Tip of the Week - November 2, 2020
Chapters
The Word On Wealth
Tip of the Week - November 2, 2020
Nov 02, 2020
John Dombroski, Jr.

Welcome to The Word on Wealth's Tip of the Week! Every week we email the Tip of the Week and more directly to our subscribers with our Weekly Economic Update. You can sign up directly to receive a copy here:  https://grandcanyonplanning.com/resource-center/signup

This week's tip:
A simple tip to keep credit card spending under control: only use a card for purchases you know you can pay off within one month. 

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The Word on Wealth Show is brought you by Grand Canyon Planning Associates. For more than 25 years, the professionals at Grand Canyon Planning Associates have provided comprehensive retirement, tax, and estate planning services to families throughout Arizona.

We offer complimentary and obligation-free meetings to find out more about your needs and to see if our services are right for you. Whether you are just starting out, well into your working years, getting ready to retire, or already retired, we can help you protect and preserve the legacy you’ve worked a lifetime to build.


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Securities and Advisory Services Offered Through Client One Securities, LLC, a Member of FINRA/SIPC, and an Investment Advisor. Grand Canyon Planning Associates, LLC and Client One Securities, LLC are not affiliated.
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Hep Cats by Kevin MacLeod
Link: https://incompetech.filmmusic.io/song/3867-hep-cats
License: http://creativecommons.org/licenses/by/4.0/

Show Notes Transcript

Welcome to The Word on Wealth's Tip of the Week! Every week we email the Tip of the Week and more directly to our subscribers with our Weekly Economic Update. You can sign up directly to receive a copy here:  https://grandcanyonplanning.com/resource-center/signup

This week's tip:
A simple tip to keep credit card spending under control: only use a card for purchases you know you can pay off within one month. 

--
The Word on Wealth Show is brought you by Grand Canyon Planning Associates. For more than 25 years, the professionals at Grand Canyon Planning Associates have provided comprehensive retirement, tax, and estate planning services to families throughout Arizona.

We offer complimentary and obligation-free meetings to find out more about your needs and to see if our services are right for you. Whether you are just starting out, well into your working years, getting ready to retire, or already retired, we can help you protect and preserve the legacy you’ve worked a lifetime to build.


--
Securities and Advisory Services Offered Through Client One Securities, LLC, a Member of FINRA/SIPC, and an Investment Advisor. Grand Canyon Planning Associates, LLC and Client One Securities, LLC are not affiliated.
--
Hep Cats by Kevin MacLeod
Link: https://incompetech.filmmusic.io/song/3867-hep-cats
License: http://creativecommons.org/licenses/by/4.0/

Hi, I'm John Dombroski, and this is The Word on Wealth Tip of the Week.

This week's tip is: "A simple tip to keep credit card spending under control: only use the card for purchases you know you can pay off within the month."

Here's an example, Americans began 2020 owing more than one trillion dollars in credit card debt after a 76.7 billion dollar net increase during 2019. Consumers quickly changed course; however, in this case posting the biggest first-quarter credit card debt pay-down ever. That's 60 billion dollars.

So, we're heading in the right direction for 2020. However, as we know, with COVID-19 hitting many people may have to dip into those credit cards in order to keep their sustainable lifestyle. So please be careful of that.

The best way to keep your credit card utilization ratio low and avoid constant costly interest charges is to pay your credit card balance in full each month. An effective spend-control strategy involves not spending more than you can comfortably pay down each month — you'll reduce your likelihood of developing persistent credit card debt; and of course, incurring those incredibly high-interest rates. Unfortunately, all too often, we get caught in this credit trap. Please do your best to try to claw your way out and not let this happen again.

Visit our website at grandcanyonplanning.com to learn more about our services and listen to full episodes of the Word on Wealth. You can also call us to schedule your complimentary retirement assessment at 480-991-1055. 

I'm John Dombroski reminding you, don't run out of money before you run out of time.